AMEX U : Redesigning of
the Credit System
Re-thinking the current credit system by creating a digital credit system that adapts and evolves based on the users financial patterns and lifestyle, tailored to include mistakes and calculate risk.
May - August 2018
ArtCenter, Pasadena
User Research, Trend Analysis, Market research, UX Design, Visual Design, Branding
“Millions cannot access money at fair rates. The current climate makes it difficult for many consumers to “prove” that
they should be approved for loans, even if their financial habits are practically perfect.”
-Juan Tavares (Co-founder of loan site LendingPoint)
The current situation and problem statements
The current credit system is unfair and flawed in many ways. It is heavily based on a credit report that is system driven based on strict scoring factors and statistics. A computer looks at data and assigns a number. Everything is either black or white. A person's basic characteristics is not taken into consideration with low tolerance or allowance for the changes in lives and behaviors.
Simply, it is a failed identity management system.
Project Goals & Design Proposal
Progressing American Express from a financial corporation to promote higher quality of living.
By redesigning the credit system to be flexible and having a fair credit opportunity for users within the system promoting financial equality for the future of banking.
Introducing a different approach to how we view and utilize credit
DECENTRALIZED CRYPTOBANKING
TRUST, TRANSPARENCY, & SECURITY
Amex U imagines the future of banking by placing the user before the company
By decentralizing the banking system & reducing the responsibility of the bank into the users, the users would play a larger role, gaining trust in the system as well as assurance of a fair trade.
COMMUNITY SUPPORT SYSTEM
SHIFT IN POWER
Transactions participants are private user and not facilitated by the banking institutions
The P2P network does not rely on a centralized entity, instead users are connected with other users while the bank’s role is to protect and monitor.
RATIO CREDIT RATING
FINANCIAL PROFILES
An adaptive rating system that matches the users financial lifestyle
Based on the user’s borrowing and loaning habits, an adaptive rating system utilizes a unique algorithm to adapt to the user needs.
P2P MICRO-LOANING
AUTOMATED P2P MICRO-LOANING
Automatically building credit while loaning and borrowing from others
By creating a automated system where all deposits are considers loaning and all withdrawal are considers borrowing, users within the system are constantly supporting each other building credit.
Solution & Design Approach
• Understanding American Express
• Analyzing the current trends and changing market
• Creating Branding Strategies
• Concept and Development
BRAND RESEARCH
American Express
A brief overview & introduction of American Express's mission statement, slogan, & SWOT analysis.
Outlining the project goals and stating the value proposition that the company has to offer.
CURRENT MISSION STATEMENT
We provide outstanding products and
unsurpassed service that, together,
deliver premium value to our customers.
CURRENT SLOGAN
Don't leave home without it.
Don't do business without it.
Don't dream bigger without it.
VALUE PROPOSITION
American Express has always emphasized their loyalty and quality service to their customers and is a respected company worldwide. The future of American Express is to evolve and expand from a financial company to become a integral part of their customer’s lifestyle.
User Benefits
Loyalty and Quality service
Exclusive and prestigious community
No matter what, American Express is on your side
SWOT ANALYSIS
STRENGTHS
Brand Strength – AMEX is known and has a reputation
of being one of the world’s most valuable company & is well known in the rich and wealthy community.
Market Capital – AMEX has a market capital of around 60 billion dollars.
International Usage – AMEX is know to be the safest card internationally.
WEAKNESSES
Lack of Debit Cards – AMEX does not have a debit program where other companies offer this service.
Lack of other products – There are only one or two product lines that AMEX has.
OPPORTUNITES
Expansion – Although AMEX has a presence worldwide, it still needs to fight for global recognition
Innovative Schemes – AMEX needs to come up with more innovative business proposals
Leveraging Financial Brand Equity – Because AMEX is a well known name in the finance world, it can use this to leverage more financial product to create a better turnover.
THREATS
Competitors – Visa and Mastercard are the major competitors to American Express
Bad Debts – Because of its high wealth target audience. When the loss happens, it usually happens big.
S.T.E.E.P. Trend Research
Social.Technology.Economic.Environmental.Political
SOCIAL INSIGHTS
& OPPORTUNITIES
• Many aspects of social behavior is driven and influenced by experiences and desire.
• Increased distrust in corporations/government
• Increased demand for higher wages and better living conditions
TECHNOLOGY INSIGHTS
& OPPORTUNITIES
• Technology and the future of technology becoming automated
• Technology brings economical opportunities to developing countries
• Increased interest and usage in cryptocurrency
• Privacy and Digital trust issues
ECONOMIC INSIGHTS
& OPPORTUNITIES
• They way people are buying is dramatically changing and companies are rushing to try to adapt
• Moving away from currency and into data
• More and more Americans are going into debt and unable to build credit
• Millennial forgoing transparency for ease of purchase
ENVIRONMENTAL INSIGHTS
& OPPORTUNITIES
• People are beginning to worry be more contentious about the earth’s well being.
However, they are still in a consumer mindset.
• Millennial’s demand sustainable products
• Looking back at nature for inspiration
POLITICAL INSIGHTS
& OPPORTUNITIES
• Increased immigration of refugees fleeing countries with conflict
• Increased scrutiny of cryptocurrency ploicy
• Create pressure on countries to increase human living conditions
and increasing living wages and taxes
By targeting not only domestic users in America, but also foreign users abroad,
American express UNDIVIDED can use its brand strength to enhance and expand its market demographics.
BRANDING AND IDENTITY
Designing a unified theme and aesthetic to consolidate the brand's identity.
Unifying the card lines and logo under the redesigned company while preserving the original identity.
