Fintech in Travel and Hospitality: Working Together to Reach New Heights
Travel Fintech continues to reach new heights, as brands and businesses strive to accelerate digital transformation in their respective industries. In travel and hospitality (T&H), the advent of fintech has reached its climax—many industry players have reshaped their strategies, integrating fintech’s capabilities in their operations to elevate customer experience, simplify business processes, and inspire reduced operational costs.
As travel and hospitality companies serve a growing number of travelers, they are increasingly relying on fintech to meet the changing demands and expectations of their customers. We are seeing a wave of new, app-based financial services that are cost-effective and offer convenience for travelers seeking consistent and speedy service.
T&H, Featuring Fintech
A CNBC article forecasted a highly optimistic travel trend: travel fintech is about to get BIG this year, as people are willing to “go big, and spend big” on trips, vacations, and travel in 2022. With more and more travelers getting bit by the travel bug by the hour, travel and hospitality companies continuously adapt and scale their capabilities by utilizing fintech solutions to keep up with the needs of travelers.
In today’s current travel and hospitality landscape, how is fintech redefining the customer experience? One potential key mover is UK-based digital banking fintech app Revolut, who has tapped into offering services that focus on travel and hospitality. In an article by Skift, Revolut was described as a “super app wannabe”—the digital banking app launched “Revolut Stays,” its travel booking service that lists and sells hotels, homes, and guest houses. The app integrates its digital banking capabilities into the travel and hospitality market, aiming to give travelers flexibility, savings, and more options for travel. This fintech-meets-T&H example had a promising result: Reuters reported that the app gained popularity during its early days, as travelers took advantage of the app’s cheaper and easier foreign exchange services compared to other banks.
From a company’s perspective, fintech remains pivotal in helping reduce costs while continuously elevating the customer experience. Here are a few points to note:
- Fintech can solve the expense headache: Fintech-enabled solutions can have a positive impact on the future of business travel, aiding organizations that currently deal with monitoring and reducing expenses. Fintech automation can drive cost savings while also increasing productivity among employees.
- Addressing the needs of the SME sector: SMEs need to provide flexibility for employees, who may very well be incurring additional costs when travelling for work. Fintech solutions can help SMEs to better process travel expenses.
- Frictionless customer experiences: Digital payments can truly add value for the travel industry, as they’re all about removing friction throughout the customer interaction. Because of this, it becomes easier for travelers to pay digitally, simply, and quickly. Travel fintech can help in simplifying the payment experience, driving higher sales, achieving overall customer satisfaction, and inspiring customer loyalty at the end of the customer journey.
Go forward to a new direction to reach greater heights through Teleperformance’s solutions tailored for the hospitality customer service industry! Contact us today to learn more about how we can help your business.