financeSkift··1 min·For: Owner, Revenue, Marketing, Investor
Major Banks Split on Travel Agency Expansion Strategy
While Chase, Amex, and Capital One build full-service travel booking platforms, competitors like Citi and Bank of America focus strictly on capturing consumer card spend. This divergence splits $1.1 trillion in annual card transactions between owning the booking channel and owning payment processing.
Key Takeaways
- 1Chase, Amex, and Capital One are aggressively building in-house travel booking agencies, with Chase Travel booking $13 billion annually.
- 2Citi, Bank of America, and Wells Fargo handle over $1.1 trillion in card purchases without building proprietary travel engines.
- 3The split determines whether banks compete directly with OTAs or remain backend payment processors for hospitality bookings.
Source: Skift
Keep reading
Our reporting
More in finance