Technological advances have transformed the financial services industry in recent decades, leading to significant changes in the way people manage their money. Retail banking is now rarely confined to a physical branch, with more and more people relying on online and mobile services – a shift that was accelerated by the COVID-19 pandemic.1
In the past, banks tended to develop digital experiences that were largely aimed at tech-savvy younger generations. But this can be seen as simply the first phase of a much broader shift: the digitalization of services across the board means that people of all demographics are now open to online banking experiences, as long as they are provided with meaningful customer journeys that strike the desired balance between physical and digital banking. Here’s how financial institutions can go about creating such “phygital” customer journeys, ones that are right for their targeted demographic groups.