Banks Offer More Travel Services to Drive Loyalty
As travel demand makes a strong comeback, financial institutions are jumping aboard and looking to generate loyalty among customers. Several companies have acquired or partnered with travel technology companies as a way to incorporate travel benefits into their offerings.
There are several examples of this, as reported by PhocusWire, and we have also covered some of them. Capital One teamed up with Hopper back in 2021 to launch its its booking platform for travel rewards credit card customers. Also last year, United Kingdom-based banking app Revolut launched accommodation bookings powered by Expedia. US Bank acquired travel and expense platform TravelBank in November. GetYourGuide also announced a new booking site last week for American Express card members to access the platform’s inventory of tours and activities. Bank of America is offering “exclusive travel experience for ultra-high-net-worth clients” through an arrangement with Indagare, the bank announced last month. And last but not least, Chase acquired luxury travel agency Frosch and will launch ChaseTravel.com later this year.
These developments fit in will Arrivia’s “Travel Loyalty Outlook 2022” report which surveyed more than 2,000 U.S.-based consumers and more than 200 loyalty program administrators. One of the takeaways from that survey was that financial services companies have the most to gain by upping the value proposition of their travel rewards programs.
According to the 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.
Consumers want value, options, and they prefer a one-stop-shop. And many of them are looking at loyalty programs as they return to travel after more than two years.
Representatives from Chase, Capital One and other financial companies say they are already seeing the benefits of their investments when it comes to travel services. And hopefully soon that translates to even better bonuses for their credit card products.
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What happened to that Freebird rebooking service? That saved us twice coming home from Orlando….once going from Spirit to Delta 1st class. I thought Cap1 bought it but haven’t heard anything about it.