The global economy is moving away from the pattern of discernible, separated sectors. Instead, companies are reorganising traditional industries by focusing, like never before, on technology-empowered customers. Wherever they go, customers seek one-stop shopping experiences to satisfy their needs.
To better serve them – and to generate new sources of revenue – businesses are forced to collaborate with one another, offering products and services that individual companies could not create as effectively on their own. The ultimate goal is to generate network effects, as more users attract still more users.
Nowhere is this trend more visible than in travel, where leading firms are rushing to implement financial technology or fintech solutions to reduce costs, enhance their competitive position, and ultimately enrich the travel experience with a variety of payment solutions.
Welcome to the ‘fintechisation’ of travel.
Industry leaders showing the way
Booking.com started the ball rolling…