As a travel executive, your goals are simple: optimize the traveler experience while mitigating fraud. But with constantly changing customer preferences and rapid digital transformation, it’s easy to get left behind.
TOP three CHALLENGES FOR TODAY’S TRAVEL EXECUTIVE
Travelers are always looking for the best and brightest experiences, from new payment types to personalized recommendations to seamless transactions – every time. Do you have the technology in place to deliver?
it's a lot to balance
The travel industry is constantly evolving, and you have no choice but to evolve with it.
Controlling costs, mitigating risk, monetizing data – your operations team has never been more stretched. Here are three ways to help increase profitability, boost customer satisfaction and enhance your business performance.
Your path to success
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of U.S. e-commerce shoppers will end relationships with brands after one instance of data theft or payment fraud
0
%
of U.S. consumers get frustrated when companies do not offer personalized interactions
0
%
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What are the keys to a comprehensive payments system? First, digitize your payments to accommodate the massive rise of online (and especially mobile) bookings.
Second, develop an omnichannel strategy, which allows customers to have a consistent experience with you across all of their preferred channels.
Third, accept modern payment types like digital and mobile wallets, cryptocurrency and buy now, pay later (BNPL). Finally, ensure that your approach to fraud makes sense for your travel operations.
Expand your payments infrastructure
Embrace payment change
Bring channels together
Optimize operations
Automate risk management
You need ways to manage risk and optimize operations to help reduce loss and inefficiencies. From spotting fraudulent chargebacks and reconciling disputed accounts to keeping customer transactions secure and maintaining your company’s reputation, there are plenty of opportunities to streamline your processes with the right technology.
API connectivity with flexible open architecture allows you to simplify and integrate across diverse systems, increasing visibility and efficiency. Vendor risk management tools and payment recovery services will also play key roles in reducing the cost of proliferating payment channels.
Automate data management
Travelers are more like to book with a company that knows them. Data is key to optimizing the customer journey and creating curated experiences.
Try remembering customer data to simplify the checkout experience, as well as to provide a consistent omnichannel experience where customers can start booking or managing their account on one channel and pick up seamlessly on another. Data can also help you offer relevant ancillary purchase opportunities, such as upgrades.
You don’t need to do all the heavy lifting yourself. Ask Worldpay from FIS® to carry out an operational assessment and we’ll help you pinpoint ways to optimize your payments strategy, mitigate risks and monetize data effectively – all while harnessing the latest technology. When faced with challenges on multiple fronts, seek help from the experts.
There's good news.
don't worry
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Reduce risk and improve efficiency
Turn data into insights
Improve customer experience
YOU’RE thinking ABOUT:
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of all e-commerce payments worldwide are expected to be made with digital wallets by 2024
+
0
Generating new revenue streams
What keeps you up at night?
A.
Mitigating ongoing risk
B.
Delivering seamless customer experiences
C.
Offering the payment types travelers prefer
D.
Streamlining operations to reduce costs
E.
You're not alone
Your peers are also concerned about generating new revenue streams – and they’re leveraging technology to diversify their operations.
In research done by Deloitte, only 11% of financial institutions globally said their organizations had fully modernized their banking platform. When asked whether there are significant challenges adopting new technologies, more than half of the organizations surveyed had challenges with each major technology needed to succeed in the future.
Where do you stand?
Source: 2021 FIS Readiness Report, June 2021
Optimized payments
Customers expect a simple payment experience with their preferred payment type – every time they book.
Combating risk has never been more important. Are you managing all threats effectively?
Risk mitigation
Travelers are more likely to continue – and repeat – business with a company that offers seamless and personalized experiences.
Personalized experiences
Select your answer below...
%
FIS
PYMNTS, 2021
McKinsey, 2021
%
%
Statista, 2022
of adults subscribed to travel membership programs in the U.S. in 2021
17%
Mastercard, 2021
of consumers experienced some kind of fraud in 2021
25%
Your peers are also concerned about mitigating ongoing risk – and they’re leveraging technology to protect their businesses and their customers.
You're not alone
McKinsey, 2021
Companies that excel at personalization generate 40% more revenue than businesses that don’t invest in personalization features.
Your peers are also concerned about delivering seamless customer experiences – and they’re leveraging technology to curate personalized, omnichannel encounters.
You're not alone
PPRO, 2021
of shoppers abandon their online purchases because their preferred payment method is not offered
20%
Your peers are also concerned about offering the payment types travelers prefer – and they’re leveraging technology to accept digital wallets, cryptocurrency and more.
You're not alone
The World Economic Forum’s Digital Transformation Initiative (DTI)
By 2025, digitalization in aviation, travel and tourism is expected to create up to $305 billion of value for the industry through increased profitability.
Your peers are also concerned about streamlining operations to reduce costs – and they’re leveraging technology to automate processes and free up resources.
You're not alone
Your peers are also concerned about generating new revenue streams – and they’re leveraging technology to diversify their operations.
You're not alone
Schedule my complimentary assessment
What are the keys to a comprehensive payments system? First, digitize your payments to accommodate the massive rise of online (and especially mobile) bookings.
Second, develop an omnichannel strategy, which allows customers to have a consistent experience with you across all of their preferred channels.
Third, accept modern payment types like digital and mobile wallets, cryptocurrency and buy now, pay later (BNPL). Finally, ensure that your approach to fraud makes sense for your travel operations.
You need ways to manage risk and optimize operations to help reduce loss and inefficiencies. From spotting fraudulent chargebacks and reconciling disputed accounts to keeping customer transactions secure and maintaining your company’s reputation, there are plenty of opportunities to streamline your processes with the right technology.
API connectivity with flexible open architecture allows you to simplify and integrate across diverse systems, increasing visibility and efficiency. Vendor risk management tools and payment recovery services will also play key roles in reducing the cost of proliferating payment channels.
Travelers are more likely to book with a company that knows them. Data is key to optimizing the customer journey and creating curated experiences.
Automatically remembering data simplifies the checkout experience and provides a consistent omnichannel experience where customers can start booking or managing their account on one channel and pick up seamlessly on another. Data can also help you offer relevant ancillary purchase opportunities, such as upgrades.