Banks, Financial Institutions Getting More Travel Services

More and more, banks and financial institutions are seeing that travel is one of the most, well, bank-a-able, for lack of a better term, ways to create loyalty among customers.

According to an article on PhocusWire, many banks and firms are partnering with – in some cases even acquiring – travel service-related companies.

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PhocusWire mentioned several noteworthy deals in particular, including:

— Capital One and Hopper Cloud

— The launch of the U.K.-based bankrate app Revolut, backed by Expedia

— U.S. Bancorp’s acquisition of the app TravelBank

— American Express’ exclusive 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,” 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 get to the next level by providing exceptional, exclusive discounts combined with streamlined redemption and whole-trip booking capabilities.”

In fact, according to an Arrivia survey, 63 percent of industry respondents plan to offer new travel rewards or benefits in 2022, including exclusive travel options, deeper discounts and experiences or activities.

JPMorgan Chase co-CEO of consumer and community banking Marianne Lake says: “Travel has been the center of gravity for our Ultimate Rewards program for a decade and remains the most aspirational lifestyle category for many of our customers…We will deliver distinctive content and experiences and become a full-service travel agency to our small business and premium leisure travelers.”

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