Competition Heats Up Between Big Banks in Premium Customer Service
Amidst increasing rivalry between major banks in catering to premium customers, American Express is poised to hire a leader who will spearhead the development of a new app from scratch. The objective is to provide top-notch services across travel, dining, and experiences. Meanwhile, Chase is making steady progress in its bid to become the third-largest travel agency, trailing behind Expedia and Booking.com. However, its ongoing effort to integrate various services into a broader ecosystem was supposed to have been completed a year ago.
American Express Takes the Lead with Dining and Airport Lounges
While Chase is working hard to catch up, American Express has already made significant strides in the industry. It has acquired Resy, cementing its position in the dining sector. In addition, American Express boasts a greater number of airport lounges and owns LoungeBuddy, a platform that offers global lounge advice. They are also a high-volume travel agency with a strong focus on premium customers, giving them an edge over their competitors.
American Express Develops a Natively Integrated Travel App
American Express has an ambitious plan underway to seamlessly bring together all its services through the development of a new mobile app. The app aims to provide customers with a comprehensive travel planning and booking experience while highlighting the exclusive benefits available to American Express cardholders. With features such as lounge access, restaurant reservations, and curated experiences, the app will serve as a true companion throughout the entire travel journey. American Express is currently looking for a senior manager to drive this initiative and bring the app to fruition.
Senior Manager Position to Support App Development and Implementation
The position of Senior Manager, Product Development, has been created to support the design, development, and delivery of American Express’ new travel and lifestyle app. This individual will play a crucial role in enabling native mobile booking and servicing experiences, as well as ensuring that the app provides a seamless and synchronized experience for customers. In addition to overseeing the product roadmap, the successful candidate will coordinate and manage internal and external development teams, as well as collaborate with various partners. This alignment with core AXP enterprise app journeys will ensure a cohesive and complementary user experience.
Challenges of Building a Comprehensive Travel App
Creating a travel and lifestyle ‘super app’ is a complex task, as evidenced by the fact that even Chase has struggled to accomplish this feat. Despite its acquisitions of online and offline travel agencies and launching dining partnerships, Chase has not yet succeeded in achieving a comprehensive platform. Nevertheless, American Express, along with Capital One and other major card issuers, is investing heavily in the pursuit of capturing a greater share of the affluent consumer market. While the outcome remains uncertain, the competition among these big banks offers potential advantages to consumers. Increased investment in these diverse services can lead to improved offerings and better customer experiences in the future.
Analyst comment
Positive news: American Express is taking the lead in premium customer service by hiring a leader to develop a new app and already making significant strides in the industry with acquisitions and owning LoungeBuddy. They are also looking for a senior manager to drive the development of their new travel app. This shows they are investing heavily to capture a greater share of the affluent consumer market.
Short analysis: American Express is well-positioned to dominate premium customer service with their new app and acquisitions. Chase is struggling to catch up but the competition among big banks will lead to improved offerings and better customer experiences in the future.
