Future Analysis of Phygitalisation for Financial Services in India

Abstract

The financial services industry has witnessed a significant transformation due to technological advancements from physical to digital and changing customer behavior and response towards financial services, leading to the adoption of phygitalisation. This combination of digital and physical channels aims to give a consistent experience to clients. Prior to government financial institutions, private financial institutions in India, such as ICICI Bank, HDFC Bank, and Axis Bank, had adopted innovative phygital strategies. This chapter analyzes the factors, challenges, and opportunities associated with phygitalisation in India's financial services industry. It employs a narrative review approach, including a review of the existing literature and research questions. This finding offers financial institutions a competitive advantage. However, challenges such as technological, regulatory, and cultural factors may need to be addressed. Overall, the future of phygitalisation in financial services in India appears promising.