Duke Chung, Co-Founder & CEO, TravelBank.
Having spent the past decade working in the business travel space, and more recently expanding into financial technology, I’ve had the unique experience of watching these two industries evolve in parallel. From the rapid adoption of new technologies to the shifting demands of modern businesses, I’ve seen firsthand how innovation is disrupting and transforming corporate travel and finance.
It’s clear to me that in 2025, investments in cutting-edge technologies will drive profound change. Companies are increasingly focused on enhancing personalization, efficiency and security, which set the stage for a future where technology revolutionizes both business travel and fintech.
Below are six of my predictions for the business travel and fintech industries in 2025.
1. AI will be used to personalize business travel.
I believe AI will likely drive the next wave of personalized travel experiences by helping companies predict traveler preferences, streamline booking processes and optimize itineraries. AI is already making significant strides in the travel industry, and its use in the tourism market is forecasted to reach $13 billion by 2030. Digital AI assistants are already being used within scheduling operations, and over the next year, I expect to see them used to tailor recommendations based on an individual’s travel history. These advancements could help provide smoother trips, reduce stress for travelers and increase adherence to company travel policies.
2. NDC will change travel booking.
A 2022 report by the International Air Transport Association and Boston Consulting Group said 31% of major airlines think they’ll begin to reap the benefits from New Distribution Capability and retailing in 2025. With more airlines moving to adopt this new standard emerging in flight booking technology, we’re seeing some players in the industry shifting away from global distribution systems. As this technology gains broader adoption, I expect to see travel agencies enhancing the booking experience and delivering more personalized offerings while bypassing traditional systems.
3. Business travel will shift toward strategic and purposeful trips.
Post-pandemic, I believe companies are recognizing the need for more purposeful and strategic travel, focusing on strategic, in-person interactions. The Global Business Travel Association projected a 10.4% increase in business travel spending throughout 2025. The research also said the most common purpose for business travel is “attending seminars/training followed by conventions/conferences.”
Given this, I expect travel spending to be driven by companies prioritizing travel that delivers high-impact results, such as attending industry events, client meetings and team-building activities. Additionally, I think concerns around sustainability, corporate responsibility and geopolitical issues will likely temper business travel growth, pushing businesses to carefully consider the necessity of each trip.
4. Virtual cards could become more common for business travel payments.
Digital payments, such as virtual cards, have become a popular payment method for corporate expenses. A report from Jupiter Research estimated that the total volume of virtual card transactions will reach nearly 175 billion by 2028. As these cards become increasingly integrated into travel and expense platforms, I expect usage to continue expanding and virtual cards to be used for more corporate travel payments in the near future.
5. Embedded financial services will accelerate.
Financial services are becoming increasingly embedded with nonfinancial platforms to help enable more seamless transactional experiences for users. The embedded finance market is projected to reach $570 billion by 2033 with a 21.3% compound annual growth rate. As businesses across sectors like e-commerce, social media networks and travel booking sites incorporate financial services directly within their ecosystems, I think we’ll see this trend accelerate.
6. Traditional banks will adopt fintech solutions to support efficiency.
As fintech continues to reshape the financial landscape, traditional banks and financial institutions are increasingly turning to fintech-driven solutions to enhance customer experiences and improve efficiency. Fintechs have set new standards in mobile app design, personalized services and digital interactions. Beyond customer experience, fintech solutions can help expand financial inclusion by reaching underserved markets. As such, I’m anticipating more banks to adopt these innovations to stay competitive and offer low-cost accounts and mobile banking services for small and medium-sized businesses.
How Companies Can Prepare
To stay competitive in the evolving business travel and fintech landscapes, companies must focus on continuous innovation in 2025. I believe investing in research and development is crucial for testing and refining emerging technologies to ensure these tools align with customer needs and operational goals.
R&D also allows organizations to proactively address potential implementation challenges, such as integration with legacy systems, which can present major hurdles when adopting new solutions. Encouraging cross-functional collaboration, empowering teams to take strategic risks and celebrating creative problem-solving are all strategies travel and fintech companies should embrace to cultivate a dynamic and forward-thinking work environment.
By focusing on these strategies, businesses can successfully navigate the ever-changing world of business travel and fintech, while positioning themselves for growth and success in 2025 and beyond.
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