American Express (Amex), a US-based credit card company and multinational financial services corporation, has unveiled plans to promote greater financial inclusion in the US, including through closer collaboration with technology startups.
Dan Schulman, American Express group president, Enterprise Growth, said, “Technology is rapidly changing the face of financial services, yet tens of millions of Americans are relying on check cashers, pawn shops, money orders, and other outdated ways to manage and move their money.”
“It’s time for change. It’s not a silver bullet, but technology should be used to close the gap, not widen it. We want to help modernize traditional banking and advance the next generation of products. By supporting new technology as well as the work of researchers and promising startups, I believe we can bring more people from the margins to the mainstream,” he added.
The Amex initiative includes a new documentary produced in partnership with award-winning filmmaker Davis Guggenheim, an investment in early-stage startups through American Express Ventures, a Financial Innovation Lab and a Twitter campaign titled #ServeSomeGood.
American Express Ventures is the company’s strategic investment unit. As a part of the company’s Financial Inclusion Initiative, the unit will invest in early-stage startups that leverage technology to introduce disruptive ideas to the finance sector, particularly to reach underserved consumers and businesses. It intends to collaborate with startups that can provide the “technology to more effectively serve this demographic and provide upward mobility.”
Amex is also establishing a Financial Innovation Lab, due to launch in June with an aim of supporting research focused on financial inclusion. Amex estimates the population of “underserved” in the US to be approximately 70 million.