Small businesses are increasingly turning to artificial intelligence (AI) to stay ahead of the curve, and American Express is taking notice. A recent report found that a quarter of small businesses surveyed planned to use AI to expedite tasks like social media posts, marketing campaigns, and customer emails amid the year-end shopping rush.
American Express has been leveraging AI to optimize its own operations, including fraud detection, commercial credit, and customer experience. For instance, Amex's new ML-powered fraud detection system uses deep learning-based models to identify and flag anomalies in tens of millions of daily transactions in real-time.
The U.S. Census Bureau has also been tracking AI adoption among small businesses, finding that very small businesses have had relatively high AI use rates, especially in the context of generative AI. This trend is likely to continue, as AI becomes more accessible and affordable for small businesses.
AI is becoming an essential tool for small businesses looking to stay competitive and drive growth. By automating repetitive tasks, improving customer experience, enhancing fraud detection, and optimizing operations, AI can help small businesses streamline their operations, reduce costs, and improve efficiency.
