Are banks and credit card services capitalizing on the surge in international Indian travel?

As more Indians travel abroad, their spending patterns are shifting significantly. A recent report highlights that Indian travellers still prefer using credit and debit cards during international trips, showcasing a growing dependency on cashless transactions. This trend presents a golden opportunity for banks and card companies to strengthen their offerings and tap into the increasing demand for seamless travel services. With global travel continuing to rise, especially from countries like India, customers expect more from their financial service providers—and visa solutions could be a key differentiator in meeting these expectations.

A Growing Opportunity for Banks and Card Providers

According to industry reports, the number of Indian outbound travellers continues to grow each year, with millions of them embarking on international journeys for work, leisure, and education. Credit and debit cards have become essential travel tools for these individuals, offering convenience, security, and rewards on purchases made abroad. However, as the landscape of travel evolves, customer expectations from their banks and card providers are changing too.

Today's travellers demand more than just secure transactions—they seek integrated services that simplify their travel experience. Visa solutions, along with other value-added services like "Buy Now, Pay Later" (BNPL), international bill payments, and travel insurance, can provide banks and card companies with a unique opportunity to deepen customer loyalty, capture new markets, and boost revenue streams.

The Importance of Visa Services in the Travel Journey

Visa requirements are a critical consideration for international travellers, particularly in fast-growing markets like India, where visa applications are a necessary step in most overseas journeys. Yet, many financial institutions overlook this essential component of travel, leaving a gap in their service offerings. Banks and card companies that integrate visa processing directly into their platforms can differentiate themselves in a crowded market and offer their customers a seamless, end-to-end travel solution.

By embedding visa services, financial service providers can capitalise on this demand and transform a traditionally cumbersome process into a hassle-free experience for their customers. Imagine the convenience of applying for a visa directly through a bank's mobile app or cardholder portal, alongside accessing travel-related offers, insurance, and credit solutions. This integration not only improves the customer experience but also enhances brand loyalty and creates new opportunities for revenue generation.

Examples of Value-Added Services Offered by Banks and Card Companies

Financial institutions around the world have already started incorporating a range of travel-related services to better meet the evolving needs of their customers. Here are some examples of innovative services banks and card companies can offer:

1. Buy Now, Pay Later (BNPL) for Travel Expenses
   The rise of "Buy Now, Pay Later" options has revolutionised consumer behaviour, particularly in the travel industry. Cardholders can now book flights, accommodation, and other travel expenses using flexible instalment plans. By offering BNPL for travel, banks and card providers not only give customers more flexibility but also make larger purchases more affordable, encouraging more frequent travel.
2. International Bill Payment Services
   Many travellers face the challenge of paying bills while they’re away from home. Whether it’s utilities, mobile services, or subscriptions, international bill payment services allow customers to settle their domestic bills while abroad, ensuring they can manage their finances seamlessly from any location.
3. Integrated Travel Insurance
   Travelling abroad comes with its own set of risks, and travel insurance has become a non-negotiable part of trip planning. Offering travel insurance as part of a credit card package, or as an add-on service within a banking app, provides a sense of security and convenience to customers, ensuring they are covered in case of emergencies.
4. Multi-Currency Accounts and Cards
   Banks are increasingly offering multi-currency accounts and cards that allow users to hold and spend in different currencies without hefty conversion fees. This is particularly attractive for frequent travellers or those spending extended periods abroad, as it simplifies international transactions and reduces the cost of foreign exchange.

Visa Services: A Unique Selling Point for Financial Institutions

Visa services, when embedded into the existing banking ecosystem, present a valuable opportunity for banks and card providers to capture more of the travel market. For example, many Indian travellers applying for visas to destinations like the UK, US, and Schengen countries require extensive documentation, application fees, and in some cases, biometric data submission. Banks and card companies can step in by offering:

• Visa Application Assistance
  Help customers apply for visas directly through their banking apps or websites by partnering with a reliable visa service provider. This feature could guide travellers through each step of the visa application process, from document submission to interview scheduling, significantly reducing the hassle.
• Priority Visa Services
  Similar to how banks offer priority banking services, they could offer premium visa services for high-net-worth clients or frequent travellers. These could include expedited visa processing, concierge services for document preparation, and notifications when visas are approved.
• Visa Fee Payment through Reward Points
  Some financial institutions already allow customers to use their credit card reward points to pay for travel-related expenses. Extending this to visa fees can create an additional incentive for cardholders to remain loyal to their banks while making international travel more accessible.

Enhanced Customer Loyalty and Competitive Advantage

Incorporating visa solutions into a bank’s travel offering could significantly enhance customer satisfaction and loyalty. For instance, banks and card companies with a large Indian customer base could cater directly to their specific travel needs by streamlining visa processes for popular destinations like the Middle East, Europe, and North America. By making the visa process easier and more accessible, these financial institutions can attract new customers while retaining existing ones.

Moreover, this integration creates a competitive advantage. In an industry where most players offer similar credit card rewards and benefits, providing visa services sets a bank apart, adding a valuable and practical feature to its product portfolio.

Partner with Propellus for Visa Integration

At Propellus, we understand the growing needs of today’s travellers and the opportunities this presents for banks and card companies. By partnering with us, financial institutions can seamlessly integrate visa processing into their existing digital platforms. Our solutions help banks and card companies offer visa services as part of their travel-related products, creating a comprehensive and convenient travel experience for their customers.

With Propellus, banks can:

• Easily embed visa services into their mobile apps and online banking platforms.
• Expand their travel service portfolio by offering streamlined visa application assistance.
• Enhance customer retention by providing more value-added services.

Are you ready to elevate your banking services and provide your customers with the travel solutions they truly desire? Contact Propellus today and discover how our visa services can transform your bank or card company into a travel service leader.

Frequently Asked Questions (FAQs)

1. Why should banks and card companies offer visa services?
   Visa services are an essential component of international travel. By offering visa assistance, banks and card companies can differentiate themselves from competitors, enhance customer loyalty, and create new revenue streams.
2. How can banks embed visa solutions into their platforms?
   Through a partnership with Propellus, banks can easily integrate visa services into their mobile banking apps or websites, allowing customers to apply for visas directly through their trusted banking provider.
3. What other travel-related services can banks offer to enhance the customer experience?
   Banks can offer services such as Buy Now, Pay Later for travel, international bill payments, travel insurance, and multi-currency accounts to better cater to the needs of international travellers.
4. How do visa services create a competitive advantage for banks?
   Offering visa solutions makes a bank’s travel product more comprehensive, enhancing customer convenience and satisfaction. This unique service also helps attract new customers and retain existing ones, especially frequent international travellers.
5. How can Propellus help banks integrate visa services?
   Propellus offers seamless visa service integration for banks and card companies, providing a streamlined application process that improves customer satisfaction and engagement. Our platform is designed to make visa services a natural extension of a bank’s existing travel offerings.