American Express 2001 Annual Report Download - page 16

Download and view the complete annual report

Please find page 16 of the 2001 American Express annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 84

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84

Partnerships also play a role in our efforts to expand the network of merchants
who accept the Card. Working with JCB Co., Ltd., the largest card issuer and
merchant acquirer in Japan, allowed us to expand significantly American
Express’ merchant coverage in that country. Our relationship with JCB
also provides for reciprocal card acceptance, merchant acquisition and
merchant processing in Japan, as well as in Australia, Canada, India,
Mexico and New Zealand.
The importance of partnerships to American Express extends to Corporate
Travel as well. Early in 2002, we partnered with China International Travel
Services in announcing the first Sino-U.S. corporate travel joint venture in the
People’s Republic of China. We also announced a Corporate Travel joint ven-
ture in Italy – UVET American Express Corporate Travel. At its launch in
January 2002, the company was the largest corporate travel agency in Italy.
In our retail financial services business, a new partnership with Costco offers
our auto and homeowners insurance to Costco members in 22 U.S. states.
For many years, partnerships have been at the heart of our oldest business, the
Travelers Cheque Group. In 2001, as a result of our agreement with Citicorp
Services, Inc. to convert their distributors to American Express, we achieved the
largest new seller signing in the history of our Travelers Cheque business.
Further expanding our potential sales volume are our agreements with HSBC,
which began selling our products globally in early 2002, U.S. Bancorp, Australia
Post and Rabobank in the Netherlands. And, with the recent addition of JTB
and Nippon Travel Agency, Japan’s top five travel agents now sell American
Express®Travelers Cheques.
WE HAVE TRANSFORMED AND STRENGTHENED OUR CORPORATE TRAVEL
BUSINESS. We have substantially improved the economics of our Corporate
Travel business. As in other areas of the company, we moved many of our
business processes and customer servicing online. The percentage of
Corporate Travel reservations processed online in 2001 increased fivefold.
This shift lowered our costs while providing clients faster, better service.
axp_14
A new partnership with British
Airways led to the introduction of
three new cobrand cards — each
with its own level of rewards and
benefits — to British Airways UK
Executive Club members.