The pandemic required an agile and fast response from businesses across all sectors. We witnessed a profound shift in our own customer behavior. Across the world consumers immediately started depending on digital services for everything from routine purchases, such as groceries medical needs, and clothing, to high value items such as watches and haute couture. Fortunately, at American Express Saudi Arabia, we already made investments in digital pre-pandemic, and were able to support our members’ digital needs seamlessly. The safety of our colleagues is important and by following government guidelines we were able to contain the spread within the company. For merchant partners, American Express Saudi Arabia provided ongoing digital transformation support to enable merchants to transact in a safe way, meeting cardmembers where they are in this new reality. As online transactions soared, the safety of the transaction itself was of great concern, especially for those who embarked in the digital space. American Express fraud protection tools gave cardmembers the assurance and confidence to make payments and expand their digital experience into new areas. For example, demand for digital wallets and contactless transactions increased. American Express supported cardmembers by partnering with digital wallet providers and certifying safe contactless transactions at point of sale.
Over the past year, the growing demand online has resulted in increased expectations around a company’s online experience. At American Express Saudi Arabia, the existing digital investments pre-pandemic enabled the company to meet the customers where they are—online. Before, during and far beyond this pandemic, we continue to increase customer touch points and interactions online, as well as forge partnerships with digital service providers and online merchants. In terms of travel, we have seen destinations change depending on how the pandemic was managed by host countries and how seamless the travel experience became. New destinations have opened up, and travelers were willing to experiment visiting destinations that were less crowded and off the beaten path.
First, SMEs are looking for flexibility on payment terms during uncertain times. Introducing a credit product with a revolve repayment facility to support the business card proposition helped small businesses better manage cash flow. Second, American Express is responsible for both acquiring cardmembers and issuing cards. This unique closed loop business model enables us to have a holistic view of our customers’ expenses and spending behaviors. This enables also SMEs to deliver highly targeted customer outreach. An approach and experience which is better for the SMEs and the customers. Third, is a product suite that provides a safe and seamless payment mechanism. Partners of SMEs can depend on it to get paid in a timely manner through virtual payment products, physical plastic cards, or B2B transfers.
First, Saudi Arabia is a G20 country, one of the biggest economies in the world, with a large population, and a high standard of living. Second, Saudi Cardmembers are well travelled and use their American Express Cards globally. Third, Vision 2030 is presenting an important business opportunity for companies at home and attracting investment from abroad. American Express is the largest corporate card issuer in the world, and we aim to help all companies realize their potential.
At American Express Saudi Arabia, we will continue backing our customers, closely following behaviors and trends to ensure we improve the experience for our cardmembers. Whether that be bringing peace of mind when traveling, delivering safety and ease at point of purchase, online or offline, or rewarding customer for loyalty. Our goal always has and will continue to be backing our cardmembers.
SAUDI ARABIA - Real Estate & Construction
CEO, National Real Estate Registry Services Company (RER)
SAUDI ARABIA - Green Economy
CEO, National Center for Vegetation Cover and Combating Desertification (NCVC)