November 2017: Thomas Cook, one of the world’s leading holiday companies, is launching a new financial services division that will transform the holiday money and insurance services it provides to customers.
Thomas Cook Money brings all of Thomas Cook’s existing financial services under one roof but will also focus on launching innovative new products to help customers plan, save, borrow and spend their holiday money, both at home and abroad.
The new division will be bound by the same Thomas Cook commitment to put customers at the heart of everything it does, bringing greater fairness, transparency and choice to the holiday money market.
Thomas Cook Money is launching in the UK with two new products, which it plans to roll out across other markets in the coming months.
Roam is a brand new product, which gives holidaymakers unique control over their insurance, with an app that enables them to tailor their cover on a per-trip, per-day and per-person basis. Developed in-house by Thomas Cook Money, Roam offers a fast and simple sign-up and the ability to manage everything via the app, right up to the moment of departure, giving holidaymakers on-demand control over their travel insurance, including refunds on unused days should trips end earlier than expected.
The second product, Lyk, represents a major revamp of Thomas Cook’s prepaid travel card offering. Lyk is an app-based service which gives customers a contactless payment card that can be loaded in ten major currencies and, as a Mastercard, is accepted worldwide. Instant balance and transaction information in the app allows customers to more easily manage their holiday spending. The card can also be switched on or off using the app should it be lost or stolen, with 24-hour support from a dedicated helpline if required.
Thomas Cook Money is led by Anth Mooney who joined from Virgin Money. Since joining the business in March 2017, Mooney has built a dedicated team with a diverse range of experience to design, develop and manage the new products.
Peter Fankhauser, Chief Executive of Thomas Cook, said: “Digital disruption has thrown down a challenge to every industry. The launch of Thomas Cook Money, under the leadership of Anth Mooney, is our opportunity to transform the world of holiday money by embracing the very latest technology, both to serve our existing customers better and to appeal to a new set of customers with an innovative and fresh approach.”
“Thomas Cook Money builds on our long heritage in financial services and the trust that customers have in our brand. By listening and responding to what our customers want, we’ve developed a range of products that use rich mobile and online functionality to give holidaymakers choice and control over how they plan, save, borrow and spend their travel money, at home or abroad.”