6 Fintech Innovations To Bolster Personalisation Within Your Hospitality Firm

In what is a very highly competitive industry, personalisation has become imperative in hospitality if you want to stand out.

Today’s customers are looking for – and expect – tailored experiences that cater to their individual preferences and overdeliver. Fintech innovations support the creation of these types of custom experiences, so if you’re in the world of hospitality, they’re worth paying attention to.

(Source: ResDiary)

70% of consumers say that they’re more likely to opt for travel accommodation that is inclusive, despite higher costs. This suggests that we’re willing to pay a premium for the right deal, and the more you can personalise your services the more complete the package will seem.

Let’s take a look at six of the best fintech innovations for bolstering personalisation within your hospitality business.

1. Advanced Payment Solutions

The modern consumer demands frictionless purchases and secure payment options. Fintech innovations have risen to meet these expectations with a variety of payment solutions that facilitate seamless payments.

Whether it’s contactless payments or mobile wallets, you have a lot of options to consider if you want to add a level of ease to your customer experience and a whole new dimension of personalisation.

With each purchase made for your business, you can collect valuable customer data with these fintech solutions. This data can inform you about customer preferences and spending habits, which allows you to create tailored experiences and double down on what’s working well for your industry.

When you integrate these advanced payment solutions into your hospitality POS systems, you can upgrade the customer experience and streamline transactions at the same time.

2. AI-Powered Chatbots and Virtual Assistants

Another useful tool that emerges from the fintech landscape is around-the-clock AI chatbots. Not to be confused with GPTs, these chatbots can assume the role of virtual assistants in the hospitality sector.

31% of consumers say that technology can transform the guest journey in the hospitality industry. With chatbots, you can deliver superior customer service by automating the responses to the most common customer queries and streamlining interactions.

Chatbots can set up booking reservations and manage special requests, so you can free up agent time to focus on delivering customer service. These chatbots can learn from past interactions, too, in order to provide more tailored suggestions and solutions to make each customer feel as if they’re receiving a valuable response.

Plus, the added bonus of chatbots is that they don’t sleep. If a customer has a request or query at 1 am in the morning, they don’t have to wait until the morning to follow through.

3. Customised Booking Systems

Customised booking systems can bridge the gap between an ordinary customer experience and an exceptional one.

(Source: Canary Technologies)

Average daily room demand has been on the rise for over a decade, halted shortly only by the pandemic, but 2024 will set an all-time high record. As such, the incentive is there to capture the attention of new guests with tailored experiences.

With the right system, you can onboard customers and boost your retention rate, as the system will use data analytics to collect and remember key customer preferences. This data could include:

  • Previous room preferences
  • Any special requests
  • Preferred payment methods

Imagine securing your favourite room at the hotel and opening the door to find a bottle of the champagne you like sitting on ice. That’s a level of customer experience worth paying for, and it’s easy to manage with a customised booking system.

A recent report from Booking.com found that 37% of travellers tell fictional stories about their lives when they go abroad, and 57% exude ‘main character energy’, which suggests that in 2024 there’s a thirst for highly personalised hotel stays and exciting experiences.

4. Personalised Loyalty Programs

Loyalty programs have long been a staple in the hospitality industry, but now, fintech innovations have made them even more robust. 76% of hotel executives claim that the most appealing aspect of a CDP (customer data platform) is improving loyalty program personalisation.

With a combination of AI and data analytics, hospitality businesses can now build loyalty programs that factor in the many preferences and behaviours of existing customers. That way, you know exactly when to send an upsell or cross-sell emails, what promotions they might want to see in the future, and what types of rewards they prefer.

You can use these personalised programs to offer bespoke rewards like exclusive discounts and special offers that cater to a customer’s individual preferences.

5. Real-Time Customer Feedback Systems

Customer feedback is the lifeblood of many businesses in the hospitality industry. Just a few bad reviews can cause the house of cards to tumble down and severely impact future sales.

With that in mind, investing in a real-time customer feedback system can make a huge difference. If you don’t know how to personalise your services to provide the best experience for customers – have them tell you directly.

Customer feedback collection is so much easier with a fintech solution as you can instantly retrieve it through mobile apps, social media platforms, or in-room devices. This allows you to act fast to address feedback promptly, and identify trends that could help you provide a more complete service moving forwards.

6. Data-Driven Management Platforms

It may not be glamorous, but data management is another key puzzle piece that provides a more personalised experience to your customers. Hotels anticipate the most value coming from cloud computing in processing guests (29%), organising bookings (26%), and personalising recommendations (23%) over the next four years.

A data-driven management platform will allow you to collect, store, and analyse vast amounts of customer data at once. The data can provide key insights into customer behaviour and preferences so you can tailor your services accordingly.

The kind of information you can glean from these platforms includes peak booking times, the most popular amenities on site, and any preferred communication channels. While these might not be the most obvious things to think of when addressing customer personalisation, they’re equally as important.