The tourism sector has undergone profound transformations in the last decade, but none as quiet and powerful as the one currently taking place at the intersection of finance and technology. The arrival of Open Banking has ceased to be a technical concept to become the engine of a new generation of services. For traditional banks and neobanks, this evolution represents a golden opportunity to stop being simple money deposits and transform into essential travel companions for the user.
As consumers demand more fluid experiences, the ability to share financial data securely through APIs is allowing the travel ecosystem to be personalized to levels never seen before. It is no longer just about buying a plane ticket, but about how the financial entity can facilitate the entire process, from previous savings to the last expense made in a coffee shop in a foreign city.
The revolution of open data
The concept of Open Banking is based on the premise that financial data belongs to the customer and not to the institution. Under regulations such as PSD2 in Europe, users can authorize third parties to access their banking information. In the context of travel, this means that a hotel booking application or a neobank can analyze consumption habits to offer specific products at the right time.
The integration of financial services into tourism platforms allows for reduced friction in payments and improved conversion. When a bank detects that a customer is saving recurrently under the vacation concept, it has the possibility of intervening proactively. This is where integrated services make a difference. Entities can partner with technological platforms to offer personalized travel insurance or instant financing without the user having to leave their banking application.
Advantages for the modern traveler
The profile of today’s tourist is digital and seeks immediacy. Open banking facilitates tools such as account aggregation, which allows viewing the entire budget available for a getaway from a single interface. Furthermore, the personalization enabled by data analysis algorithms helps avoid generic offers that the user usually ignores.
One of the greatest benefits is found in currency management. Neobanks have led this path, offering interbank exchange rates and eliminating hidden commissions. By using Open Banking, these entities can verify the customer’s creditworthiness in real time and offer more flexible spending limits or quick loans for unforeseen events during the stay abroad. This generates a sense of security that reinforces customer loyalty towards their financial entity.
Towards the financial superapp
The global trend points towards the creation of so-called superapps. Institutions like Revolut or Klarna are expanding their borders to include complete travel markets within their applications. It is no longer necessary to go to an external agency; the user can search, book, and pay for their accommodation directly from their bank account. This strategy not only increases the time spent in the application but also generates a vast amount of valuable data on consumer preferences.
Traditional financial entities are watching this movement closely and beginning to replicate the model. The key lies in technological collaboration. By connecting with travel content providers, banks can offer reward programs linked directly to actual spending. For example, receiving an automatic refund (cashback) when paying at certain restaurants or museums, thanks to the traceability allowed by open banking systems.
The future of destination spending
The opportunity does not end when the traveler arrives at their destination. In fact, that is where open banking shows its greatest potential. The ability to offer services based on geographic location and spending history opens the door to real-time assistance. If a customer uses their card at a train station, the bank could automatically suggest the purchase of a local transport pass or inform them about the benefits of their travel insurance in that specific region.
The use of artificial intelligence applied to open banking data will allow predicting future needs. If the system detects a high spending pattern in the first days of the trip, it can send budget alerts or suggest more affordable leisure options. This proactive vision turns the bank into a pocket financial advisor, elevating the travel experience and minimizing money-related stress.
In short, the union between travel content and open finance is redefining the boundaries of both industries. Entities that manage to integrate these services ethically and transparently will not only capture more market share but will become a fundamental part of their customers’ memories and experiences. The journey no longer starts at the airport, but in the banking app where the first impulse to explore the world is born.
