Understanding and adapting to this new type of consumer connection is crucial. In order to succeed, banks and financial institutions need to adopt a ‘Phygital’ approach. They need to connect their online and offline worlds in a way that will allow them to create closer, more efficient, and more human customer experiences.
Phygital is a new type of corporate innovation strategy that involves banks and financial institutions providing both physical and digital solutions throughout the customer journey. This provides consumers with the reassurance offered by legacy institutions, with physical branches, while providing the efficiency and convenience offered by the latest fintech startups.
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