The Coming Convergence

The promise of an end-to-end business travel solution is nearing reality – so what’s holding up the revolution?
Despite advancements in the digitization of financial services and payments in many aspects of everyday life, corporate travel booking and expense management are still largely manual – and often paper-based – processes. The promise of an all-in-one, booking-to-settlement travel expense solution is not a reality yet, though the industry is drawing closer by the minute as virtual card and payment technologies grow more robust.

A key driver towards this is the increasing demand from business travelers themselves for such a solution. They see how digital advancements have made their lives as consumers easier in a number of different ways, and they wonder why it can’t be the same when it comes to business travel.

“They know what’s possible from experiences in their consumer lives,” says Duke Chung, CEO of TravelBank, an expense and travel management platform that was acquired by U.S. Bank last year. “They have seamless apps they use on their phone for food or car service or for their finances and they don’t have that same experience on the B2B side. What’s driving change now really is employee expectations. They want more.”

Indeed, business travelers are growing increasingly frustrated with the sheer number of platforms and systems they must access for travel booking and expenses, and the clunky user experience that comes with them.

Categories: Special ReportTravel Management Companies

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