In short, financial institutions that have a captive clientele want enhance their profession and offer consumers new services, rather than confining themselves to the role of lender. They now see tourism as a new Edorado to restore their image, strengthen ties with customers and (try) to keep it in their lap.
And it is clear that they put the package: Citi Bank, the world’s 12th largest company, will launch Citi Travel, a new travel booking platform, in collaboration with Booking.com and Rocket Travel this fall.
In March 2021, the Canadian startup Hopper and the banking company Capital One had already taken the plunge, with the portal Capital One Travel. For their part, the British banking app Revolut, GetYourGuide with Amex, or even JPMorgan Chase with frogalso push the door.
You won’t tell me anything new under the sun since in its time BNP, Crédit Lyonnais, Société Générale… had already attempted a breakthrough but without much conviction or result. Except that since the 90s, the Internet has been there and reshuffled the cards.
Will the French and European banking sector follow in the footsteps of American banks? Not impossible, because globalization and new technologies have standardized the profession.
The American Internet giants are also very established in France and the same causes are likely to produce the same effects, even if the size of the markets puts things into perspective. But ultimately it’s all regarding resources and the financial giants have plenty of them.
Alors, wait and see…
