Coolest Brands 2014: Elevating Payments to Another Level
Officially, American Express had the most valuable financial services brand in the world last year, according to Interbrand. The consultancy valued the American Express brand last year at $17.6 billion, ranked No. 23 among all brands. (Apple’s was the most valuable brand of all at $98.3 billion, according to Interbrand.)
But that dollar figure doesn’t make American Express “cool.” What does is exemplified by its “invitation-only” Firestone Grand Prix VIP Yacht Package. American Express Membership Rewards members can spend 68,750 points (or $550) for a two-day affair on the Lazzara Yacht down in St. Petersburg, Fla. On that Saturday before the March 30 event, members can enjoy a cocktails-and-canapes reception with artist Timothy Raines and IndyCar Series Champion Scott Dixon. And then on race day, Amex’s clients can watch the race from the yacht, which will be parked on the water between turns 10 and 11, as well as enjoy a full catered affair. It’s all very Grand Prix of Monaco-esque, and it is just one of the many “VIP” offerings from the card company.
This is cool because, well, American Express is just a card company, but it has repeatedly figured out how to elevate payments to a higher calling, like travel, service and “membership.” The fact that American Express, as evidenced by its mobile app, remains at the forefront of technology and product innovation is just bonus. And that $17.6 billion of brand equity doesn’t hurt either.
Learn more about what’s next in banking at Bank Innovation 2014 on March 3-4 in Seattle. Request an invitation here.
