As consumers form the new “C-suite” in this era, their expectations are rapidly evolving. Layered with this era of unpredictability – from the pandemic to now coping with deep economic uncertainties – businesses across Asia Pacific face an immense challenge to stay relevant. Their customer engagement activities need to create value for multi-generational consumers and deliver measurable business impact. Financial services institutions are taking charge by leveraging the power of travel and the influence it has over customer loyalty to create experiences, design products and even build completely new business models. With the heightened value placed on travel, how do travel-related rewards and benefits influence consumer behaviour? At the recent 2023 Asian Banking & Finance Summit in Singapore held at the Sofitel City Centre on 6 September 2023, Rohan Bhalla, Collinson’s Vice President, Business Solutions, Asia Pacific delivered a keynote presentation on the topic – Do you have a travel playbook? Understanding the power and influence of travel on consumer behaviour.
Key takeaways from the session include:
Travel is one of the largest spend categories on payment cards and it creates a significant business impact on revenue and profitability, particularly for financial services institutions.
Insights from Collinson’s recent 2023 Asia Pacific consumer insights report – The New Rules of Engagement: Customer Expectations Revealed, show the significant value that consumers in Asia Pacific place on travel-related benefits and rewards and demonstrate the power that these benefits and rewards have in driving acquisition, retention and usage.
Winning the hearts and minds of customers is critical to being able to survive in this changing and unpredictable post-pandemic world. For brands to successfully engage with their customers, they will need to know their customers well, engage them through personalised touchpoints and show that they are able to add value to their lives.
By leveraging the return of travel and the heightened value consumers in Asia Pacific place on travel experiences, brands can build a travel playbook to engage and build life-long loyalty with their most valued customers. Three key components to building an effective travel playbook includes having specific business KPIs, developing a core value proposition and creating scale through data, technology and programme execution.
