Welcome to the world of Phygital, a combination of physical and digital capabilities that is quickly becoming the next big trend in the financial services industry. In this article, we will take a closer look at what Phygital is, some applicable examples, and why it is so essential to the financial services industry.
Definition of Phygital
Put simply, Phygital is a combination of physical and digital experiences that create a seamless, integrated experience for customers. This is done by using digital technologies such as e-wallets, geolocation, QR codes, and conversational artificial intelligence to create an engaging and personalized experience for customers in the real world.
Relevance of Phygital in the Financial Services Industry
The concept of Phygital is quickly gaining traction in the financial services industry due to its ability to create a more engaging and personalized customer experience. An effective phygital strategy allows financial services companies to deliver greater convenience, security, and personalization to their customers, as well as improve loyalty and competitive position.
Some examples of Phygital in the Financial Services Industry
The financial services industry has been quick to embrace phygital solutions. Overall, the phygital approach to financial services is revolutionizing the industry. By bridging the gap between physical and digital solutions, customers are now able to access a seamless financial services experience. This approach is helping to make financial services more accessible and efficient for customers. The following examples illustrate only a few possibilities when it comes to the phygital strategy.
On-site virtual kiosks triggered by QR codes
The experience of mixed digital and physical on-site virtual kiosks triggered by printed QR codes typically involves customers scanning codes with their mobile devices to access interactive content. This content could include product information given by conversational artificial intelligence about promotional offers, surveys, or even could include a mini-game while awaiting service at the branch. The on-site physical kiosk provides simple visuals and instructions, while the experience is actually lived through your own phone. Additionally, the physical kiosk could allow customers to interact with the virtual content in a tangible way, such as by providing a tactile experience or a 3D printed object. As the technology continues to evolve, companies can use these virtual kiosks to provide customers with a unique, engaging, and immersive experience.
Mixed digital and human support while opening accounts online
Digital support is generally easier and more convenient, as customers can get help quickly and easily without having to wait in line or talk to a customer service representative. Human support is also beneficial, as customers can get personalized advice and assistance from a real person. By providing a combination of both types of support, customers can get the best of both worlds – fast, efficient service and personalized advice from an expert. Video conferencing provides a convenient and secure way for customers to communicate with agents, allowing them to get the help they need quickly and efficiently. Video conferencing also allows customers to ask questions and get a more personalized experience than they would get through traditional methods of customer service. Some customers can also feel more comfortable knowing they can see and interact with the agent they are talking to, rather than simply talking to an automated system. Overall, using video conferencing to assist customers in opening a new account on an online channel is an effective way to provide customers with an excellent customer experience.
Push messages triggered by geolocation
Geolocation-triggered push messages in ewallets can provide a more personalized and tailored experience for financial services customers, as it can provide them with timely notifications about relevant offers and services in the area they are moving in. For example, customers may receive a push notification when they are near a bank branch, alerting them to the location, services and executives available. This can enable customers to more easily access the financial services they need and make better informed decisions. Additionally, customers may receive notifications about special loyalty deals or discounts that are only available in that specific area. This could result in customers being able to take advantage of offers they may not have been aware of, and that is actually really convenient for them as they are on site, like for example loyalty points to spend in a certain restaurant. Overall, geolocation-triggered push messages can help companies create valuable loyalty-building experiences.
Virtual queue lines with QR and SMS notifications
Virtual queue lines in banking use smart phones and SMS notifications to improve customer satisfaction by allowing customers to reserve their spot scanning a QR code that is posted at the front of the queue, which will provide them with a virtual queue line that sends out SMS notifications when their turn is about to come. This allows customers to leave the physical queue and go about their day without having to worry about losing their place in line. As a result, customers won’t have to wait in long lines for extended periods of time, saving them time and improving their experience.
Strategies for creating a seamless customer journey in phygital
- Design a Unified User Experience: Design a consistent user experience across both physical and digital channels. This includes ensuring a consistent look and feel across all channels, as well as providing a consistent set of features, services, and options.
- Leverage Data: Use customer data to customize the customer experience. This includes using customer data to personalize marketing messages, provide relevant product recommendations, and create customized in-branch experiences.
- Integrate Physical and Digital Channels: Make sure that physical and digital channels are connected. This includes making sure that information is shared across channels (for example loyalty program points that can be spent in a store in the area), and that customers can easily switch between physical and digital channels.
- Embrace Mobile: Mobile is an important part of the phygital experience. Make sure that your mobile experience is optimized for customers and that you are leveraging mobile features such as location-based services, push notifications, and SMS transactional messages.
- Make it Easy: Make sure that the customer journey is as easy and intuitive as possible, and that customers can easily access all the features and services they need. This includes providing simple and easy-to-navigate menus and conversational intelligent assistants.
Phygital: in conclusion
In conclusion, the phygital revolution is quickly transforming the financial services industry. By leveraging digital technologies such as ewallets, geolocation, QR codes, and conversational AI, financial services companies can create a more efficient and personalized customer experience. Additionally, by combining physical and digital experiences, customers can access a more seamless financial services experience. By implementing phygital solutions, financial services companies can create a better customer experience while still providing a secure and convenient experience.
Get in touch with us if you have questions about how to implement a Phygital Strategy!