American Express Inc. said Thursday it is starting a consulting unit to help business clients analyze customers’ spending trends.
The credit card company based in New York said American Express Business Insights will use data from its payment network to aid in business planning and marketing. The data will examine patterns on about 90 million cards. Analysis will be done only on an aggregate level, without disclosing individuals’ information to merchants, American Express said.
The data will serve “as the foundation for analyzing consumer, small business and corporate spending patterns,” American Express said.
The division will be folded into American Express’ Global Merchant Services unit.
Shares of American Express fell 65 cents, or about 1.6 percent, to $40.92 in midday trading.
