Looking ahead, what do you believe will be the biggest challenges, threats or disruptive influences travel executives will have to face over the coming 12-18 months?
While the pandemic has decimated the travel industry, we fortunately continue to see indications of a strong rebound in travel in many, though not all, areas of the globe. However, international travel, especially long haul, will remain depressed for some time. The lack of clear and consistent regulations related to travel have been, and will remain, some of the biggest challenges our industry will face. The pandemic will soon become endemic and pent-up demand that is limited to domestic and regional travel may result in crowded accommodations and higher prices.
If governments and businesses could work together and unlock international travel quicker while maintaining health and safety, both the travel industry and the world’s economy would greatly benefit.
As we look back on a vastly disruptive 2020-21 for the travel industry, which innovations have stood out to you as going the extra mile to provide support, reassurance and clarity to travelers?
There are several. The first example worth noting is the EU Digital Certificate - which identifies travelers as safe through either proof of vaccination or a recent negative COVID test. This was a significant step in the right direction to support the travel industry in Europe, and it is unfortunate that not all governments adopted a similar program as it would have been beneficial if everyone was on the same system.
In terms of our own businesses, last year, Booking.com made it simple for properties to display precautionary COVID-19 measures to travelers seeking this enhanced transparency, while providing online resources to help partners navigate health and safety regulations and traveler preferences. Over 17 million listings on Booking.com’s platform have now implemented health and safety measures.
As travel began to pick up again and countries were slowly reopening their borders, KAYAK developed a heat map that identified the different country and state-level restrictions that were in place for travelers to use as a guide when planning their trips.
These are just a few examples of some great efforts to support travelers and partners alike over the past 18 months.
To what extent was Booking able to collaborate, if at all, with its peers and competitors to provide innovative solutions to critical problems?
For a highly competitive industry that was arguably the hardest hit by the pandemic, there was a unified desire to support customers, partners and employees any way we could. The key, however, was working in unison with governments, stakeholders and intergovernmental organizations to revive travel for the long term. One example of this collaboration was a signed letter of support for the implementation of the EU Digital Certificate by Booking, along with several other travel sites and companies.
While the pandemic disrupted the travel industry significantly - and immediate unified support is still needed - it’s also important for us to remain focused on the long-term health of not just the travel industry, but the world. The pandemic spotlighted the importance of preserving our planet for future generations to also be able to experience it. Last year, we were the first online travel company, among a now broader list of travel companies, to join the UN’s global tourism plastics initiative, which promotes long-term solutions to reduce pollution and waste from disposable plastics, which will ultimately help support a responsible recovery from the impact of the pandemic.
In line with this long-term outlook, last December we pledged our support for the Tech for Good Call initiated by President Macron of France, alongside other tech firms in the EU. Through this pledge, we committed to developing technology in a responsible way, in alignment with the principles outlined by the Tech for Good initiative. Ultimately, we recognize that for technology to be a continued source of human progress, all stakeholders must cooperate to ensure inclusive access and prevent abuse.
Which technological innovation do you believe will have the biggest impact on the day-to-day operations of the travel sector in the coming decade? To what extent will Booking aid in the provision/development/implementation of this innovation?
The pandemic shined a spotlight on the importance of technology, highlighting not just our reliance on it, but also our expectations of it. This could not be more true as it relates to travel. At Booking, we continue to build towards our long-term vision of the Connected Trip, which is essentially a multiproduct offering, including accommodations, flight, ground transportation, attractions, and dining, all connected by a seamless payment network to further remove the friction out of the travel experience. Looking ahead, payment technology specifically will play an increasingly critical role in transforming the travel experience.
Travel is different from nearly every other corner of e-commerce, strictly because of the often massive time gap between financial commitment from a customer booking and the time they actually take their trip. Many people book and pay for their travel up to a year in advance, which introduces a whole host of different variables and financial risks to consider. Markets have vastly different payment practices and methods, and bridging the gap between these helps ease friction and enhances the value we bring as a global intermediary.
