Phygital Banking Is Here To Stay | G + D | Money20/20 Europe

Phygital banking is here to stay.

Maybe you’ve heard this buzzword, maybe you haven’t. Either way it’s becoming an integral part of modern banking. To find out more, we spoke to Mehdi Heidari from G+D, who explains the integration of physical and digital banking experiences, to meet modern consumer expectations.

We also hear about the launch of Convego Service Market, which happened at this year’s conference. Read on to find out more about this potentially game changing opportunity.

In the video, Heidari, who is Head of Product Management: Digital Issuance in Financial Platforms at G+D, goes on to explain how “Phygital Banking” goes beyond being a buzzword, reflecting banks’ admirable efforts to merge physical and digital interactions to meet evolving consumer expectations.

Over the past year, banks have been adopting this approach, providing a seamless customer journey that leverages both physical branches and digital platforms. For instance, a customer might apply for a credit card online but visit a branch for personalized advice or complex issue resolution.

The role Phygital Banking plays in card issuance

Phygital banking also plays a significant role in modern card issuance services. From the moment a customer applies for a card online, they interact with digital platforms, but the experience extends to receiving a physical card, often necessitating branch visits or secure mailing. Ensuring a smooth transition between these touchpoints is crucial for customer satisfaction. An example is a customer applying for a debit card via a mobile app, tracking its status digitally, and then receiving the card by mail or at a branch.

Heidari introduces the Convego Service Market, an upcoming platform to be launched at Money 2020, designed to help banks integrate digital and physical services seamlessly. This platform allows banks to provide a wide range of services through a unified system, ensuring consistent and efficient customer service across channels. For instance, a bank could use the platform to offer a new savings product, allowing customers to apply online and visit a branch for further assistance if needed, all within a cohesive and connected experience.

Overall, Mehdi Heidari emphasizes the practical implementation and growing importance of phygital banking. By integrating physical and digital experiences, banks can better meet customer needs, offering a seamless and efficient service. The Convego Service Market represents a significant advancement in this integration, providing banks with a powerful tool to enhance service delivery and customer satisfaction.

Catch more of our coverage from Money 20/20 Europe 2024 right here.