A new division, Thomas Cook Money, will bring all the brand’s financial services under one roof, and will “help customers plan, save, borrow and spend their holiday money, both at home and abroad”.

The first of the new products, called Roam, is an app that enables clients to tailor insurance cover on a per-trip, per-day and per-person basis. Developed in-house, Roam allows customers to control what they buy right up to the moment of departure, including refunds on unused days should trips end earlier than expected.

Another innovation, Lyk, is a revamp of Thomas Cook’s prepaid travel card offering. Lyk is an app-based service run with Mastercard that uses a contactless payment card that can be loaded with 10 major currencies. Instant balance and transaction information in the app allows customers to manage 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 in March 2017.

Cook chief executive Peter Fankhauser 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.”