When To Pivot: A 163 Year Old Company’s Evolution
American Express is a 163 year-old organization known for trust, security and delivering world-class customer service. Three years ago, Amex created a new division to operate like a start-up inside the company to broaden its reach to new customers and new geographies. Hear from group president, Dan Schulman, about what’s worked, what hasn’t, and the inspiration behind the company’s current mission to reach those disenfranchised by our traditional financial system. Dan will discuss how Amex discovered a huge opportunity to serve the needs of nearly 70 million unbanked and underbanked Americans who lack access to bank accounts and credit. Attendees will learn about the work that Dan and his team are doing to understand the pain points of these underserved customers, what inspired the company’s new products and services, and how the company is pivoting to become more inclusive while staying true to its core brand attributes.
- What are the challenges of knowing how and when to pivot for a historic and established brand like American Express?
- How can companies reach an entirely new customer base, without alienating existing loyal customers?
- What’s Dan’s advice for embracing past failures, iterating like mad, and leveraging these learnings to successfully pivot?
- When pivoting, how important is it to have a clear mission and how do you to inspire the entire organization’s confidence and cohesiveness in the mission and new direction?
- In order to relate to people living outside of the traditional financial system, Dan spent a day walking in his target customer’s shoes as if he didn’t have a bank account or credit. When moving into an audience that a corporation and its employees have limited experience with, what steps can the company take to truly enable them to identify with their new audience and gain credibility?
- Dan Schulman American Express
Robyn Douglass Text100
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