A new app seeks to reward business travelers for making cheaper purchases all while giving them more control over their travel budget.
According to Fast Company, TravelBank estimates trip cost based on travel dates, destinations, current market prices and company travel policies.
Once the employee has their travel budget, they can visualize it on their device and customize their business trip by choosing to splurge or save on certain expenses like flights, hotels, ground transportation and food.
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The app allows users to add expenses as they go, maintaining a clearer picture of where their budget stands.
TravelBank encourages road warriors to stay under budget by having their company split the savings with them in the form of credits. For example, if a user's trip comes in $500 under budget, they'll receive $250 in credit to use with TravelBank partners like Uber, Lyft and Airbnb.
The credit system is designed to incentivize users without creating tax issues for them down the road.
Users can also book cheaper flights through the app since TravelBank has partnered and negotiated rates with airlines. A "Social Seating" feature takes the booking process a step further, enabling employees to see the flights and seats their co-workers have selected.
The unique features are geared toward millennial business travelers and for good reason.
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"Once you lose a generation of customers, it's really hard to rebrand for the next generation, so it's sort of a race to get to the cooler, hipper business traveler-and then the airlines get the benefit of keeping them as a customer for many decades," TravelBank CEO Duke Chung told Fast Company.
"Our ability to reach that younger traveler at scale was actually what was most appealing about us to these airlines."
Fast Company reports that TravelBank has already signed a handful of tech companies and plans to bring on larger businesses in the future.
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