PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

American Express Is Approaching Generative AI Technology with Caution 

Connie Diaz De Teran by Connie Diaz De Teran
May 31, 2023
in Analysts Coverage, Artificial Intelligence
0
Artificial Intelligence
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Generative AI tools, such as ChatGPT, are gaining the attention of many businesses who are looking to enhance their current offerings. And for American Express—who’s no stranger to artificial intelligence—generative AI may be a game-changer. But the company is taking a cautious approach.  

Laura Grant, Vice President of Product Development for Emerging Platforms and AI at Amex Digital Labs, recently told VentureBeat that while the company is looking at ways to leverage large language models (LLMs) such as ChatGPT, it first wants to “seek to understand how it can help with its ‘3 Ps,’ making a product more personalized to an individual customer, more proactive and more predictive.” 

Luke Gebb, Executive Vice President of American Express Digital Labs, also added that “our hypothesis at the moment is that we would be better suited using LLMs through partnerships. I don’t see us spinning up our own LLM from scratch.”   

At the Forefront of AI 

Formed in 2017, Amex Digital Labs can be considered a testing ground for new innovative product prototypes. Once developed, Labs ultimately transfers ownership to the most suitable team within the organization to deploy as part of their digital offering.  

American Express also hopes to use it for predictive analytics technology. But its cautionary stance on generative AI tools certainly speaks to the industry’s overall view on this emerging technology.  

Not too long ago, in an open letter, Tesla CEO Elon Musk, Apple Co-Founder Steve Wozniak, and over 31,000 executives from various industries and sectors called for AI developers to pause on any “giant AI experiments” they were working on. They said a better understanding of the future of this technology—and the various use cases that may unfold from it—would help organizations better manage it.  

“AI labs and independent experts should use this pause to jointly develop and implement a set of shared safety protocols for advanced AI design and development that are rigorously audited and overseen by independent outside experts,” the letter states. “These protocols should ensure that systems adhering to them are safe beyond a reasonable doubt. This does not mean a pause on AI development in general, merely a stepping back from the dangerous race to ever-larger unpredictable black-box models with emergent capabilities.” 

Tags: American ExpressAmexAnalyticsArtificial IntelligenceChatGPTtechnology
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Mitigation of P2P Fraud Begins with Education

    Mitigation of P2P Fraud Begins with Education

    September 26, 2023
    digital payments

    Mass A2A Payment Adoption in The U.S. Contingent on Compelling USP

    September 25, 2023
    cashless payments mobile

    The Synergy Between Cashless Payments and Seamless Mobile Coverage

    September 22, 2023
    The Power of AI and How its Transforming the Financial Landscape

    The Power of AI and How It’s Transforming the Financial Landscape

    September 21, 2023
    “You’re a Fintech, I’m a Legacy Bank – How Can We Collaborate?”

    Investing in Fintech: Opportunities and Challenges in the Payments Industry

    September 20, 2023
    real-time payments across the globe

    In 2023, Real-Time Payments Expanding Across the Globe

    September 19, 2023
    AI

    AI in EBPP: Small Changes, Huge Impacts

    September 18, 2023
    Amazon

    How Tech Is Changing the Checkout Process

    September 15, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result