JPMorgan is building a giant travel agency
For the previous 18 months, the nation’s largest financial institution has been assembling the items to launch a full-service journey enterprise the place prospects can plan and guide journeys starting from a easy home flight to an extravagant safari.
It purchased a reserving system, a restaurant evaluation firm and a luxurious journey agent. It is constructing its personal airport lounges and a power of hundreds of journey brokers. A brand new web site will launch within the coming months.
Travel has change into some of the vital spending classes for banks and bank card issuers, and JPMorgan needs a much bigger piece of it. The financial institution hopes to show these touring prospects into lifelong Chase followers, drawing in additional of their spending and different monetary wants.
JPMorgan already performs a small function within the journey world. Its personal bank cards, just like the Sapphire Reserve, let prospects construct up journey rewards and money them in by means of the financial institution’s Ultimate Rewards reserving web site. JPMorgan estimates that its prospects account for one in every of each three {dollars} spent on leisure journey within the U.S., although these prospects guide solely a tiny quantity on the Ultimate Rewards web site.
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