7 Jun 2017
by Anna Bennett
Secure Travel is something that all of us aspire to
… but how does that translate to our banking habits? Despite a growing international travel market, consumers are still reluctant. Things like hidden fees, poor customer service, fear of fraud and the fear of the dreaded card block still encourage consumers to travel with large sums of foreign currency.
The total value of international fraud losses has begun a steady year-on-year increase. Figures show that it’s risen by 88% between 2011 and 2014, from £80m to £150.3 million.
In fact 75% of travellers convert half of their holiday spending money to foreign currency before they even travel. They fail to find secure travel services through their bank. As a result, banks are missing out on a large portion of lucrative cross-border transactions and cross-sell opportunities.
So how can banks gain back the trust factor and persuade customers to use their cards abroad?
At FINkit, we’ve conducted extensive consumer research to give our clients some MVP’s for how to start along the journey of delivering secure travel services that allow customers to travel adventurously whilst depending on the bank they know and trust. You.
Please CLICK HERE to arrange a FREE team discovery workshop to understand how you can put in place better banking products quickly with FINkit.