Amex UK boss offers team focus tips
As the UK country lead for American Express, Hannah Lewis has resisted the pressure of knee-jerk reactions, instead focusing on avoiding distractions and ensuring the business stays close to its customers. She says her role is less about dramatic change, and more about how to maintain the company’s focus.
American Express has a strong business, with great momentum from an earnings perspective, according to Lewis. The company’s credit card billings dropped by 50% during the pandemic, and at one point, Amex thought $11.5bn in loans and credit card debt was at risk of default.
The company has a strong business.
Staying customer-centric led Amex to diversify its consumer products, as customers were keen to experience the world again, but stay closer to home. The company now offers more than 15 cards for consumers and small businesses in the UK, with benefits including cashback, dining credits, and access to experiences and events, such as digital skills training.
These benefits include partnerships with the Wimbledon Championships, BFI London Film Festival, BST Hyde Park, and the National Theatre. The changes seem to have paid off, with Amex’s latest results showing a 14% growth in global revenue to $60.5 billion.
The company is predicting a 9-11% global revenue growth in 2024, and is attracting a younger audience of more millennial and Gen Z customers, with the majority of new accounts acquired on fee-based products such as its Platinum and Gold cards. They are making progress in their efforts to attract new customers.
Despite the progress, there are challenges to address, including criticism that its retailer fees are higher than other card providers. Lewis admits that there are old stereotypes and myths that the company needs to address, but argues that Amex has made huge progress in the UK in the past few years.
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For example, the company has grown the number of places that accept Amex by 46% in the past three years, including retailers like B&M, Timpson, and B&Q, as well as a range of smaller organisations. This is partly due to its small business outreach programme, which includes ‘Small Business Saturday’ and the ‘Shop Small’ initiative. It has also helped the company to expand its reach.
The various innovations in fintech could also prove a challenge, including a rise in ‘buy now, pay later’ brands that rival the credit market. However, Lewis says she is not threatened by these developments, as they force the company to stop and focus on what its customers enjoy. Lewis believes that this focus on customers will help the company to stay ahead.
As an engineer by training, Lewis has learned the importance of being direct in her communications, while also listening to others. She believes that leaders should be authentic, credible, and willing to make decisions, while also spending time listening to their teams. Lewis’s experience has taught her the value of open communication.
Lewis prides herself on being a leader that listens and tries to keep communication channels open by asking candidly for feedback. She says that asking questions helps her have a better perspective on what’s really going on and what her team is seeing in their worlds. This approach has helped her to build trust with her team.
It’s a balancing act, but Lewis believes that a good leader will be courageous when the time comes, and will make decisions that are in the best interest of the company. She knows she’s got it wrong if everyone suddenly goes quiet and isn’t sharing their opinions. Lewis’s goal is to create an environment where her team feels comfortable sharing their thoughts.
Lewis’s experience has led her to believe that many people are selling themselves short, and that they should be more comfortable sharing their ambitions. She argues that it’s better to know about any concerns people may have, and to work out your path with that knowledge. Hannah Lewis thinks that people should be more open about their goals.
