As digital transformation is propagating all around the world, only organizations that are leveraging digital technologies to reinvent their business models will survive. Digital transformation is different in every industry. It has completely changed the banking industry as well in the past few years. Banks had/have to deal with digital disruption at every level, from new technology and new competition to increasing customer expectations etc.
Although today's customers are more reliant on their smartphones and prefer to engage with their banks via digital channels, visiting a local branch remains necessary them. Especially in case of important financial decisions, such as applying for a loan, people feel more safe and comfortable communicating in person with a bank officer rather than applying online. There are many other important cases (resolving serious account issues, depositing cash, account opening) that are better served in person call for a physical visit to the bank.
In order to be able to deal with market disruptions, increasing customer expectations and to avoid to become a victim of the digital transformation banks are increasing the integration of digital technologies within the physical branches.
Going 'Phygital' is the future of banks. The word, Phygital is the combination of physical and digital. Phygital distribution refers to the blend of online services and the physical branch offices that customers are increasingly expecting from their banks.
Bank of Beirut is continuously upgrading and transforming its services to meet the diverse expectations of its customers, especially the millennials who expect flexibility and convenience. During the past years Bank of Beirut has been experimenting and exploring various products and services to achieve the necessary change of the digital era and to meet customer expectations, which led to changes in functions and transformations within the bank.
In order to satisfy its customer's needs, Bank of Beirut has launched the Hybrid concept, where customers visit at the bank is enhanced by an integrated physical and digital experience. The design of the new Hybrid branch has been transformed from the classic branch look to a modern lounge, where customers can conduct online simulations and apply for loans and to do all their online banking transactions seamlessly. Bank of Beirut is continuously developing progressive user-experiences across all its channels.
Going Phygital and understanding the need of a customer-centric omnichannel design is key for innovation in the banking industry.
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