TECH BUYER Jun 2021 - IDC Perspective - Doc # EUR147805321

Phygital: The Future of Banking Branches

By:

Szilard Farkasdi
Abstract

This IDC Perspective presents our assessment of the future of traditional banking branches by analyzing a model that might be adapted by many banks going forward — the "phygital" model. Phygital — a combination of physical and digital channels — takes the best of both worlds and offers seamless customer experience for banking clients by implementing advanced digital and physical capabilities, including but not limited to biometrics, advanced ATMs, innovative approaches to customer service, and comfortable and spacious facilities. Phygital is an innovative direction with modern, customer-friendly, seamless, and comfortable advantages — banks should aim for this direction of customer service.

"Phygital banking branches is an emerging trend that some very innovative banks have started implementing to further elevate customer service in their branches, provide innovative and convenient solutions to clients, diversify and optimize revenues and costs, and further digitally educate their customer base. I am a big fan of the phygital concept and very curious to see how this concept develops and evolves further," said Szilard Farkasdi, research manager, IDC Financial Insights Europe.


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