In last 5 years or so the internet explosion in India marked the watershed moment which initiated the radical shift of things from physical to digital. Increasing numbers of Fintech apps and neo-banks have more or less replaced traditional banking, at least in urban India.
The word Phygital is a blend of two words i.e. Physical and Digital. So phygital Banking is a form of banking that combines the comfort of digitalization with the trust of presence of a brick and mortar bank branch. It is a model that integrates convenience banking, mobile banking,internet banking and personalized banking with visiting a branch for cash withdrawal/deposit, locker operations and any other such requirement. Phygital Banking is making inroads to take banking operations to a new dawn.
Need for Phygital Banking
The banking sector has been progressing in terms of technology and therefore, digital customers want real-time solutions for their problems. The Covid-19 pandemic is ushering in a new, digital-oriented way of life for many people. Under lockdown restrictions, digital became the primary channel for retailers, doctors, governments, property, auto sales and banks. Now, the consensus is that many consumers will take a long time to return to regular physical engagements and some may not come back as this has become the new normal.
But banks should not be tempted to ditch their physical presence altogether. This is because one would be reluctant to put all the hard-earned money to a bank that is present only virtually and not physically. If a bank has many branches in operation, it boosts the confidence of customers on that bank. A good portion of customers still want a physical branch despite using mobile banking. However a hybrid of offline and online engagement is the best way forward.
Though the online payment platforms like GPay, PayTM and many others have acquired a good market share in online payment industry but they do not have a robust grievance redressal mechanism and many customers are not happy with the way the failed transactions are being addressed. As they do not have any physical presence to go to, it adds to the misery of the customers and people started to loose trust in them.
So there is a need for this form of banking to run a successful banking business and to gain a more extensive market share. Phygital is making its inroads into banking operations because banks have realized that it is a lever that connects two essential aspects of banking that is customer confidence and experience. The success of this baking depends on consolidating the experiences of traditional banking and modern banking to make the journey of customers seamless and complete.
Advantage of Phygital Banking:
Enhanced customer experiences
Continue reading your story on the app
Continue reading your story in the magazine
Future Of Artificial Intelligence In The Banking Sector
Artificial Intelligence is the Intelligence demonstrated by machines, unlike the natural Intelligence displayed by human and animals, which involves consciousness and emotionality.
Blockchain And Cryptocurrency
Finance has long been a very conventional field with no major breakthroughs happening for many years until the introduction of Bitcoin in 2008 by an anonymous person/ group going by the name of Santoshi Nakamoto. Some people look at cryptocurrency as a major technical breakthrough in the field of Finance that has the potential to change the way we transact, while some look at it with skepticism since it can lead to increase in underground transactions. Through this paper we first try to understand what does 'Cryptocurrency' mean and briefly explain how does blockchain works,then whether truly cryptocurrencies are fool proof with no chance of fraud, and lastly,Reserve Bank of India's opinion on cryptocurrencies. The universe of cryptocurrencies comprises of various tokens and talking about each one of them is beyond the scope of this paper. In this paper we try to focus only on Bitcoin.
BANKING CAPITAL INCREASING CLOUT OF SOVEREIGN WEALTH FUNDS (SWF)
At a time when Banking capital is scarce and finance capitalism is driving the World, it is but natural to expect foreign money to find its way, to pump ailing weak banks.
Conference on Leadership Development for the New Normal, Nepal
Banking, Finance and Insurance Institute of Nepal (BFIN) organized a one-day conference entitled "Conference on Leadership Development for the New Normal" on 27 November, 2021 at the Radisson Hotel, Kathmandu.
AMALGAMATION OF PUBLIC SECTOR BANKS IN INDIA: BOON OR BANE?
Ten Public Sector Undertaking (PSU) banks amalgamated into four banks with effect from 1st April 2020. In the biggest consolidation exercise in the banking space, the number of public sector banks in India has come down to 12 from 18. There were as many as 27 Public Sector banks in 2017. In the past, various other bank mergers have taken place.
External Commercial Borrowings (ECB) and Trade Credits (TC) Policy – Changes due to LIBOR transition RBI/2021-22/135 December 08, 2021
NEW UMBRELLA ENTITY - A GAME CHANGER
NUEs will be a non-profit entity that will set-up, manage and operate new payment systems, especially in the retail space such as ATMs, whitelabel PoS; Aadhaar-based payments and remittance services.
SCOPE AND OPPORTUNITIES OF PAYMENT BANKS IN INDIA
Payment banks is a new Indian model of banks conceptualized by the Reserve Bank of India (RBI).
Retail Banking Post Pandemic: Repositioning & Recalibrating For The Present & Future
The COVID-19 pandemic has brought economies to a standstill and has provided considerable challenges to banking and financial institutions. However, the banking industry has shown tremendous alacrity during the ongoing pandemic.
Block Chain Technology - A Tool Of Digital Transformation
"Artificial intelligence, machine learning, Internet of Things, blockchain and big data hold potential to take India to new heights" -PM Sri Narendra Modi at the 2016 World Economic Forum (On launch of "IndiaChain" by NITI Aayog)
SHAPE SHIFTING OFFICES–IN THE SIX FEET WORLD
In this interview, Vipul Shah, Managing Director-Parinee Group, explains why technology, cleverly woven in with real-estate, can be an answer to solve presence disparity and help companies to navigate the duality of working environments in a post-pandemic era.
Phygital office spaces - The future of commercial real estate
As we gradually transit into the new normal, the below-mentioned strategies for redefining the union between commercial set-up and end-users quality of life has become the need-of-the-hour
How Shopping Centres Can Analyse Market & Consumer Trends
In an attempt to understand consumer trends and market analysis, the Phygital Retail Convention (PRC) hosted a session titled ‘How To Analyse Market & Consumer Trends?’ from the shopping mall developers perspective. The idea of the discussion was to find the impact and approach of tenants and consumers towards the shopping mall in coming months…
Phygital: A New Model Of Retailing
2020 promises to be a crucial year for Indian retail. Even though the digital world has slowly been creeping into our physical lives for a while, the hearts of Indians (and their trust) still lie with the physical retailer. . .
A SEAMLESS OMNICHANNEL PLATFORM FOR STARTUPS
As a consumer moves from a print ad to a social media platform, or from a chatbot to a web page or a brickand-mortar store, brands are moving away from onesize-fits-all approach. They are in fact taking every step possible to deliver a consistent message and seamless experience across all touchpoints. With an aim to help businesses develop a perfect strategy in the ever-changing world of retailing, SOCH Group, which also has the food startup brand Munchilicious, has announced the launch of This or That, which they call the ‘World’s first Omni-channel Retail Platform exclusively for start-up brands’. Rohit Mohan Pugalia, Founder Director, This or That (A SOCH Group Initiative), in an exclusive chat with Point of Purchase, highlights how the platform help brands build stronger business presence on multiple platforms, on some upcoming retail trends and more.