At Booking, the goal is to make it easy for anyone, anywhere in the world to pay for their travel or do business on our platform when and how they want. A few months ago, we announced the creation of a new internal FinTech business unit to facilitate seamless access to the company’s global travel marketplace for both customers and partners. As a truly global e-commerce company with business operations in nearly every country and city on the planet, the vision behind creating this new business unit was to make buying and selling travel-related products and services through millions of cross-border, cross-currency transactions taking place daily, truly easier for everyone.
Can you comment on the importance of “proof of vaccines” to the travel sector?
Proof of vaccination is important to the travel sector because it fosters safe travel, allowing the industry to recover while we all collectively work together to end this pandemic - and the key to ending this pandemic is through widespread distribution of vaccines. That is the only way we will move forward, and in the process, save countless lives. The recent decision by the U.S. government to allow non-essential travel to the US for only those who are vaccinated will likely encourage some people to get vaccinated in order to visit.
There are many countries that require vaccinations to prevent the spread of disease, so this is not a novel tactic to ensure travelers are deemed safe and people are protected. For international travel to rebound, proof of vaccinations will continue to be critical for border restrictions to loosen, allowing more people to experience the world once again.
Want to know more?
Glenn Fogel will be speaking further at Reuters MOMENTUM (Oct 27-29) on the intersection of technology and travel in a post-pandemic world. The impact of the pandemic on the travel industry has been unprecedented. While travel has begun to rebound in certain parts of the world, the uncertainty of the virus continues to impact travel recovery - affecting millions of people around the world. Eventually, the pandemic will end, but COVID will likely remain a part of our reality indefinitely. In this conversation, Booking Holdings' CEO Glenn Fogel will discuss the role technology has played in the travel recovery, and the role it will continue to play as COVID becomes more and more a part of our daily realities in the future.
For more information, and to secure a free ticket to attend visit our website here
About Reuters MOMENTUM
Running October 27-29, Reuters MOMENTUM brings together more than 25,000 executive attendees to hear from the world's most influential technologists, policymakers, NGOs and business leaders. Content is curated exclusively for Reuters MOMENTUM, with the event producer pushing every speaker to reveal real insights and invaluable business intelligence attendees. Ultimately, the producers aim to ensure that attendees gain the tools, tips, strategies, tactics and best practices they need to impact lives through innovation and future-proof their businesses.
Furthermore, access to the event and content platform was launched early, allowing attendees to consume the actionable takeaways they need to succeed right now.
Developed in collaboration with Reuters award-winning newsroom, Reuters MOMENTUM is broadcast live to share strategies towards a better future as society gets ready for the 'next normal' after a period of unrivalled disruption. All sessions are recorded and made available on-demand to attendees shortly after broadcast.
Confirmed attendees include global chief executives, chief information officers, chief technology officers, chief innovation officers, chief people officers and their teams from some of the world's largest and most influential companies.
The virtual summit has four central, interlinked content pillars: Society, Economy, Sustainability, Trust & Ethics. For more information on the event, visit https://reutersevents.com/events/momentum/.
Looking ahead, what do you believe will be the biggest challenges, threats or disruptive influences travel executives will have to face over the coming 12-18 months?
While the pandemic has decimated the travel industry, we fortunately continue to see indications of a strong rebound in travel in many, though not all, areas of the globe. However, international travel, especially long haul, will remain depressed for some time. The lack of clear and consistent regulations related to travel have been, and will remain, some of the biggest challenges our industry will face. The pandemic will soon become endemic and pent-up demand that is limited to domestic and regional travel may result in crowded accommodations and higher prices.
If governments and businesses could work together and unlock international travel quicker while maintaining health and safety, both the travel industry and the world’s economy would greatly benefit.
As we look back on a vastly disruptive 2020-21 for the travel industry, which innovations have stood out to you as going the extra mile to provide support, reassurance and clarity to travelers?
There are several. The first example worth noting is the EU Digital Certificate - which identifies travelers as safe through either proof of vaccination or a recent negative COVID test. This was a significant step in the right direction to support the travel industry in Europe, and it is unfortunate that not all governments adopted a similar program as it would have been beneficial if everyone was on the same system.
