We all know that the Pandemic really slowed down the travel industry. But the industry is slowly getting back to its usual. And in the midst of all that, new trends are also quietly developing. One of the most notable changes includes the convergence of Fintech and the travel industry.
The industry is changing quite fast, thanks to the high demand for better and more efficient services. So, whether it’s new payment methods or advances in money transfers, this industry is bound to evolve as time goes by. As such, let’s look at the top four trends in Fintech Travel Industry that are definitely taking the hotel business by storm in 2022.
1. Open Banking and B2B payment option
Open banking is one of the ways financial services are changing in the hotel industry. In simple terms, that means that potential customers now choose to share their banking details to get value-added services. This feature also improves how the organization interacts with the banks. For instance, service providers can initiate a transaction from a personal or business account without the need for the account owner to do it themselves.
2. Fintech services
The best part about the new evolution is that travel companies can now offer financial services to their customers. For instance, co-branded airlines have proven to be top-notch marketing strategies. But with the new banking technology embedded into the system will widen the scope of the financial services offered to the customers.
Moreover, hotels, travel agencies and airlines are in the best position of this technological advancement. That’s because these companies can easily adapt incentive programs for their prospective customers. For instance, giving customers airline points.
3. Pay later for the travel industry
BNPL (Buy Now Pay Later) is a practical financial option used in most retail industries. Through performing a rapid risk assessment of the customers, the merchant can extend a line of credit that allows the customers to pay in instalments. BNPL smoothens travel and encourages these travellers to continue their adventure without using the old-traditional loaning system.
4. Straight forward payment procedures
When we all want to take a tour to our favourite place, all that comes to mind is ensuring that the trip is seamless. You always hope not to run into any challenges or reduce the challenges. It’s all about making travel easy and fun, and that’s why travellers prefer to pay digitally. That’s because it’s simple and way faster.
The new technological advancements in the travel industry ensure that our customers get that smooth transition from booking, the airport, and to their final destination. We also take into account everything that happens in between these stages. It’s not all about the website and how smooth it is. We also concentrate on the actual travelling and the experiences our customers get to enjoy in their journey. Customers get to sit back and relax as they get that dream-vacay of their life.