David Jones Ltd., an Australia-based retailer, says it has begun offering its customers an American Express-branded credit card months before it originally expected the launch to occur. Customers can get the card in stores or through the retailer's Web site, David Jones says in a statement. The retailer had planned to introduce the card, which offers consumers points they can redeem for retail goods, around Christmas (CardLine Global, 22 Feb.). David Jones issues some 800,000 store cards, which the retailer has offered to exchange for the AmEx cards. The move follows the launch of a Visa-branded card from Australian retailer Myer, which worked with GE Money, Frank Lopez, an analyst with Australia-based Cannex Pty Ltd., told CardLine Global in an interview in advance of the David Jones move. The new card from David Jones enables the retailer to do a better job of tracking customer spending patterns, Lopez notes. Neither AmEx nor David Jones responded to requests for comment.
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Jay Plum, head of consumer lending at Fifth Third Bank, says artificial intelligence is fundamentally shifting relationships between banks and their third-party software vendors, allowing banks to do things on their own that they would previously rely on vendors to do for them, like identify risky loans and prepare for exams.
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A new analysis from the White House's Council of Economic Advisers says the banking industry's fears about deposit flight are overstated. Experts familiar with the banking industry's concerns say the report's conclusions are beside the point.
April 8 -
The card brand introduced tech for businesses to tap agentic AI, while Revolut counters Italy's accusations of inaccurate marketing. That and more in the American Banker global payments and fintech roundup.
April 8 -
The Treasury Department Wednesday proposed a set of rules that would require stablecoin issuers to abide by risk-based anti-money-laundering programs similar to those that banks must employ, as well as secondary market monitoring and independent testing by issuers.
April 8 -
Closing its Brex acquisition adds a corporate-focused fintech and new agentic commerce tools to an already considerable consumer payments division.
April 8 -
American Banker data found that those who upped artificial intelligence spending by more than 25% in the last year saw major improvements in employee output.
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