American Express Co. says it’s poised to benefit from the adoption of artificial intelligence in the wake of a report that cast aspersions on the firm’s future.

Past technologies – like the emergence of e-commerce and then mobile payments – have acted as “accelerants” for the credit-card company, Amex Chief Executive Officer Steve Squeri wrote Wednesday in an annual letter to investors, and the firm is positioned to take advantage of more recent AI-driven changes.

“Advancements in AI are creating a structural shift in the way colleagues work and how businesses operate, compete and create value – and we are embracing it,” Squeri said in the letter. “As in prior shifts, certain fundamentals will endure, and in many cases become even more important,” he said, referring to how Amex will combat fraud, verify identities and minimize risk.

The letter zeros in on how Amex aims to make the most of this AI moment after a little-known outfit called Citrini Research sent shares of the firm and others plunging last month on concerns around AI-trigged job displacement and economic upheaval. Citrini’s “thought exercise” outlined scenarios where mass unemployment for white-collar workers resulted from widespread AI adoption, specifically mentioning Amex. Analysts quickly called the hypotheticals overblown.

More broadly, firms such as Amex are clamoring to remain the preferred payment method as consumers and businesses change how they transact. With the rise of AI, most have either launched partnerships with leading firms in the space or plans to embed their payment products in the platforms. Amex will unveil a “developer kit” next month so AI platforms can make its payment options available, Squeri said in the letter.

Also on Wednesday, New York-based Amex announced a refresh of its credit cards and other products for businesses of all sizes this year. As part of that, Amex unveiled a new Graphite business cash-back card, with an annual fee of $295.

The refresh will be “probably the most significant expansion” in the history of Amex’s corporate-services business, Raymond Joabar, group president of global commercial services, said in an interview. Also included in the update is a new $300 annual statement credit for ChatGPT Business subscriptions for Business Gold and Platinum cardholders in the US.

Even with Amex’s embrace of artificial intelligence, the days of AI agents searching for and completing all our specific purchases are far off, Squeri said in an interview.

“It’s going to be a bit of a journey,” he said. Squeri used the example of asking an agent to search for a pair of vintage yellow sneakers. “You’re still going to approve that transaction.”