Citi, a multinational financial services company, has teamed up with Booking.com and Rocket Travel to launch an all-new travel platform called 'Citi Travel,' which will serve to replace the company's already existing 'City Thank You Travel Center.'
According to Citi, the new platform will allow users to compare air, car, and hotel prices through both the Citi mobile app and website. In addition, Citi Travel will be directly linked to the company's Citi Card as well as to 'ThankYou Points,' Citi's loyalty points program.
With the new platform, Citi will be joining a handful of other banks and financial institutions that are now making a push to enter the travel market via consumer-focused collaborations. For example, American Express recently patterned with GetYourGuide, while Captial One signed a deal to ingrate Hooper Cloud.
Financial Firm Travel Apps
Citi Partners with Booking.com and Rocket Travel to Launch Citi Travel
Trend Themes
1. Financial Service Travel Platforms - The trend of multinational financial services partnering with travel companies to offer travel platforms presents an opportunity for disruptive innovation in the travel and finance industries.
2. Mobile App-based Loyalty Programs - The trend of financial service companies creating mobile app-based loyalty programs that allow for easy redemption for travel-related perks represents an opportunity for disruptive innovation in the finance industry.
3. Fintech Expansion Into the Travel Market - The trend of fintech companies partnering with travel companies to offer travel-related financial services presents an opportunity for disruptive innovation in both the finance and travel industries.
Industry Implications
1. Finance - Financial service firms partnering with travel companies presents an opportunity for disruptive innovation in the finance industry by offering personalized travel-related services for customers.
2. Travel - The rise of travel platforms offered by financial service firms provides an opportunity for disruptive innovation in the travel industry as it enhances the ease with which travelers can book trips and manage expenses.
3. Fintech - Fintechs partnering with travel companies to offer travel-related financial services presents an opportunity for disruptive innovation in fintech by creating new products that cater to customers' travel financing and booking needs.