The rise of phygital experiences: a new normal for businesses to thrive?

Published: July 10, 2023

min read

With Digital adoption growing significantly in recent years, the demand for meaningful customer experiences has also invariably increased. It puts businesses in a position to target audiences with highly personalised marketing campaigns by understanding their needs well so as to gain their attention and boost the ROI.

But beyond that, they need to constantly evolve, adopt, and apply the advancements in technologies that hit the business world. For the benefit of their business and customers.

Among many such innovations, providing a phygital experience is one that has gained businesses’ traction in recent years.

Recently, GoTyme Bank Philippines promoted financial inclusion with a phygital approach. With the appetite for innovative digital financial services growing, GoTyme blends the advantages of digital banking with the support of authentic individuals.

It is well known that the GoTyme Bank Philippines joined the list of providers of phygital experiences a long time ago. The bank’s phygital approach allows its customers to create an account in just five minutes using the app or at kiosks operated by bank representatives in Robinsons malls across the country. This technologically advanced, high-touch approach guarantees that customers obtain valuable assistance at all times.

Customer service reflects the bank's human-centred approach. It allows consumers to get personal assistance 24 hours a day, seven days a week, via phone, chat, or email. GoTyme Bank strives to reply to inquiries within three hours and allocates each customer a dedicated customer success representative to handle their concerns.

Now, with this new approach, GoTyme Bank intends to make an enormous impact on Filipinos' financial empowerment and accessibility by providing a preferred banking service that prioritises its customers' needs and desires.

Furthermore, GoTyme seeks to fill market gaps by offering quality, lower-cost banking services to underserved parts of the population by leveraging digital technology.

What does this mean for CTOs?

To succeed in any business, finding out the customers’ preferences and acting accordingly is critical.

In that context, providing an option for phygital customer experience is both convenient for users and beneficial for brands in many ways. GoTyme Bank’s recent move towards intensifying the bank’s phygital experience reiterates the same.

From retail to banking, any brand across various industries can use this upcoming trend to their advantage to provide their customers with seamless experiences with the brand.

Here are the reasons why businesses should not overlook crafting an effective phygital strategy:

By using this technology to offer personalised recommendations or interactive displays, brands will be able to provide unique experiences to customers, build stronger connections with them, and ensure a cohesive experience throughout their journey. This will also help brands enhance convenience and accessibility for customers and see deeper customer engagement.
As phygital experiences can generate valuable data, they can provide valuable insights into customer preferences and pain points for businesses. By clearly understanding the elements of the experience that resonate most with their customers, businesses can make meaningful marketing decisions. Besides, they can also apply the knowledge gained for process improvements and product development. This way, it will pave the way for brands to make data-driven decisions and better serve their customers.
By integrating their online and offline channels via this approach, brands can ensure consistency and continuity across various touchpoints. For example, let’s take GoTyme Bank. With its kiosks, customers can easily create a new account and then make further transactions using their website or physical location as per their convenience. This way, the phygital approach provides lots of flexibility to users and prevents them from experiencing any disjointedness. This, ultimately, can enhance the users’ experience and strengthen the brand's presence.
It is undeniable that executing a phygital approach involves well-crafted planning and a deep understanding of customers’ preferences. But if it is well executed, it will significantly improve customer satisfaction and loyalty. Consequently, it can elevate the chances of customers remaining loyal to them, boost repeat purchases, and drive overall business growth.

Overall, we see GoTyme Bank’s new approach to intensifying the phygital experiences as all the way towards going beyond their customers’ expectations. And, in our opinion, it is high time for brands to pay attention to these kinds of trends and embrace them to create meaningful experiences that resonate with their customers the most and drive long-term success.

Author

Jasmine Jackson

Jasmine is a social media maven with a talent for building engaged communities. She's a natural storyteller and has a way of making complex ideas accessible to everyone. In her spare time, she enjoys reading, and exploring new cuisines.