In terms of our own businesses, last year, Booking.com made it simple for properties to display precautionary COVID-19 measures to travelers seeking this enhanced transparency, while providing online resources to help partners navigate health and safety regulations and traveler preferences. Over 17 million listings on Booking.com’s platform have now implemented health and safety measures.
As travel began to pick up again and countries were slowly reopening their borders, KAYAK developed a heat map that identified the different country and state-level restrictions that were in place for travelers to use as a guide when planning their trips.
These are just a few examples of some great efforts to support travelers and partners alike over the past 18 months.
To what extent was Booking able to collaborate, if at all, with its peers and competitors to provide innovative solutions to critical problems?
For a highly competitive industry that was arguably the hardest hit by the pandemic, there was a unified desire to support customers, partners and employees any way we could. The key, however, was working in unison with governments, stakeholders and intergovernmental organizations to revive travel for the long term. One example of this collaboration was a signed letter of support for the implementation of the EU Digital Certificate by Booking, along with several other travel sites and companies.
While the pandemic disrupted the travel industry significantly - and immediate unified support is still needed - it’s also important for us to remain focused on the long-term health of not just the travel industry, but the world. The pandemic spotlighted the importance of preserving our planet for future generations to also be able to experience it. Last year, we were the first online travel company, among a now broader list of travel companies, to join the UN’s global tourism plastics initiative, which promotes long-term solutions to reduce pollution and waste from disposable plastics, which will ultimately help support a responsible recovery from the impact of the pandemic.
In line with this long-term outlook, last December we pledged our support for the Tech for Good Call initiated by President Macron of France, alongside other tech firms in the EU. Through this pledge, we committed to developing technology in a responsible way, in alignment with the principles outlined by the Tech for Good initiative. Ultimately, we recognize that for technology to be a continued source of human progress, all stakeholders must cooperate to ensure inclusive access and prevent abuse.
Which technological innovation do you believe will have the biggest impact on the day-to-day operations of the travel sector in the coming decade? To what extent will Booking aid in the provision/development/implementation of this innovation?
The pandemic shined a spotlight on the importance of technology, highlighting not just our reliance on it, but also our expectations of it. This could not be more true as it relates to travel. At Booking, we continue to build towards our long-term vision of the Connected Trip, which is essentially a multiproduct offering, including accommodations, flight, ground transportation, attractions, and dining, all connected by a seamless payment network to further remove the friction out of the travel experience. Looking ahead, payment technology specifically will play an increasingly critical role in transforming the travel experience.
Travel is different from nearly every other corner of e-commerce, strictly because of the often massive time gap between financial commitment from a customer booking and the time they actually take their trip. Many people book and pay for their travel up to a year in advance, which introduces a whole host of different variables and financial risks to consider. Markets have vastly different payment practices and methods, and bridging the gap between these helps ease friction and enhances the value we bring as a global intermediary.
At Booking, the goal is to make it easy for anyone, anywhere in the world to pay for their travel or do business on our platform when and how they want. A few months ago, we announced the creation of a new internal FinTech business unit to facilitate seamless access to the company’s global travel marketplace for both customers and partners. As a truly global e-commerce company with business operations in nearly every country and city on the planet, the vision behind creating this new business unit was to make buying and selling travel-related products and services through millions of cross-border, cross-currency transactions taking place daily, truly easier for everyone.
Can you comment on the importance of “proof of vaccines” to the travel sector?
Proof of vaccination is important to the travel sector because it fosters safe travel, allowing the industry to recover while we all collectively work together to end this pandemic - and the key to ending this pandemic is through widespread distribution of vaccines. That is the only way we will move forward, and in the process, save countless lives. The recent decision by the U.S. government to allow non-essential travel to the US for only those who are vaccinated will likely encourage some people to get vaccinated in order to visit.
There are many countries that require vaccinations to prevent the spread of disease, so this is not a novel tactic to ensure travelers are deemed safe and people are protected. For international travel to rebound, proof of vaccinations will continue to be critical for border restrictions to loosen, allowing more people to experience the world once again.
Want to know more?
