The decision by the renowned entrepreneur Christopher Burch to discontinue his usage of American Express Co. cards and switch to JP Morgan Sapphire Reserve Card this year was an indication of the state of affairs at the AmEx Company. All was not rosy, and they were slowly losing grip on the market.
Though AmEx has gotten a new Chief Executive, Stephen Squeri after the exit of Kenneth Chenault, the new incoming chief has a lot of work to do to ensure that AmEx regains control of its previous business performance. The company is facing increased competition from banks and other firms such as Paypal Holdings, whose net worth has been skyrocketing. Additional article on businessinsider.com.
There is uncertainty, which some of the investors can attest to, about the prospect of the company and this has made the company reassess its model of business operations. For example, in a radical shift from its previous position, AmEx has now focused on lending money to people and companies. Other emerging behaviors such as the gradual deviation from the traditional mode of making payments in preference to mobile payment solutions provide yet another threat to the future operations of AmEx, and how they decide to deal with such will determine how well they hold the future. There is also this upcoming generation of millennials whose thinking about money is significantly different from those of their parents, seeming to have a preference for banks.
AmEx has also lost key deals, which at the beginning seemed catastrophic, but which with time have shown not to be as had after all, such as the loss of companies like Costco in 2015.
Before his exit, Christopher Burch mentioned an issue where he had written to the AmEx CEO about his woes only for him to get back a poorly written reply from a junior customer executive. He cited these frustrations with AmEx as the ones that pushed him out in search of a better service provider. More of his views on business, click on this.
Chris, who is the Chief Executive of Burch Creative Capital, possesses an experience that spans more than 40 years. During this time he has led to the rise of more than 50 companies. Know his latest cool offering to the market, hit inc.com.
He has succeeded to employ his vast experience in marketing and sales into other fields such as hospitality, technology, consumer products, among others, where he has no doubt evidenced great success. Check burchcreativecapital.com.
Read his latest news and follow on investments on https://www.prnewswire.com/news-releases/burch-creative-capital-announces-new-and-follow-on-investments-to-founder-chris-burchs-portfolio-300389216.html