Is travel tech the next stop for out-of-work bankers?
Some of the best-educated, hardest working, multi-skilled talent is being shifted out of the under-pressure global banking sector. But where to next for these workers from Goldman Sacks and Morgan Stanley whose transferable skills range from finance to IT to HR?
The travel technology sector should be the first choice for out-of-work banking staff, says Spencer Hanlon, global head of travel payments at fintech provider Nium.
“It is rather ironic that perhaps the worst hit industry by Covid, travel, is now booming and could benefit from the redundancies taking place in finance currently,” Hanlon says.
“Within travel one of the fastest growing and exciting areas right now is travel fintech, as companies facing staff shortages and the need to keep costs low are turning to fintech solutions to automate payments processes that haven’t changed in decades.
“I fully expect to see some of these profiles, particularly those with back-office knowledge of payments systems, pop up in travel fintech very soon,” Hanlon added.
Mark Ross-Smith from loyalty customer acquisition technology provider StatusMatch believes airline loyalty schemes are crying out for the sort of talent that is currently working in the banking sector.
“Airline loyalty programmes have been on the backfoot on innovation the past few years, but now that the good times are upon us again – it’s a perfect time for loyalty programmes to tap into the abundance of high calibre talent that now exists on the market,” Ross-Smith said.
Business intelligence solutions are at the forefront of airport IT investment priorities, SITA says. Photo Credit: SITA
SITA confident airports will get back on the front foot
SITA’s 2022 Air Transport IT Insights report has confirmed what a lot of airline passengers found when flying last year – frustration at the inability of airlines and airports to get back up to speed as travel returned with a vengeance.
SITA, the air transport communications and information technology specialist, notes in its 2022 Air Transport IT Insights report that airports and airlines found themselves “on the back foot” with staff and resource shortages.
“This has put strain on operations, resulting in an increased risk of congestion, delays, cancellations and mishandled baggage,” SITA says.
But, good news, help is on the way with airlines placing great emphasis on IT tools to manage irregular operations and provide “the best passenger experience possible even amid staff shortages”.
“Business intelligence solutions are at the forefront of airport IT investment priorities,” SITA says.
“The emphasis on agility, adaptability to disruption, and prompt communication with customers and stakeholders is clear; by 2025 half of airports are seeking to implement automated predictive alerts prior to flight disruption events as well as business intelligence initiatives to enable scaling of operations based on demand,” according to SITA’s report.
Yesh Munnangi, CEO of Rome2rio
Going off grid is Rome2rio’s travel tip for 2023
Chief executive of travel planning platform Rome2rio, Yesh Munnangi, has been talking about the changes he expects to see in travel in 2023.
Among those changes are the further rise of digital nomads as a travel group. “Digital nomadism is becoming a new normal, from singles to families. Remote work is allowing consumers to work from a holiday spot, while enabling tourism which they can do before or after traditional work hours,” Munnangi says.
“Countries across Asia like Indonesia and Thailand are offering digital nomad visas with the chance to swap traditional office spaces with more picturesque alternatives for those looking to spend longer in places.”
Above all, Munnangi believes, “Experience is everything”.
“Travellers are looking to make up for lost time by going off the grid, embracing new cultures, and trying new things, from food, activities, to languages.”