Glenn Fogel will be speaking further at Reuters MOMENTUM (Oct 27-29) on the intersection of technology and travel in a post-pandemic world. The impact of the pandemic on the travel industry has been unprecedented. While travel has begun to rebound in certain parts of the world, the uncertainty of the virus continues to impact travel recovery - affecting millions of people around the world. Eventually, the pandemic will end, but COVID will likely remain a part of our reality indefinitely. In this conversation, Booking Holdings' CEO Glenn Fogel will discuss the role technology has played in the travel recovery, and the role it will continue to play as COVID becomes more and more a part of our daily realities in the future.
For more information, and to secure a free ticket to attend visit our website here
About Reuters MOMENTUM
Running October 27-29, Reuters MOMENTUM brings together more than 25,000 executive attendees to hear from the world's most influential technologists, policymakers, NGOs and business leaders. Content is curated exclusively for Reuters MOMENTUM, with the event producer pushing every speaker to reveal real insights and invaluable business intelligence attendees. Ultimately, the producers aim to ensure that attendees gain the tools, tips, strategies, tactics and best practices they need to impact lives through innovation and future-proof their businesses.
Furthermore, access to the event and content platform was launched early, allowing attendees to consume the actionable takeaways they need to succeed right now.
Developed in collaboration with Reuters award-winning newsroom, Reuters MOMENTUM is broadcast live to share strategies towards a better future as society gets ready for the 'next normal' after a period of unrivalled disruption. All sessions are recorded and made available on-demand to attendees shortly after broadcast.
Confirmed attendees include global chief executives, chief information officers, chief technology officers, chief innovation officers, chief people officers and their teams from some of the world's largest and most influential companies.
The virtual summit has four central, interlinked content pillars: Society, Economy, Sustainability, Trust & Ethics. For more information on the event, visit https://reutersevents.com/events/momentum/.
Looking ahead, what do you believe will be the biggest challenges, threats or disruptive influences travel executives will have to face over the coming 12-18 months?
While the pandemic has decimated the travel industry, we fortunately continue to see indications of a strong rebound in travel in many, though not all, areas of the globe. However, international travel, especially long haul, will remain depressed for some time. The lack of clear and consistent regulations related to travel have been, and will remain, some of the biggest challenges our industry will face. The pandemic will soon become endemic and pent-up demand that is limited to domestic and regional travel may result in crowded accommodations and higher prices.
If governments and businesses could work together and unlock international travel quicker while maintaining health and safety, both the travel industry and the world’s economy would greatly benefit.
As we look back on a vastly disruptive 2020-21 for the travel industry, which innovations have stood out to you as going the extra mile to provide support, reassurance and clarity to travelers?
There are several. The first example worth noting is the EU Digital Certificate - which identifies travelers as safe through either proof of vaccination or a recent negative COVID test. This was a significant step in the right direction to support the travel industry in Europe, and it is unfortunate that not all governments adopted a similar program as it would have been beneficial if everyone was on the same system.
In terms of our own businesses, last year, Booking.com made it simple for properties to display precautionary COVID-19 measures to travelers seeking this enhanced transparency, while providing online resources to help partners navigate health and safety regulations and traveler preferences. Over 17 million listings on Booking.com’s platform have now implemented health and safety measures.
As travel began to pick up again and countries were slowly reopening their borders, KAYAK developed a heat map that identified the different country and state-level restrictions that were in place for travelers to use as a guide when planning their trips.
These are just a few examples of some great efforts to support travelers and partners alike over the past 18 months.
To what extent was Booking able to collaborate, if at all, with its peers and competitors to provide innovative solutions to critical problems?
For a highly competitive industry that was arguably the hardest hit by the pandemic, there was a unified desire to support customers, partners and employees any way we could. The key, however, was working in unison with governments, stakeholders and intergovernmental organizations to revive travel for the long term. One example of this collaboration was a signed letter of support for the implementation of the EU Digital Certificate by Booking, along with several other travel sites and companies.
While the pandemic disrupted the travel industry significantly - and immediate unified support is still needed - it’s also important for us to remain focused on the long-term health of not just the travel industry, but the world. The pandemic spotlighted the importance of preserving our planet for future generations to also be able to experience it. Last year, we were the first online travel company, among a now broader list of travel companies, to join the UN’s global tourism plastics initiative, which promotes long-term solutions to reduce pollution and waste from disposable plastics, which will ultimately help support a responsible recovery from the impact of the pandemic.
