Discovering new frontiers: embedded finance in the tourism industry
Providing financial services is a compelling strategy for travel and hospitality companies, as well as booking platforms, it enhances customer relationships and facilitates growth.
Solaris’ white-label embedded financial services can strengthen tourism companies' core offerings and foster innovation within a customer-centric ecosystem.
Unlocking new horizons for tourism companies
Almost no industry places as much emphasis on customer satisfaction as travel and hospitality. This industry is always looking to increase the standard of satisfaction. With access to financial product data, they can continuously improve, add new customer touchpoints, streamline transactions through seamless integrations, and enhance customer experiences.
Major travel providers and leading hotels can exploit this opportunity to tap into a considerable market. According to a survey of embedded finance’s potential in the tourism and travel industry that we conducted with the Handelsblatt Research Institute and YouGov Deutschland GmbH in April 2023, 20% of survey respondents indicated openness to using financial services offered by hospitality companies.
Adventure awaits: Boosting travel with embedded finance
Embedded financial services have a simple yet compelling logic: enriching product value, boosting customer loyalty, and uncovering new markets.
The added value of embedded financial services lies in consumers' trust in familiar brands. Customers now demand increasingly sophisticated services, a more straightforward user experience, transparent cost controls, and safety during travel and accommodation bookings.
Enhance your customer experience with embedded finance
Airlines and hotels have been chasing customer loyalty for years. Now, 56% of our travel and hospitality research respondents state that they seek more from loyalty programs, and desire cash back, bonus points, and rewards for account usage and bundled offers in travel financial services.
Drive brand loyalty and revenue growth by expanding touchpoints. Enhance your core offering with enticing value-added services. Customers will interact with your brand whenever they use your embedded finance products - even when they are not buying from your brand.
Data and insights
Payment data is a valuable source of information about customer behavior that brands can use to improve and expand their offerings. Analyze anonymized customer purchasing behavior to provide better-suited products, even in non-travel environments. This ensures the brand stays on top of mind.
Travel success stories
The UK wholesaler that streamlined operations.
JJ Food Services is a UK wholesaler with six depots, serving approximately 85,000 customers - from sandwich bars to Michelin-starred restaurants.
By making use of Solaris’ e-money accounts offering and our ecosystem partnership with Ecospend, JJ Foods has created an end-to-end Open Banking Payments solution that allows instant reconciliation and refunds - changing the way JJ Foods pays and is paid.
Over 15% of JJ Foods’ payment traffic now flows through Open Banking instead of card payments, creating cost offenses and working capital benefits.
Hear what our partners have to say
“By partnering with Solaris and Ecospend we are making our customer journey a bit smoother, by offering an embedded payment method that can take payments and provide refunds in real time.”
Chief Technology Officer at JJ Foodservice
Explore the most compelling embedded financial services for the tourism industry
Accepted worldwide, travel credit, and prepaid cards are indispensable tools for worldwide travelers, connecting customers with their favorite brands.
From booking trips to earning rewards, travel cards possess impressive marketing opportunities, and create additional ways to engage customers. By leveraging payment data insights, brands improve their services and craft unforgettable travel experiences.
At the heart of the financial ecosystem lies the bank account, a fundamental element driving customer relationships. With the power to strengthen customer loyalty, it can be a great product to elevate customer experience.
Travel providers can leverage its capabilities for powerful payment processing, credit options, overdraft facilities, and diverse financial offerings.
Effortless financial solutions are vital for the travel and hospitality industry. Integrating credit options seamlessly into the customer journey for flights and hotels can optimize conversion rates.
Quick and accessible credit decisions offer customers clarity and convenience throughout their travel experience.
Discover embedded finance opportunities in the travel industry
Deep dive into our travel whitepaper and find out the primary factors that empower customers to use the financial services offered by travel and hospitality providers.