[Payments Briefing] How to spot the warning signs: American Express’ approach to fintech partnerships is like dating

While traditional banking sees annual revenue growth of 6%, fintechs could achieve annual revenue growth of 15% over the next five years, according to research by McKinsey. This shows that demand for fintech solutions among businesses is increasing, with 35% of small and medium-sized businesses in the US considering using fintech solutions with their current platforms.

Plus, recent Amex Trendex digital payments research findings [soon to be published] show growing consumer interest in new payment methods. Nearly half of consumers express interest in adopting emerging payment technologies such as connected cars [41%]biometric [47%]or wearable devices [48%] to make payments.

Responding to this growing appetite from businesses and consumers, American Express is repositioning its focus toward fostering fintech collaborations to drive growth. Strengthening these partnerships is also a path to expanding the reach and accessibility of its cards.

Will Stredwick, senior vice president and general manager of Amex Global Network Services North America, likens these relationships to the dynamics of dating: stressing that trust is the foundation, compatibility is key, and strong partnerships last when there is alignment in chemistry and values.

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