WHY PHYSICAL BANK BRANCHES REMAIN CRUCIAL IN AN ERA DOMINATED BY DIGITAL

Trust, human engagement, and relationship management remain crucial for customers

- DHEERAJ SANGHI

Physical branches provide the space necessary for such face-to-face consultations and offer customers access to knowledgeable staff who can provide personalized advice. This is more challenging to achieve through digital banking channels. Also, online communication is counterintuitive when customers are faced with a plethora of complex choices. This is especially true when addressing customer-specific issues, with the branch staff being more successful at effectively resolving concerns while upholding the highest customer satisfaction and loyalty standards.

While digital banking will continue to gain traction in the near future, traditional bank branches will evolve into "phygital" branches—where physical and digital experiences converge to create seamless banking solutions.