In line with this long-term outlook, last December we pledged our support for the Tech for Good Call initiated by President Macron of France, alongside other tech firms in the EU. Through this pledge, we committed to developing technology in a responsible way, in alignment with the principles outlined by the Tech for Good initiative. Ultimately, we recognize that for technology to be a continued source of human progress, all stakeholders must cooperate to ensure inclusive access and prevent abuse.
Which technological innovation do you believe will have the biggest impact on the day-to-day operations of the travel sector in the coming decade? To what extent will Booking aid in the provision/development/implementation of this innovation?
The pandemic shined a spotlight on the importance of technology, highlighting not just our reliance on it, but also our expectations of it. This could not be more true as it relates to travel. At Booking, we continue to build towards our long-term vision of the Connected Trip, which is essentially a multiproduct offering, including accommodations, flight, ground transportation, attractions, and dining, all connected by a seamless payment network to further remove the friction out of the travel experience. Looking ahead, payment technology specifically will play an increasingly critical role in transforming the travel experience.
Travel is different from nearly every other corner of e-commerce, strictly because of the often massive time gap between financial commitment from a customer booking and the time they actually take their trip. Many people book and pay for their travel up to a year in advance, which introduces a whole host of different variables and financial risks to consider. Markets have vastly different payment practices and methods, and bridging the gap between these helps ease friction and enhances the value we bring as a global intermediary.
At Booking, the goal is to make it easy for anyone, anywhere in the world to pay for their travel or do business on our platform when and how they want. A few months ago, we announced the creation of a new internal FinTech business unit to facilitate seamless access to the company’s global travel marketplace for both customers and partners. As a truly global e-commerce company with business operations in nearly every country and city on the planet, the vision behind creating this new business unit was to make buying and selling travel-related products and services through millions of cross-border, cross-currency transactions taking place daily, truly easier for everyone.
Can you comment on the importance of “proof of vaccines” to the travel sector?
Proof of vaccination is important to the travel sector because it fosters safe travel, allowing the industry to recover while we all collectively work together to end this pandemic - and the key to ending this pandemic is through widespread distribution of vaccines. That is the only way we will move forward, and in the process, save countless lives. The recent decision by the U.S. government to allow non-essential travel to the US for only those who are vaccinated will likely encourage some people to get vaccinated in order to visit.
There are many countries that require vaccinations to prevent the spread of disease, so this is not a novel tactic to ensure travelers are deemed safe and people are protected. For international travel to rebound, proof of vaccinations will continue to be critical for border restrictions to loosen, allowing more people to experience the world once again.
Want to know more?
Glenn Fogel will be speaking further at Reuters MOMENTUM (Oct 27-29) on the intersection of technology and travel in a post-pandemic world. The impact of the pandemic on the travel industry has been unprecedented. While travel has begun to rebound in certain parts of the world, the uncertainty of the virus continues to impact travel recovery - affecting millions of people around the world. Eventually, the pandemic will end, but COVID will likely remain a part of our reality indefinitely. In this conversation, Booking Holdings' CEO Glenn Fogel will discuss the role technology has played in the travel recovery, and the role it will continue to play as COVID becomes more and more a part of our daily realities in the future.
For more information, and to secure a free ticket to attend visit our website here
About Reuters MOMENTUM
Running October 27-29, Reuters MOMENTUM brings together more than 25,000 executive attendees to hear from the world's most influential technologists, policymakers, NGOs and business leaders. Content is curated exclusively for Reuters MOMENTUM, with the event producer pushing every speaker to reveal real insights and invaluable business intelligence attendees. Ultimately, the producers aim to ensure that attendees gain the tools, tips, strategies, tactics and best practices they need to impact lives through innovation and future-proof their businesses.
Furthermore, access to the event and content platform was launched early, allowing attendees to consume the actionable takeaways they need to succeed right now.
