Bilt’s new AI ‘Neighborhood Concierge’ goes head-to-head with Amazon as the battle for home-based commerce heats up |
Bilt’s new AI ‘Neighborhood Concierge’ goes head-to-head with Amazon as the battle for home-based commerce heats up
In today’s CEO Daily: Diane Brady reports on Bilt’s new AI-powered concierge service.
The big leadership story: Nvidia’s blockbuster results don’t impress investors.
The markets: Mixed globally, with the FTSE rally continuing.
Plus: All the news and watercooler chat from Fortune.
Good morning. “Housing is the gateway for commerce,” says Ken Chenault. He ought to know. As chairman and CEO of American Express from 2001 to 2018, he transformed the brand from being perceived as a credit card for the elite to a closed-loop network that could help small merchants grow their business and deliver personalized offerings to consumers because it handled both sides of a transaction. “People would say American Express was a card company,” he told me earlier this week. “I would say, ‘We’re not just in the payments business. We’re a service platform, and the card is a form factor.’”
That’s what attracted Chenault, now chairman and managing director of the VC firm General Catalyst, to take an interest in Bilt Technologies and founder Ankur Jain, ultimately becoming an investor and chair of its board. Through Bilt Rewards, launched in 2019, Jain enables 5.5 million renters (and now also homeowners) to get loyalty points for processing monthly payments through its platform, expanding to integrate restaurants, retailers, car services, fitness studios, pharmacies and other vendors. With the launch of Bilt Neighborhood Concierge this morning, which Fortune exclusively covered, Bilt will let members reserve, pay, gain points and hop between different services without........