BlogsTransforming Banking Experiences: The Power of Phygital Solutions
Banking isn't just about transactions—it's about crafting unforgettable experiences. Banks are now blending physical and digital elements seamlessly, giving birth to the concept of "Phygital Banking" through the Phygital Customer Experience Management (CEM) platform. This innovative solution harmoniously integrates various components like appointment booking, self-service solution , queuing systems, virtual banking consultations, customer feedback systems, and business intelligence (BI), redefining the customer journey in banking, delivering exceptional customer experiences while optimizing operational efficiency.
Let's explore the dynamics of these components and how they collectively shape a modernized and personalized banking experience, enriched with compelling statistics and insights.
Appointment Booking
Among the rapid evolution of digital banking, where time is of the essence, appointment booking functionalities offer a lifeline to both customers and banks, facilitating efficient planned visits without wait times. Considering that 78% of customers prefer scheduled appointments for their banking needs (Source: BankingTech). By embracing online booking, banks not only enhance customer satisfaction but also demonstrate their commitment to meeting evolving digital expectations, ultimately fostering stronger customer relationships and operational efficiency.
Advanced Queue Management System
Efficient queuing management lies at the heart of customer satisfaction. As 86% of customers are more likely to return to a bank that offers a seamless queuing experience (Source: Deloitte). The Phygital platform's smart queuing system serves as a pivotal link, intelligently routing customers to either the customer service counter or self-service kiosks based on their demographics and needs. It also ensures intelligent prioritization between walk-ins and pre-booked customers.
Furthermore, a smart queuing system seamlessly integrates with virtual visits, providing a cohesive omnichannel experience with a fully synchronization between in-person and virtual consultation. This holistic approach ensures that customers receive personalized and efficient service across all touchpoints, thereby enhancing overall satisfaction and loyalty.
Self-Service Kiosks (Non-Cash)
Empowering customers with self-service solution (Kiosk Solution) is not just a convenience; it's a strategic imperative.). With the Phygital CEM platform, customers can perform many of non-cash transactions effortlessly, from 24/7 opening new accounts to instant issuing of banking cards, cheques book printing, applying for loans and remittance services.
Integrating the queue system with the kiosks to automatically call the next customer for service by the self-service machines represents the ultimate solution for streamlining customer flow, reducing wait times, and maximizing operational efficiency in modern banking environments. With such innovative integration, banks can effectively transition towards smart digital branches, extending banking hours, saving costs, and enhancing the overall customer experience.
Virtual Banking Meetings
Virtual banking meetings represent the spirit of convenience and flexibility in today's digital age. According to recent surveys, 64% of customers express a preference for virtual interactions when discussing financial matters (Source: PwC). By seamlessly integrating virtual banking meetings into the Phygital CEM platform, banks can bridge the physical-digital divide, offering customers consultations from the comfort of their homes or offices, while saving time and cost of their transportation.
Synchronizing between virtual visits and physical visits is the ultimate solution for both banks and customers, where banks can optimize their resources by reducing the need for physical infrastructure and staffing while providing customers with the flexibility to choose their preferred mode of interaction. Additionally, customers benefit from greater convenience and accessibility, as they can engage with their bank at their convenience. This approach fosters stronger relationships between banks and customers, enhancing overall satisfaction and loyalty in the process.
Customer Feedback System
Analyzing customer feedback is essential for continuous improvement in banking. Implementing robust feedback mechanisms enables banks to understand customer preferences and pain points, driving strategic decisions and enhancing overall satisfaction. By efficiently gathering insights across touchpoints and utilizing multi-channel feedback options such as mobile apps, feedback devices, and self-service machines, banks can analyze data to inform strategic decisions, gain full insights to speed up processes, optimize operational efficiency, and improve customer journey management.
Business Intelligence (BI) Tools
Business Intelligence tools provide banks with invaluable insights across all customer touchpoints.
These tools generate reports on customer demographics, transaction patterns, and feedback analysis, empowering banks to tailor services, optimize resource allocation, and enhance customer satisfaction.
With Live Dashboard, banks can monitor customer journeys in real-time, track waiting and visit times, and drive growth with smart insights:
- Predict loaded branches, plan resources, and minimize queues.
- Understand customer satisfaction levels.
- Monitor branch performance and optimize operations.
- Compare branches' performance against corporate KPIs.
- Manage employee efficiency, boost productivity, and recognize top performers.
SEDCO: Leading the Phygital Revolution
As banks navigate the complexities of digital transformation, partnering with a trusted provider is crucial. SEDCO leads the way in phygital transformation, offering solutions that seamlessly blend physical and virtual touchpoints.
From appointment scheduling to efficient queuing systems and immersive self-service banking experiences, SEDCO's solutions aim to optimize the customer journey. By leveraging SEDCO BI intelligent tools effectively, banks can make informed decisions, streamline operations, cut costs and deliver exceptional customer experiences.
With a track record of success across industries like Banking, Telecom, Government and Healthcare, SEDCO provides comprehensive Customer Experience Management solutions, representing commitment to innovation leadership, while ensuring rapid deployment and easy configuration.
Working with numerous global banks and served millions of banking users worldwide, SEDCO continues its mission to streamline the customer journey, optimize resource allocation, and enhance banks' operational efficiency.
For more details on how SEDCO can transform your banking experience, please contact SEDCO today!