Norway is a treasure trove of remarkable experiences waiting to be discovered.
14.12.2023 - 16:00 / skift.com / United / Dennis Schaal / Morgan Chase
Chase Travel has at least one asset that CapitalOne doesn’t have — Chase owns its own technology while CapitalOne relies to some extent on Hopper.
Meanwhile, Chase Travel is battling with American Express Travel, and is on track to meet its 2023 goal of $10 billion in travel sales. In 2022, American Express Travel did an estimated $9.2 billion and Chase was on its tail at $8.5 billion, according to the Travel Weekly Power List.
“So we’re right at that number and continue to grow,” Jason Wynn, head of travel at JPMorgan Chase told Skift. “So I feel confident that we will grow and be at $15 billion by 2025.”
In a wide-ranging interview, Wynn talked about Chase Travel’s acquisitions of cxLoyalty in 2021 and Frosch Travel Group in 2022, and the advantages that gives Chase over competitors.
He also discussed Chase’s partnership with Expedia on hotels, why Chase feels the necessity to open money-losing airport lounges with free perks, and the advantages that come with co-branded card relationships with partners such as Southwest, United and British Airways.
The following interview has been edited for clarity and length:
Where does Chase Travel stand today?
Jason Wynn: I think we’re still well within the top five ranks of U.S. leisure [including Expedia, Priceline, American Express and Flight Centre]. Our growth continues to be on track. We said in an investor day in 2022 that we would be at around $10 billion in sales in 2023. We have hit that mark or are expected to hit that mark with a couple of weeks left in the year. So I feel confident that we will grow and be at $15 billion by 2025.
How have the acquisitions of cxLoyalty and Frosch worked out for Chase?
Wynn: The reason for both of those specific acquisitions was we had this idea that we wanted to sit at the intersection of high tech and high touch. And we did it. While there are a number of players that we would categorize as on the high tech side and a number we’ve categorized on the high touch, we didn’t see anyone really doing an incredible job with both. And so the acquisition approach obviously gives us that high touch and being able to have access to high-caliber, high-tenured agents who are focused on delivering the unexpected, and then cxLoyalty gave us the booking platform.
So owning the end-to-end point-of-sale experience is something that if you look at our immediate competitive set is somewhat unique to us. We have full ownership of that. It’s a big expense, and you have to be committed to maintaining it. But we saw that as absolutely critical to delivering on the customer experience and being able to be nimble too.
Why would you need online travel agencies as partners if you have Frosch in-house?
Wynn: You’re not going to be able to
Norway is a treasure trove of remarkable experiences waiting to be discovered.
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