The Rise of Credit Card Companies in Online Travel
Skift Take
Banks and credit card companies are disrupting the travel industry by launching their own booking platforms, competing with online travel agencies and gaining market share.
Report Overview
In 2022, at a JPMorgan Chase investor day, executives said, “We saw an opportunity during the pandemic to own our own destiny in travel”. In a broken and dull travel loyalty ecosystem, new entrants such as banks and credit card companies are rapidly disrupting the distribution landscape: shifting from facilitating other brands’ loyalty programs to launching their own competing booking platforms.
In this report, we explore three key questions:
- Why are banks and credit card companies becoming such a big part of travel?
- Can banks compete directly with incumbent online travel companies?
- Why are online travel agencies powering the inventory of new entrants such as banks through B2B partnerships?
What You'll Learn From This Report
- Why banks and credit card companies are becoming a bigger part of travel
- Why banks and credit card companies could pose a threat to incumbent online travel companies
- Why online travel agencies are powering the travel inventory of banks and credit card companies
- What the business-to-business (B2B) model looks like
