American Express
www.americanexpress.com

American Express clones its AOL ExpressNet site on the Web. It’s great looking and
S…L…O…W.

American Express (New York; 37.8 million cards) has finally made its ExpressNet service available on the Web www.americanexpress.com. It’s been available on America Online since March 1995. The company also offers balance/transaction downloading via Intuit’s Quicken (began December 1995). None of the online access points has ever carried a fee. Cardmembers can view current statements, any of three prior statements, unbilled charges, and Membership Rewards points.

ExpressNet was the first financial services-oriented online site that integrated functionality (account access, online payments) with value-added services (air and hotel bookings, searchable travel database, hosted forums). It was our favorite online program for 1995 earning a 9.4 score on a ten-point scale and continues to be one of the best online. The move to the Web was long-overdue.

In other news, the Wall Street Journal reported on May 7 (p. C1) that AMEX’s new online discount brokerage is floundering with only 10,000 accounts despite a marketing expenditure in the $30 million dollar range. In sharp contrast, industry leader, Charles Schwab reports 758,000 online accounts as of March. This should serve as a HUGE WARNING to bankers planning to make a splashy entry into online trading. Don’t expect to be able to easily break-out from serving your own checking account base.

Statement detail is provided for just the past three statements, plus current charges not yet billed. No customization or search functions are offered.

For billing questions users mark the transaction(s) and click submit. A free-form box is returned to the user to type in the details of their question/dispute.