For quite some years now, technology has made an appreciable impact on the travel and hospitality sectors, improving efficiency, reducing costs, and providing enhanced customer experiences. In travel and hospitality (T&H), the advent of FinTech has reached its climax—many industry players have reshaped their strategies, integrating FinTech’s capabilities in their operations to elevate customer experience, simplify business processes, and inspire reduced operational costs.
One of the industries most heavily impacted by the COVID-19 pandemic was hospitality and tourism. After years of steady growth, the pandemic’s travel restrictions and quarantine measures caused these sectors to face a decrease of 73% in arrivals between 2020 and 2021. The World Tourism Organization recognized 2020 as the worst year in tourism history. The hospitality industry was hit hard. Millions of people who depended on the tourist influx were left without a source of income.
One thing for sure is that FinTech remains pivotal in helping reduce costs while continuously elevating the customer experience. Here are a few points to note:
• Fintech can solve the expense headache: Fintech-enabled solutions can have a positive impact on the future of business travel, aiding organizations that currently deal with monitoring and reducing expenses. Fintech automation can drive cost savings while also increasing productivity among employees.
• Fintech can solve the expense headache: Fintech-enabled solutions can have a positive impact on the future of business travel, aiding organizations that currently deal with monitoring and reducing expenses. Fintech automation can drive cost savings while also increasing productivity among employees.
• Fintech can solve the expense headache: Fintech-enabled solutions can have a positive impact on the future of business travel, aiding organizations that currently deal with monitoring and reducing expenses. Fintech automation can drive cost savings while also increasing productivity among employees.
Conclusion
The changing expectations of end-users at a time when the travel industry is bouncing back from unprecedented restrictions means operators and agencies need to understand the importance of adopting the latest FinTech solutions. With the help of a trusted payment partner, travel and hospitality businesses have a unique opportunity to apply the most efficient FinTech solutions to minimize cart abandonment, enhance conversion and provide a frictionless payment experience.