Developed in collaboration with Reuters award-winning newsroom, Reuters MOMENTUM is broadcast live to share strategies towards a better future as society gets ready for the 'next normal' after a period of unrivalled disruption. All sessions are recorded and made available on-demand to attendees shortly after broadcast.
Confirmed attendees include global chief executives, chief information officers, chief technology officers, chief innovation officers, chief people officers and their teams from some of the world's largest and most influential companies.
The virtual summit has four central, interlinked content pillars: Society, Economy, Sustainability, Trust & Ethics. For more information on the event, visit https://reutersevents.com/events/momentum/.
Looking ahead, what do you believe will be the biggest challenges, threats or disruptive influences travel executives will have to face over the coming 12-18 months?
While the pandemic has decimated the travel industry, we fortunately continue to see indications of a strong rebound in travel in many, though not all, areas of the globe. However, international travel, especially long haul, will remain depressed for some time. The lack of clear and consistent regulations related to travel have been, and will remain, some of the biggest challenges our industry will face. The pandemic will soon become endemic and pent-up demand that is limited to domestic and regional travel may result in crowded accommodations and higher prices.
If governments and businesses could work together and unlock international travel quicker while maintaining health and safety, both the travel industry and the world’s economy would greatly benefit.
As we look back on a vastly disruptive 2020-21 for the travel industry, which innovations have stood out to you as going the extra mile to provide support, reassurance and clarity to travelers?
There are several. The first example worth noting is the EU Digital Certificate - which identifies travelers as safe through either proof of vaccination or a recent negative COVID test. This was a significant step in the right direction to support the travel industry in Europe, and it is unfortunate that not all governments adopted a similar program as it would have been beneficial if everyone was on the same system.
In terms of our own businesses, last year, Booking.com made it simple for properties to display precautionary COVID-19 measures to travelers seeking this enhanced transparency, while providing online resources to help partners navigate health and safety regulations and traveler preferences. Over 17 million listings on Booking.com’s platform have now implemented health and safety measures.
As travel began to pick up again and countries were slowly reopening their borders, KAYAK developed a heat map that identified the different country and state-level restrictions that were in place for travelers to use as a guide when planning their trips.
These are just a few examples of some great efforts to support travelers and partners alike over the past 18 months.
To what extent was Booking able to collaborate, if at all, with its peers and competitors to provide innovative solutions to critical problems?
For a highly competitive industry that was arguably the hardest hit by the pandemic, there was a unified desire to support customers, partners and employees any way we could. The key, however, was working in unison with governments, stakeholders and intergovernmental organizations to revive travel for the long term. One example of this collaboration was a signed letter of support for the implementation of the EU Digital Certificate by Booking, along with several other travel sites and companies.
While the pandemic disrupted the travel industry significantly - and immediate unified support is still needed - it’s also important for us to remain focused on the long-term health of not just the travel industry, but the world. The pandemic spotlighted the importance of preserving our planet for future generations to also be able to experience it. Last year, we were the first online travel company, among a now broader list of travel companies, to join the UN’s global tourism plastics initiative, which promotes long-term solutions to reduce pollution and waste from disposable plastics, which will ultimately help support a responsible recovery from the impact of the pandemic.
In line with this long-term outlook, last December we pledged our support for the Tech for Good Call initiated by President Macron of France, alongside other tech firms in the EU. Through this pledge, we committed to developing technology in a responsible way, in alignment with the principles outlined by the Tech for Good initiative. Ultimately, we recognize that for technology to be a continued source of human progress, all stakeholders must cooperate to ensure inclusive access and prevent abuse.
Which technological innovation do you believe will have the biggest impact on the day-to-day operations of the travel sector in the coming decade? To what extent will Booking aid in the provision/development/implementation of this innovation?
The pandemic shined a spotlight on the importance of technology, highlighting not just our reliance on it, but also our expectations of it. This could not be more true as it relates to travel. At Booking, we continue to build towards our long-term vision of the Connected Trip, which is essentially a multiproduct offering, including accommodations, flight, ground transportation, attractions, and dining, all connected by a seamless payment network to further remove the friction out of the travel experience. Looking ahead, payment technology specifically will play an increasingly critical role in transforming the travel experience.
