Identifying warning signs: Comparing American Express’ fintech partnerships to dating

Traditional banking is seeing a 6% annual revenue growth, but according to research by McKinsey, fintechs have the potential to achieve an annual revenue growth of 15% over the next five years. This highlights the increasing demand for fintech solutions among businesses, with 35% of small and medium-sized businesses in the US considering integrating fintech solutions with their current platforms.

On the consumer front, recent findings from Amex Trendex digital payments research reveal a growing interest in new payment methods. Nearly half of consumers are open to adopting emerging payment technologies such as connected cars (41%), biometrics (47%), or wearables (48%) for making payments.

In response to these trends, American Express is shifting its focus towards fostering fintech collaborations to drive growth. By strengthening these partnerships, American Express aims to expand the reach and accessibility of its cards in the market.

Will Stredwick, Senior VP and General Manager at Amex Global Network Services North America, compares these partnerships to dating dynamics. He emphasizes the importance of trust, compatibility, and alignment in chemistry and values for these collaborations to thrive in the long run.