Amex boss shares tips to focus distracted teams
Hannah Lewis became UK country lead for American Express two years ago. She chose not to make immediate changes.
“I inherited a strong business with solid performance,” she says. “Our earnings are moving in the right direction, so my job is to keep that focus sharp.”
No desire for major disruption
The pandemic dealt a severe blow to Amex. Credit card spending fell by 50%. The company feared $11.5 billion in loans and credit card debt might default. Travel, which fuels its premium offerings, nearly halted.
That period made the company cautious about abrupt moves. Lewis prioritized customer relationships. She expanded the card portfolio to over 15 options, adding cashback, dining credits, and exclusive access to events like Wimbledon and the BFI London Film Festival.
Results improved. In 2023, Amex’s global revenue rose 14% to $60.5 billion. The company projects 9-11% growth in 2024. Younger customers are signing up, with most new accounts coming from millennials and Gen Z opting for fee-based cards like Platinum and Gold.
Related: Paramount Sues Warner Bros. in Takeover Battle
Obstacles persist. Retailers frequently criticize Amex’s higher fees. Lewis doesn’t dispute the fees but notes outdated perceptions. “Some old myths still linger,” she says.
Merchant acceptance has expanded. Over the past three years, the number of UK businesses accepting Amex increased by 46%. Major retailers like B&M, Timpson, and B&Q now take the card, along with smaller shops. Amex’s “Shop Small” initiative and Small Business Saturday campaign supported this growth.
Fintech rivalry hasn’t become a problem
Buy now, pay later services have reduced traditional credit card usage. Lewis remains unconcerned. “Complacency is dangerous for established companies,” she explains. “Competition pushes us to stay focused on what customers value.”
Amex introduced Pay with Bank transfer, its own open banking payment option. The approach resembles how traditional banks have adapted to digital competitors—not by mimicking them, but by adding new tools to their existing strengths.
Lewis has an engineering background. She spent six years at Boston Consulting Group before joining Amex in 2008. During her 14-year tenure, she worked in merchant banking and consumer services before taking the UK leadership role in 2022. She now manages 6,000 employees across offices in London, Brighton, Burgess Hill, and Manchester.
Leadership lessons
Early in her career, the top job “was not necessarily something I would have been bold enough to say I wanted,” she says.
Related: Ledger wallets unaffected by data incident
Leadership’s unpredictability caught her off guard. “Balancing short-term and long-term priorities is harder than I expected,” she notes. Her strategy: focus on what’s controllable. “We plan for different scenarios, but concentrate on what we can influence rather than getting lost in possibilities.”
When teams dwell on hypotheticals, progress slows. “If you let the organization do that, everyone gets stuck,” she says. “Keeping people motivated and aligned is key.”
She maintains open communication by seeking feedback. “Asking questions gives me a clearer picture of what’s happening,” she explains. But she also knows when to act. “A good leader is authentic, credible, listens well, and makes courageous decisions when needed.”
The red flag she watches for? Silence. “If people suddenly stop sharing their opinions, that’s when I worry.”
Lewis’s approach reflects broader shifts in boutique consulting, where firms blend traditional strengths with new tools.
