Expanding its offerings, the American multinational investment bank and financial services holding company, JPMorgan has announced to acquire Pune-based technology platform for travel loyalty solutions Tavisca.
The move is in line with the company’s plan to grow beyond its traditional banking services in the aftermath of the pandemic. “JP Morgan will now be able to leverage Tavisca’s travel loyalty technology platform for its global customers,” Pawan Panjwani, head of Technology, JP Morgan India said.
The company has, however, refrained from disclosing the cost of acquisition. This also comes at a time when top banking services are moving towards more robust fintech solutions with physical banking services becoming a challenge following the Covid-19 pandemic outbreak and restrictions thereafter.
The emergence of fintech has also provided global financial services firms such as JPMorgan an opportunity to expand beyond traditional banking services and offer new unique experiences directly to consumers.
The bank has been focusing on digital technology, which is likely to be a key catalyst for growth globally after the world regains normalcy rising from the Covid-19 debris. “We believe the post-pandemic, travel and tourism landscape will present a huge opportunity with travellers looking for more flexibility, more choice and loyalty,” Panjwani said.
Tavisca’s technology and platform experts are enabling a global loyalty ecosystem and a marketplace like Amazon and Shopify in the travel space for the future. “Acquiring the Tavisca platform is a step towards tapping into the travel business market,” Panjwani said.
The platform is said to be providing exclusive benefits for travel bookings through JP Morgan’s portal which will be enabled in real-time with the newly acquired partner. Consequently, consumers can use their travel points, rewards & offers, and make additional spends on hotels, airlines etc. as required at one go and with one service provider.