Travel is different from nearly every other corner of e-commerce, strictly because of the often massive time gap between financial commitment from a customer booking and the time they actually take their trip. Many people book and pay for their travel up to a year in advance, which introduces a whole host of different variables and financial risks to consider. Markets have vastly different payment practices and methods, and bridging the gap between these helps ease friction and enhances the value we bring as a global intermediary.
At Booking, the goal is to make it easy for anyone, anywhere in the world to pay for their travel or do business on our platform when and how they want. A few months ago, we announced the creation of a new internal FinTech business unit to facilitate seamless access to the company’s global travel marketplace for both customers and partners. As a truly global e-commerce company with business operations in nearly every country and city on the planet, the vision behind creating this new business unit was to make buying and selling travel-related products and services through millions of cross-border, cross-currency transactions taking place daily, truly easier for everyone.
Can you comment on the importance of “proof of vaccines” to the travel sector?
Proof of vaccination is important to the travel sector because it fosters safe travel, allowing the industry to recover while we all collectively work together to end this pandemic - and the key to ending this pandemic is through widespread distribution of vaccines. That is the only way we will move forward, and in the process, save countless lives. The recent decision by the U.S. government to allow non-essential travel to the US for only those who are vaccinated will likely encourage some people to get vaccinated in order to visit.
There are many countries that require vaccinations to prevent the spread of disease, so this is not a novel tactic to ensure travelers are deemed safe and people are protected. For international travel to rebound, proof of vaccinations will continue to be critical for border restrictions to loosen, allowing more people to experience the world once again.
Want to know more?
Glenn Fogel will be speaking further at Reuters MOMENTUM (Oct 27-29) on the intersection of technology and travel in a post-pandemic world. The impact of the pandemic on the travel industry has been unprecedented. While travel has begun to rebound in certain parts of the world, the uncertainty of the virus continues to impact travel recovery - affecting millions of people around the world. Eventually, the pandemic will end, but COVID will likely remain a part of our reality indefinitely. In this conversation, Booking Holdings' CEO Glenn Fogel will discuss the role technology has played in the travel recovery, and the role it will continue to play as COVID becomes more and more a part of our daily realities in the future.
For more information, and to secure a free ticket to attend visit our website here
About Reuters MOMENTUM
Running October 27-29, Reuters MOMENTUM brings together more than 25,000 executive attendees to hear from the world's most influential technologists, policymakers, NGOs and business leaders. Content is curated exclusively for Reuters MOMENTUM, with the event producer pushing every speaker to reveal real insights and invaluable business intelligence attendees. Ultimately, the producers aim to ensure that attendees gain the tools, tips, strategies, tactics and best practices they need to impact lives through innovation and future-proof their businesses.
Furthermore, access to the event and content platform was launched early, allowing attendees to consume the actionable takeaways they need to succeed right now.
Developed in collaboration with Reuters award-winning newsroom, Reuters MOMENTUM is broadcast live to share strategies towards a better future as society gets ready for the 'next normal' after a period of unrivalled disruption. All sessions are recorded and made available on-demand to attendees shortly after broadcast.
Confirmed attendees include global chief executives, chief information officers, chief technology officers, chief innovation officers, chief people officers and their teams from some of the world's largest and most influential companies.
The virtual summit has four central, interlinked content pillars: Society, Economy, Sustainability, Trust & Ethics. For more information on the event, visit https://reutersevents.com/events/momentum/.
AI has become a mainstream tool in many industries, including online grocery shopping. Ocado Group has integrated AI into their operations in over ninety ways through the Ocado Smart Platform (OSP) - their end-to-end ecommerce, fulfilment and logistics platform for online grocery. The use of proprietary AI, automation and robotics enables Ocado to personalize customer experiences on a large scale and improve economic outcomes for retail partners.
One task area where AI plays a critical role is creating quicker, more personalized and more enjoyable shopping experiences The goal is to enhance customer satisfaction and retention by reducing friction during shopping and checkout processes, improving search functionalities, and suggesting new products effectively.
