Amex folds enterprise growth but keeps prepaid jan. Eg was designed to challenge existing credit and charge business models and extend american express s leadership into the world of digital and mobile forms of payment through the use of software platforms and mobile apps.
The lender is dismantling its enterprise growth division created to develop additional sources of revenue lure new customers and help fend off silicon valley startups.
Enterprise growth group american express. Several top executives have left in recent months including neal sample its leader and the unit plans to cut about 170 jobs in new york and florida. American express trs american express enterprise growth group is one of the newest and best divisions to be in. 21 2016 american express will scale back experiments that focused on finding new revenue and consumers but continue to focus on prepaid and alternative payments says a spokesperson for the payments network.
The work being done in enterprise growth is one part of the larger transformation under way throughout american express. Worked on all new projects. New technologies are redefining the payments business and creating opportunities that go beyond our existing businesses said chenault in a press release.
In june 2011 kenneth chenault ceo of american express axp announced the formation of a new group within the company enterprise growth eg to drive expansion into digital and mobile payments. A number of years ago we sharpened our strategic focus to concentrate on the payments sector with the spin off of our financial advisory business. Glassdoor amex has been aggressively trying to re invent itself with egg the jury is still out as many payment products take years to come to fruition but working there is genuinely very enjoyable.
Product overview in june 2011 american express announced the formation of a new group enterprise growth eg. But while american express is folding its enterprise growth unit the company will retain its prepaid cards designed for consumers who lack bank accounts. David baldie director of technical delivery at american express enterprise growth has been testing with ways to capture and authenticate face images accurately and quickly on a mobile device.