Some companies ignore what is happening in the external environment while other organizations embrace the changes. American Express falls into the latter category.
Instead of fighting the growing use of online money transfers, they have partnered with Venmo and PayPal to now allow you to “spend, send and split” all through the AmEx app. Customers are able to utilize all the features of electronic exchanges in a seamless process “with no app hopping.” Instead of fighting the shift to virtual instead of plastic, American Express made it easier to use the leading app payment services — and inserted themselves right in the middle of the transactions.
What is happening in your external environment? Look around and reassess what you consider to be “the competition.” Maybe they are just partners-in-waiting.