American Express Essay

934 words - 4 pages

American Express has become one of the leaders in credit and debit card transactions of the financial world. As the most innovative company in the business, they were the first to develop a large-scale traveller’s check. Over the years the company became more of a financial company and with the advent of consumer credit and debit cards they became a major player in supplying this service to it's members. American Express produced a niche market of "card members" to fit the needs of various financial desires. American Express has had to diversify it's products and services over the years to stay competitive with Visa and Master Card, who still control over 75% of the market share. The "elite" consumer still carries an American Express card, and the services and extra benefits associated with "being a member" are still an attractive bonus to many users. With it's financial services, travel business, and it's new Internet business sites American Express continues to grow and even through the recent meltdown in the financial markets they have seemed to emerge as strong as ever and will remain competitive through the 21st century. Once appeared as a travel service company associated with entertainment expenses, and even had several celebrities appeared in their advertisement campaigns. However today it seems as though the company attempts to convey that their service provides an easy and rewarding spending experience.
The growth of American Express has allowed them to invest in many far-reaching causes around the world. Unlike other companies they tend to invest in more cultural and social causes than sporting or high profile events. In 2012 they issued grants to special needs groups in Singapore, invested in repairing the Brighton Dome in the UK, feed needy families in Chicago, and funded the United Way web site in New York and an after school teaching program throughout the US. They also have a strong historic preservation program worldwide. Not attention grabbing events like the Olympics or the World Cup, but smaller profile projects important to local communities (2).
American Express has become a global leading corporation and not only because of their talent, but because of their great leaders who understand the right mindset to achieve success. “The financial crisis affected companies in different ways. Some failed. Some waited for better times. Others took deliberate actions to adapt, invest and reshape strategies. Those are the companies that came out of the crisis stronger than they went in. I count American Express among them. (1)” I took this quote from their 2012 annual report to demonstrate why American Express is a different company and how they continue to grow even with challenging periods. Kenneth Chenault is the Chairman and Chief Executive Officer...

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