AI has been utilized to streamline the shopping process by predicting customer preferences based on historical data, which allows for the pre-filling of shopping baskets with frequently purchased items. Additionally, AI has improved the search experience on e-commerce platforms by enhancing the accuracy of search results and suggesting search terms based on the customer’s shopping history. AI also recommends new products based on trends and customer similarity, and uses flash sales to encourage the purchase of these products.
The integration of AI has led to a more efficient and satisfying shopping experience for customers, as evidenced by increased retention and conversion rates. Retailers have seen a boost in revenue from personalized product recommendations and have successfully encouraged customers to try new products through AI-driven suggestions and flash sales. Overall, AI has significantly contributed to transforming the online grocery shopping experience, making it faster, more intuitive, and tailored to individual customer preferences.
In Ferrari, various business areas generate and utilize an extensive range of documents, including technical documentation, internal procedures, guidelines, regulations, and so forth. Most of these documents are organized in specialized applications and repositories, lacking a unified document base. With the advent of generative AI, we have recognized interacting with the knowledge base as one of the most promising use cases for experimenting with this new technology to meet a genuine business need.
The aim was to assist various business areas in interacting more efficiently with the knowledge base, ultimately creating a "knowledge lake." This can be accessed by employees through a conversational interface, based on individual visibility rights. The goal was to enable employees to perform information retrieval, searches, as well as text processing (translation, summarization, classification, and changes in style and structure). We experimented with various Language Model Learning (LLM) and generative AI approaches to assess the quality of the results for each specific business area and document set.
We launched AI/ML training programs for all businesses and started gathering use cases from different sectors to assess their viability and business impact. After experimenting with General AI models in 2023, this year we moved from POCs to a strategic plan for a production-ready, scalable, and secure General AI architecture. Several POCs have been successfully implemented into production, including a chatbot for Ferrari employees to access internal procedures and documents. A similar chatbot for Marketing and Commercial documentation is in the final stages of development.
The experience shows the importance of new technology, generative AI, and having a centralized structure to interact with businesses. It highlights the need to balance the distribution of AI knowledge and tech approaches with a focus on compliance and governance. We are for sure in a pivotal era and companies must become “AI-augmented”, aware of the risks, but confident in AI's potential to transform processes and boost productivity.
As a leading digital bank, we are expected by our clients to deliver an innovative and superior customer experience, while maintaining our operations and credit risk costs low. With the rise of data and AI, we are now able to meet the above-mentioned demands in the lending space and deliver seamless digital & instant lending experience for our clients.
We had to design and develop a new journey to enable instant lending. The transition is of high importance, given the increasing presence of other companies entering the lending domain.
The entire solution was developed by a group of cross-functional professionals, from IT, Legal, Analytics and other departments. It required close collaboration and common understanding of the entire product. Given that ING is one of the first to deliver instant lending, we had to undergo multiple testing iterations on the IT and Analytics components. Further, we promoted and set-up operations and learning environment for fast testing and improvement. The entire journey started in 2019, with reaching critical mass in 2024.
By enabling instant lending, we have increased both customer satisfaction and conversion rates, all while maintaining lower operations and credit risk costs. It is crucial to have short improvement cycles and collaboration between all parties to enable innovation and a superior customer experience. Along the way, we have developed reusable capabilities which can be re-produced with faster time to market in next iterations.
Landsec is building on its existing relationship with Microsoft by deploying Copilot for Microsoft 365 and will create its own custom Landsec GPT. Using this innovative technology, Landsec will seek to deliver enhanced capabilities across investment modelling, development, place-making, leasing, and asset operations, targeting 20-30% in productivity and efficiency gains. Alongside the development of Landsec GPT, Landsec is also using Copilot for Microsoft 365 to enhance existing workplace productivity tools, like Word, Excel, PowerPoint, Outlook, and Teams.
Nisha Manaktala, Chief Data and Technology Officer, Landsec said: “AI technology has been around for decades, but recently made it to the mainstream, with the launch of OpenAI’s ChatGPT. For Landsec, our focus is on how this technology can help us to manage our portfolio more effectively, optimise our assets, leveraging data and insights to drive improved outcomes for Landsec employees, customers, and investors. We have already successfully deployed more traditional AI methods across some of our back of house processes, reducing process time by 75%.”
