American Express 2009 Annual Report Download - page 14
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12
THINK ZYNC
Custom-build your own card
with a range of lifestyle options
MORE CHOICE
Over 1 million redemption
options and counting
nancial system was in disarray. In thinking about
what we have to do to remain successful over both
the short and long term, we have set new priorities
for 2010 and beyond.
Going forward, we will focus our energies on
driving growth, driving eciency, and delivering
superior service.
These priorities are a fundamental shift from
last year. ey focus more on seizing opportunities
rather than responding to crisis conditions around
us. ey reect our improved position from a year
ago, but they also recognize that growth will not
come easily in an environment shaped by a still
weak economy.
I am condent that we will be able to prosper in
“the new normal” environment for two reasons. e
rst is our experience of the past year
—
the progress
we made in one of the harshest environments in
decades. e second is our unique set of assets and
capabilities that make American Express right for
the times.
To succeed in the new environment, companies
will need a number of important characteristics,
the kind that we possess.
A Strong Brand
At a time when many institutions have squandered
the public’s trust, companies with strong, respected
brands will have a tremendous competitive
advantage. American Express remains one of the
world’s best known and most trusted brands. We
are widely recognized as a service leader. Our
tradition of customer care, forged throughout 160
years of doing business, will continue to set us apart
from the competition.
A Lean Cost Structure
As I described earlier, our reengineering efforts
have reduced costs and increased exibility in our
expense base. In both good times and bad, we have
reengineered to free up resources that we could
then invest in growth opportunities. This has
been a core part of the way we have managed our
business for well over a decade.
Premium Value
We provide added value through industry-leading
rewards, product benets and service quality. is
value builds customer loyalty and supports our
premium pricing.
Financial Responsibility
Our products drive commerce while promoting
responsible spending, from the nancial discipline
of charge cards to expense management solutions
that have saved client companies billions of dollars.
Customer Insights
Our closed-loop network gives us valuable insights
into the preferences of our customers. We use
our marketing and information management
capabilities to help merchants attract more
customers and give cardmembers access to relevant
oers and experiences. In doing so, we create value
while maintaining strict privacy policies.
Innovation
We have a long record of firsts and bests in our
industries, and we continue to push the boundaries
with recent products like Zync, a build-your-own
charge card that features a selection of lifestyle
packs, and AcceptPay, an online invoicing tool that
helps small business owners get paid faster.
AMERICAN EXPRESS COMPANY