Thank you Giesecke + Devrient for a wonderful opportunity to talk to your clients about digital banking!
Digital alone won’t deliver a customer experience you can be proud of! If you’re not combining digital with physical for a “phygital” experience your missing out on the gold standard.
Need proof? Take one look at Alipay or Robinhood.
I recently had the pleasure of working with G+D on a great program focusing on banking customer journeys. Speaking with Gabreille Bugat, Head of e-Payments we had a conversation that focused on how both digital and physical are required to keep clients happy. It’s not one or the other but both!
It should come as no surprise that I used Alipay as a great example of phygital. China’s payment platforms are years ahead of the West, but one thing that Alipay has going for it is fantastic access to customer service.
For an example of this, I can get a customer service operator in English in all of about a minute the rare time I actually need service. The point is that even in hyper-digital China where platforms rule, there is a clear realization that physical service is still required. Oh, and by the way, WeChat isn’t as fast as Alipay but they’re no slouches.
Want an example closer to home where things didn’t work out so well? Look at Robinhood who finally put in a customer support line this October. They tried digital only and it didn’t work out quite as planned! Floods of calls to the FTC and even SEC over frozen accounts and other issues was a blow to their “digital-only” strategy.
The point is that anyone thinking that going digital means abandoning your clients to a digital-only system is missing the point and playing with fire. Digital is great, but there is still a need for physical contact with clients to take them beyond the customer experience that digital can provide. Alipay is just one example of how this works.
From the article:
“Does it make sense to create a new bank or financial services fintech in today’s competitive world? Turrin certainly thinks so, but there’s a caveat: “Legacy systems are slowing the growth of new user interfaces and APIs. … Digital banks can produce a service at lower costs … using the latest technology to make them far more competitive than their incumbent challengers – but then it comes down to something really basic, which is trust and faith … and that’s the real challenge.”
Link to article on G+D website:
Driving phygital banking transformation