NEWPORT BEACH, Calif. — When is failing 70% of the time good? Aside from batting averages, it's also a positive for innovation, according to Kayak.com Chairman Terry Jones during the keynote session of CU Direct's Lending Conference.
However, Kayak.com's success wasn't accidental. Jones also founded Travelocity and served as the chief information officer at American Airlines.
The idea of purchasing plane tickets online revolutionized the business. The introduction of an online travel agency changed pricing because of the lower overhead. In the meantime, it put 18,000 travel agents out of work because it nudged consumers toward self-service distribution. It also changed market share, making room for smaller airlines, such as JetBlue, that previously hadn't had access to the clunky old travel agency system. Today, 65% of travel is booked online.
Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.
Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking credit union news and analysis, on-site and via our newsletters and custom alerts
- Weekly Shared Accounts podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the commercial real estate and financial advisory markets on our other ALM sites, GlobeSt.com and ThinkAdvisor.com
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
