Financial services titan American Express (Amex) plans to use artificial intelligence (AI) services to validate transactions, approve lines of credit, analyze customer sentiment and predict customer finances. Despite these aspirations, a recent report from VentureBeat indicates that Amex currently has no intention of rolling up its own large language model (LLM) to compete with the likes of OpenAI’s ChatGPT and Google’s Bard. Per the report, Luke Gebb, senior vice president of American Express Digital Labs, dismissed the idea outright: “Our hypothesis at the moment is that we would be better suited using LLMs through partnerships. I don’t see us spinning up our own LLM from scratch.” Gebb didn’t disclose which partners the company intends to work with — Amex didn’t immediately respond to a request for comment from Cointelegraph — but it’s noteworthy that the company has worked with Microsoft to develop cloud-based AI technologies in the past few months. Microsoft has a lion-sized stake in the generative AI world, having backed current industry leader OpenAI to the tune of $1 billion in 2019.
Full story : Amex planning to use AI for ‘approving cards and lines of credit’
