The world has completely changed we no longer exist in a pure physical or pure digital world rather we inhabit a “Phygital World” a blend of both physical and digital world.
This presents both challenges and opportunities to multi-location brands especially in those in Banking, Financial services and Insurance (BFSI) sector. Customers now expect the convenience of digital with the personalized touch of local.
How can BFSI brands navigate this complex landscape and not just survive, but thrive?
The BFSI sector, traditionally reliant on physical branches and face-to-face interactions, is undergoing a transformation. While digital channels have become essential for routine transactions and information access, the human element remains crucial for complex financial decisions and building trust. This is where the 'phygital' strategy becomes more crucial. It's about creating a cohesive customer journey that seamlessly integrates online and offline touch points, offering the best of both worlds to their customers.
Today’s customers, particularly in the BFSI sector, are digital advanced yet value personal connections. They expect seamless digital journey as well as tailored physical responses to their queries. They need 24/7 access and convenience of digital channel, simultaneously the presence of human interaction to build the trust as in financial matter trust is paramount. Understanding complexity of the needs and wants of customer and addressing them is essential for business growth.
Here are few strategies to try and implement to take on the Phygital world.
While digital platforms offer scalability, local relevance is non-negotiable for trust building. BFSI brands must tailor digital offerings to regional preferences through effective steps include local listing management.
From updating branch level information to localized content sharing, BFSI brands should tailor their marketing efforts to specific geographic areas, taking into account local demographics, preferences, and cultural nuances.
It involves integrating all channels-ATMs, Mobile apps and the Branches to provide consistent and personalized customer experience because an Omni channel approach is the cornerstone of a successful phygital strategy. Here are few ways of making integrated system
Even in digital realm, humanizing the experience is essential. By leveraging technologies like chat bots, AI-powdered virtual assistants that can handle routine inquiries while escalating complex issues to human agents.
AI can analyze vast datasets to deliver personalized recommendations while maintaining a local touch an AI-powered Predictive Assistant alerts customers about localized offers (e.g., monsoon insurance renewals) or branch-specific events (financial literacy workshops in underserved communities), building relationship beyond transactions.
For a BFSI brand, physical presence still matters, hence brands should actively engage with local communities through sponsorships, events, and partnerships. This helps build trust and reinforces their commitment to the local area.
The ‘Phygital’ world is here to stay. Brands who successfully blend the digital convenience with local relevance through strategies include Google My Business optimization will be the ones that thrive. Through the strategies mentioned above BFSI players can create a differentiated, future-ready ecosystem. The winners will be those who don’t just adopt phygital trends but reinvent them to serve customers as individuals wherever they are.
If you’re associated with a BFSI brand and are looking forward to easing your hyperlocal marketing efforts look no further than ProManage.