A few weeks ago, I had a chance to sit down with Ken Chenault, the affable but highly disciplined chief executive officer of American Express (and, it so happens, a former basketball star).
For a while we chatted about all the sensible-but-dull pieces of the vast American Express empire. Then Mr Chenault confessed that he is currently spending time in the hip regions of Silicon Valley. The reason? Mr Chenault is convinced that teaming up with software, tech and media companies is crucial to the future of that famous green credit card.
More specifically, he wants to strike deals with gaming companies such as Zynga, which allows its customers to use the “points” they accumulate via the credit card to play online social games, such as FarmVille, where consumers “purchase” virtual animals and tools. “This is incredibly popular among young women, particularly in the 25-35 age range,” Mr Chenault explained. Apparently women rush to buy virtual items such as pink tractors or purple cows.