Banks and financial institutions get more travel services
Increasingly, banks and financial institutions are finding that travel is one of the most, shall we say, bankable ways, for lack of a better term, of retaining customers.
According to an article on PhocusWire, many banks and corporations are partnering with — in some cases even acquiring — travel-related businesses.
PhocusWire mentioned several notable offerings in particular, including:
— Capital One and Hopper Cloud
— The launch of UK-based currency exchange app Revolut, backed by Expedia
— Acquisition by US Bancorp of the TravelBank application
– Exclusive American Express booking site on GetYourGuide
— And JPMorgan Chase will soon launch ChaseTravel.com for all Chase members.
“Offering travel rewards is a good first step; we know they resonate with cardholders and consumers alike,” Arrivia chief marketing officer Jeff Zotara told PhocuisWire. “But if credit card companies and financial institutions want to become their customers’ go-to for everyday purchases and capture more of their travel spend, they need to take it to the next level by offering exceptional and exclusive discounts combined simplified reimbursement and comprehensive travel booking capabilities.
In fact, according to an Arrivia survey, 63% of industry respondents plan to offer new travel rewards or benefits in 2022, including exclusive travel options, deeper discounts, and experiences or activities.
Marianne Lake, JPMorgan Chase Co-CEO for Consumer and Community Banking, said: “Travel has been the center of gravity of our Ultimate Rewards program for a decade and remains the most ambitious lifestyle category for many. of our customers… We will provide distinctive content and experiences and become a full-service travel agency for our small businesses and our high-end leisure travelers.
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