As the second half of 2021 brings increased vaccination rates, life may soon return to a level of normalcy. Nonetheless, neither consumers nor corporations will be quick to abandon the changes they made during 2020. So while social lives may pick up, many of the digital habits formed over the past 18 months will remain. And it will be up to every industry to integrate digital and physical touchpoints and converge the new phygital reality in the name of customer-centricity.
This is particularly true for the banking sector, for which undergoing a phygital revolution is tricky. It poses many challenges that need to be addressed – and the right strategy to address them. For example, many banks are grappling with the future of their branch network, at a time when the need to cut costs is coinciding with an increase in the number of customers who chose digital banking services.