Amex Facing Stiff Competition from Rivals After Christopher Burch’s Exit

Home / Amex Facing Stiff Competition from Rivals After Christopher Burch’s Exit

Over the recent years, Amex has been on the receiving end of stiff competition from both banks and companies such as PayPal. While companies such as PayPal are making considerable growth within the financial market, Amex is finding it difficult to assert its authority in the financial world despite being a player in the industry long before PayPal, a Silicon Valley startup had been established. Currently, the consumer confidence in the brand, as well as profitability, is on the low.

The stiff competition has both investors and stakeholders worried as the there is uncertainty on how Amex will deal with the competition from other banks and the emerging payment options such as Skrill and PayPal which are all e-wallets popular amongst the millennials. Amex has been issuing its clients both debit and credit cards. In as much as the cards are paid off on a monthly basis, the cards can’t match up the competition posed by the firm’s rivals. One thing that has successfully been putting Amex afloat is the loans the company provides to both corporations and individuals.

It is a trend that Amex has been losing a significant portion of its subscribers to its competitors due to the inflexibility of its services. The pattern has lead to a drop in Amex’s market share over the past few years. Amex’s direct competitors are card networks such as Visa and other banks; these institutions have been posting better returns while at the same time increasing their overall market share.

Christopher Burch was an executive at Amex, during his time at the company, Amex was not only profitable, but the company also controlled a more significant market share as compared to now.  Additional article to read on bjtonline.com.

A note-worthy article here.

During his tenure at Amex, the company adopted a strategy to welcome in millennials while at the same time keeping the wealthy on the company’s portfolio. Since Christopher’s exit Amex has been dwindling. More to read on architecturaldigest.com.

Burch has been in the financial industry for more than 40 years. Currently, Christopher Burch is the CEO at his company, Burch Creative Capital. Through his firm, Burch expresses his entrepreneurial values together with his vision for the next frontier business opportunities.  For contact details, head over to burchcreativecapital.com.

Read more about his resort investment on http://www.businessinsider.com/chris-burch-nihi-best-hotel-in-the-world-2017-7

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