Digital payments have become increasingly popular in India. However, people living in rural areas still face difficulties when it comes to accessing banking services such as opening accounts and applying for loans. Fintech companies like Manipal Business Solutions (MBS) are working closely with leading financial institutions to improve access to banking services in these underserved areas. However, there are still challenges to overcome, including limited infrastructure, low levels of financial and digital literacy, and unreliable internet connectivity. These obstacles make it difficult for rural citizens to access both physical and digital banking services.

The rise of “Phygital”

The emergence of “Phygital” represents a pivotal shift in the banking landscape, where the reliability of physical branches and the convenience of digital technology are enhancing customer experiences. MBS is helping banks to go phygital to seamlessly combine the strengths of brick-and-mortar banking with the convenience and efficiency of digital technologies. With the phygital approach, banks can convert customer interactions into trust-building opportunities, catering to both tech-savvy youth and elderly individuals who may not be familiar with the technology.

How will Phygital Benefit Rural Customers?

Convenience and improved accessibility:
Customers living in rural areas often have to travel long distances to visit bank branches and wait in long lines to perform simple banking tasks like depositing or withdrawing cash. To make things easier for them, MBS offers digital tools like micro-ATMs and mobile Point-of-Sale (PoS) systems combined with a strong network of authorized agents PAN India who can assist customers whenever needed. This way, rural customers can perform their banking transactions closer to their homes without having to travel long distances. By using these digital tools along with the personalized touch of local agents, banks can improve the overall banking experience for rural customers and build trust within their communities.

Enhanced customer experiences with multichannel interactions:
In today’s world, simplifying and making banking hassle-free for customers is of utmost importance. To achieve this, banks collaborate with fintech companies such as MBS, which offer innovative technology platforms and a vast network of merchants and agents. By doing so, banks can provide customers with a seamless experience across all channels, be it apps, websites, bank branches, or Business Correspondent (BC) banking outlets. This collaborative approach not only satisfies customers but also offers them the freedom to choose the channel that best suits their needs.

Benefits of Going Phygital for Banks!

Help to explore the untapped territories:
Phygital banking presents a new opportunity for banks to access untapped rural customers. By using MBS’ digital apps and the Business Correspondents (BC) network, banks can expand their services in the remotest part of the country. This expansion will enable banks to increase their market reach and grow their customer base by offering services in previously unexplored geographic areas and to new customer segments.

Build Customer trust:
In the finance industry, trust is very crucial. Studies have shown that many people in countries like the UK and the US find it hard to trust banks and financial companies that only exist online. To solve this problem, it’s important to have digital services and physical branches with real people who can help customers. This way, people can feel more confident that their money is safe and that they are working with a trustworthy financial institution.

Unlock the Phygital Potential

By embracing the Phygital model, banks can truly revolutionize the banking journey for their customers, bridging the gap between physical and digital services. Our offerings are designed to revolutionize the way customers engage with their finances in both urban and rural areas of India. Discover how our innovative solutions like doorstep KYC services, rural extension branches, and partner stores can enhance accessibility, streamline processes, and foster trust at every touchpoint.

Explore our offerings today and embark on a journey towards expanding your reach and offering a seamless banking experience to your customers.