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Since the onset of Covid-19, the industry has evolved rapidly, adapting to the new truth through the emergence and expansion of various responses and products. The preference to adapt is genuine because industry numbers are still recovering after the pandemic. For example, in 2021, winter break accounted for roughly part of 2019, but is slowly recovering in 2022, according to the TSA.
To better meet consumers’ desires, agencies cooperate with facilities in other areas, adding fintech solutions. As CEO of a company that has done the same, I would like to review the benefits and the steps to do so.
There are now dozens of systems and apps for travelers looking to save money. Airline loyalty systems can be classified as one of the most productive responses to save money. Plus, they’re amazing fintech companies. Mileage cards have built visitor loyalty for years. .
For example, with covid-19, when travel levels fell, those systems validated that airlines had strong business with unwavering consumers who could be borrowed against. This helped them lower their own interest rates and stay afloat.
For example, Air Asia has recently expanded the success of its responses by deploying a financial marketplace that offers a wide variety of products such as insurance, investments and social fundraising through partnerships with Indonesian platforms.
Meanwhile, Southeast Asia’s largest startup, Traveloka, has partnered with a Thai bank to offer a “buy now, pay later” service to others in Vietnam and Thailand. The company also began integrating “pay after” credit cards in Indonesia.
Such responses also gain advantages from their suppliers. Hopper CEO Fred Lalonde said that, thanks to fintech responses, the company has managed to double its profits during the pandemic. Their products have an average retention rate of 52% for flight bookings, which increases to 70% when hotels are included. Lalonde issues Out that those fintech responses have created a new expense of around 12% that, if implemented in Hopper’s suite of products, can result in a “total unrealized expense of $168 billion. “
In addition to agencies providing more fintech solutions, the opposite is also true. Financial facilities are also expanding in the market to provide multifunctional facilities.
In 2021, Revolut introduced Revolut Stays, which offers hotels, houses and guesthouses in the UK and Europe. Consumers get up to 10% instant cashback on every transaction and insurance, helping Revolut become a multifaceted “super app. “
CNBC called it “a challenge to industry giants like Booking Holdings, Expedia and TripAdvisor. “
1. Flexibility: We live in a changing world where every moment counts. Anything that speeds up the purchase, allows you to make a cancellation or a refund smoothly is crucial, because those features retain users and help them remove the impediment of the former. purchase.
2. Price-cost ratio: This is of utmost importance, especially with continued inflation. Today, other people pay even more attention to how value matches the cost of a product. It is to do a thorough investigation of the pricing policy in the market. and raises new costs for the same cost.
3. Intuitive easy-to-use services: No one needs to waste time reading manuals or understanding how functions work. Any acquisition or subscription procedure must be undeniable and as fast as possible. If the user encounters difficulties, this offer may collapse.
For me, it is transparent that partnership is key. In this way, corporations can integrate payment plans in partnership with banks, load loyalty systems and generate more profits with fintech. New world regulations inspire users to pay more attention benefits. And the integration of FinTech into is a new vital trend for the user.
It can be tricky to find a one-size-fits-all solution when looking for logo partners. Ultimately, the individual features presented through the logo that you believe your consumers will reap maximum benefits deserve to be your most sensible criterion.
Providing travelers with a solution to those desires is not only for consumers, but also for businesses. Diversification, especially with fintech solutions, is helping corporations stay afloat even when the market fluctuates due to uncertainty.
Profitability has become almost the main criterion when choosing a product. In addition to the quality/price ratio, it is essential to offer flexible payment systems, set money back on purchases, bonuses and ensure that the product meets the profitable “feature”.
The demand for multifunctional facilities and user-centric fintech responses is developing and the industry may want to adapt to keep up with those new trends. today’s industry.
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