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'Phygital': a banking strategy for the new isolation economy
Jun 5, 2020
The pandemic is ushering in a new, digital-oriented way of life for many people. Banks should not be tempted to ditch their physical presence altogether, however. A hybrid of offline and online engagement is the best way forward.
There is no doubt that the current pandemic has put immense pressure on many businesses around the world to rearrange their distribution channels and turn to digital as their key means of engagement with their customers and their employees. Following governments’ tough restrictions and measures taken by many organizations, we have seen digital transformation programmes accelerate drastically in order to respond to changing customer behaviour.
The day-to-day functioning of society is changing fundamentally. The lifestyle transformation being effected by COVID-19 has given rise to what is being called the 'isolation economy', one that could supersede the previous 'social' and 'sharing' economies. No longer can businesses rely on the sharing of physical assets or interactions in order to drive their business models; now they will need to think of new products and services that will fit with their customers’ new way of living.
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