New IdeaWorksCompany report reveals a battle for dominance in America’s $1.1 trillion travel market. American Express, Capital One, Chase, and Citi are squaring off with the largest US airlines in a colossal struggle for traveler loyalty, according to a new report from IdeaWorksCompany titled Kong vs. Godzilla: US Banks and Airlines Fight for Traveler Loyalty. The report compares banks to King Kong and airlines to Godzilla, spotlighting a marketplace where financial institutions and carriers both wield powerful advantages. The stakes are enormous: U.S. residents spend more than $1.1 trillion annually on travel . . . and both sides want the bigger share.
“Airlines invented loyalty programs, but banks have amplified them into multi-billion-dollar businesses,” said Jay Sorensen, President of IdeaWorksCompany and author of the report. “Today, banks and airlines are colliding over who owns the customer relationship. For consumers, the question is simple: Are you loyal to the airline, or the bank?”