American Express: A Culture of Growth and Innovation

In today’s financial services space, implementing the latest technologies is key. This is made possible by fostering a culture of continuous growth and innovation.

American Express, a company with a 174-year history, has managed to stay at the forefront of the industry by placing a strong emphasis on career development and company culture. 

Ben Lane, VP of Colleague Experience Group at American Express, shared insights into how the company approaches company culture to deliver innovative success. 

Amex: Learning and Development 

At the heart of American Express's strategy is a commitment to continuous learning and development. 

“We implement an enterprise-wide approach to continuous career growth and development that enables colleagues at all levels of the organisation to continue to learn, grow and lead,” Ben explains. 

This approach is designed to accommodate the diverse needs of employees across various functions and business units, reflecting the company's understanding that career development is not a one-size-fits-all proposition.

One of the key elements of this strategy is the cultivation of a robust feedback culture. Ben emphasises the importance of both formal check-ins and spontaneous feedback: “We encourage giving feedback in the moment. 

“Not only does this provide real-time clarity and is easier to apply in the day-to-day, but it also ensures colleagues are continually learning on the job and receiving feedback that supports both their short- and long-term goals.”

This focus on immediate, actionable feedback serves as a ‘North Star’ for American Express's approach to career development, supporting both individual growth and the organisation’s overall feedback culture. 

It's a method that aligns well with the fast-paced nature of the fintech industry, where agility and continuous improvement are essential.

The company's approach to career development is deeply intertwined with its culture. “Career development looks different for everyone and takes many forms,” Ben notes. 

“For some, it is gaining experiences in different parts of the business; for others, it is upward growth in their specialty area, learning new skills or strengthening their leadership skills.” 

This flexibility allows American Express to support a wide range of career paths, catering to the diverse ambitions of its workforce.

Ben Lane: Exemplifying workplace flexibility 

Ben's own career trajectory exemplifies this flexibility. Having started with American Express in Australia, he was able to move to London and advance his career there with the company's support. 

This experience underscores American Express's commitment to backing its employees' ambitions, even when they involve geographical moves or shifts in focus.

The company's culture of support extends beyond just career moves. “We have a culture and programmes designed to back colleagues because we know delivering a best-in-class service for our customers starts with our colleagues,” Ben explains. 

“Backing our colleagues and their ambitions is the best foundation we can build to take care of our customers.”

In the fintech sector, where innovation is critical, American Express has found that diverse experiences and perspectives are key drivers of new ideas. 

The company actively encourages employees to work in different areas of the business, with different teams and in various locations. Ben shares a personal example: “Earlier in my career, I moved into a role on the merchant side of our business, where I was able to work directly with product, sales, marketing, and pricing teams in a way that I never had before.”

This cross-pollination of ideas and experiences has tangible benefits. As Lane puts it: “Even though I eventually returned to Colleague Experience Group, being able to walk a mile in someone else's shoes gave me a uniquely different perspective on our business, and many of those learnings continue to help inform and influence me today.”

Amex: Fostering diverse experiences 

The emphasis on diverse experiences not only fuels innovation but also helps employees develop a more comprehensive understanding of the business. 

This holistic view can be particularly valuable in the fintech industry, where understanding the interplay between different aspects of the business – from product development to customer experience – is crucial.

For American Express, the investment in career development and company culture is not just about employee satisfaction; it's a strategic imperative that directly impacts the company's ability to serve its customers and stay competitive in a rapidly evolving industry. 

As Ben concludes: “Innovation has been a consistent theme for how we have continued to grow and evolve. Diverse experiences and perspectives are pivotal to innovation, and we work hard to ensure that colleagues have opportunities to work in different areas of the business, with different teams and locations.”

**************

Make sure you check out the latest edition of FinTech Magazine and also sign up to our global conference series – FinTech LIVE 2024. 

**************

FinTech Magazine is a BizClik brand.