Meet Caroline Bouvet, the Vice President of Products and Partnerships at American Express (Amex). With a shift from consulting at Accenture to a key role at Amex, Bouvet’s 16-year journey symbolises growth, adaptability, and a devotion to customer-centric excellence.

In this exclusive interview, Bouvet shares her transitions within Amex, shedding light on how the company navigates the changing consumer behaviour to not only retain but captivate a diverse customer base. She delves into the evolution of consumer spending, the rising preference for experiential rewards, and how American Express continues to redefine value for its cardholders.

Join us as we explore the strategic evolution of American Express, Bouvet’s forward-thinking leadership, and how fostering internal talent has been instrumental in maintaining a leading position in the financial services sector, all through the insightful lens of Caroline Bouvet’s enriching journey at Amex.

Tell us about your career to date and your role at American Express

“I started in consulting, holding various strategic and IT positions at Accenture. It was during this time that I first crossed paths with American Express. I was immediately drawn to the company, not just for its exceptional people, but also for its collaborative and supportive culture and its ability to continually evolve and diversify the business; I felt like these were the right ingredients for a unique and meaningful career journey.

“Fast forward 16 years and I’ve worked across a number of different roles at Amex where I’ve had the opportunity to learn, lead and grow. I’ve worked across parts of the business including strategy, marketing, business development, product management and brand partnerships, with increasing levels of challenge and responsibility.

“In my current role at Amex, I lead the UK product and partnerships teams. It’s an incredibly exciting and varied role which involves overseeing and enhancing our UK products, including our card benefits such as pre-sale tickets for all our Cardmembers to events like the London Film Festival.

I’m also responsible for managing our strategic partnerships, with brands like British Airways, whom we’ve partnered with for over 15 years on our popular BA Amex Cards.”

What is your favourite thing about your job?

“My favourite thing about working at American Express is undoubtedly the people, each of whom contribute to a culture of strong relationships. Even though I’ve held a wide range of roles, the common thread has always been the incredible individuals I’ve had the opportunity to work alongside, whether as mentors, peers or team members, many of whom have become enduring friends.

“Just as Amex has evolved its business over the last 170 years, I’ve also been able to continuously evolve, gain valuable experiences and grow my career, thanks to the constant support and encouragement I’ve received.

“Now, as a leader, I try to pay this forward by fostering an inclusive culture, where learning, development and growth is continuous within my own teams. This is one of the reasons why we are able to attract talent and why so many people, myself included, choose to stay with the company.”

Tell us about the growth and diversification of the American Express consumer product portfolio and experiences, over your time at Amex. What have been the drivers behind this?

“Throughout my time at Amex the company’s customers and product portfolio have constantly evolved. On the one hand we’ve got an incredibly loyal, high-spending customer base who’ve been with us for a long time – some have even been with us for 60 years since we first introduced our credit cards to the UK! On the other hand, our customer base is growing across different segments, with Gen Z and millennials representing our fastest growing new customer segment. Our customers don’t all want the same thing, but what they do have in common is that rewards and experiences matter to them.

“As a result, we continuously focus on broadening our offering, including evolving our products, rewards and experiences, to make sure we’re catering to all of our audiences. As an example, we introduced our Amazon Business Credit Card to serve our business customers who regularly shop through the e-commerce platform, whilst our Vitality Credit Card rewards more health-conscious customers.

“We know our customers love new experiences and making memories by going to events with their friends and family. And so through Amex Experiences, all of our Cardmembers, whichever Card they choose, have access to presale tickets, as well as the best seats and exclusive offers at some of the UK’s most sought-after events – whether that’s film, sports, music, theatre or dining. I’m incredibly proud of the long-standing partnerships we have here, with organisations such as The British Film Institute, the All England Tennis Club and the National Theatre. Our customers really value the access we provide and the diverse and relevant content these partnerships continue to offer them.”

How has consumer spending evolved during your time at American Express?

“Consumer spending has undergone a significant transformation over the past decade, with a considerable shift towards online and mobile payments. As well as this, loyalty schemes, which have long been part of Amex’s benefits portfolio, have now become an integral part of the consumer landscape, with research we commissioned earlier this year showing more than half of shoppers prefer brands that offer such programmes.

“Shoppers have also become increasingly motivated by experiences, in many cases these are seen as just as important as, or more important than the products themselves. The expectation for personalised, memorable interactions with a brand start at the point of purchase and extend right through to customers seeking out innovative, experiential in-store experiences.

“Ultimately, shoppers are looking beyond transactions and are placing greater value on moments and opportunities to enrich their lives. That’s another reason why we place such an emphasis on the continued evolution of our rewards programme and experiences portfolio; we know how much this matters to our Cardmembers.”

How have consumers’ perceptions of value, as well as expectations around rewards and recognition shifted?

“Value means different things to different people, and we know rewards, benefits and offers are intrinsically linked to value. But different customers want different things, which is why at Amex we continue to grow and diversify our offering. We’ve always been dedicated to offering best-in-class rewards for various aspects of people’s lives, such as travel, dining, and shopping. So for our Cardmembers that love luxury products, our Platinum Card provides £100 in statement credits every year at Harvey Nicholls. With our Membership Rewards, Gold Cardmembers can enjoy £5 back on their Deliveroo orders, twice every month.

“Experiences have also gained prominence, with our research finding that 74% of consumers now favour spending their money on experiences over products. We continue to expand our offering in this space, including more premium experiences such as trips to the Monaco Grand Prix and global music festivals like Coachella. New partnerships and experiences, such as those with Wimbledon and BST Hyde Park, also reflect the company’s commitment to tapping into our new customers’ passion points. This year Amex also hosted the official All Points East ‘Amex Afters’ event headlined by iconic British rapper, Little Simz.

“Of course something I’m proud of as a company is the best-in-class customer service, trust, security, and consumer protection we provide. We’re always there to pick up the phone and we think it’s these somewhat unseen benefits that build the foundation of customer loyalty and satisfaction.”

How does Amex continue to keep ahead of new customer expectations and attract new generations of customers?

“Our commitment to staying relevant, innovative and customer-centric means we can continue to attract new generations of customers while retaining the loyalty of existing ones, and is something I’m incredibly proud to be a part of.

“As a company we constantly look for new ways to surprise and delight our customers by expanding our brand presence and collaborations. We’re always engaging with our diverse customer base through research, customer surveys and external trend analysis to understand and anticipate their evolving needs. Our customers know that when they are with Amex they can expect to be rewarded with access to the most sought-after benefits, rewards, experiences and offers.

“Anticipating our customers’ needs and staying ahead in helping them achieve their aspirations is an exciting challenge. There will always be more to do, but getting it right is incredibly rewarding and is why I love my job.”