The term “phygital” is a blend of the words physical and digital and describes the new trend of combining physical and digital sales and distribution channels for products and services. It is now being used in the financial sector as well, as companies have started investing in digital technologies under pressure from the fintech startups. At the same time, banks have begun to realize the necessity of modernizing their brick-and-mortar branches, which are still visited by many customers.
While the phygital approach is being applied in distribution channels, banks and insurance companies are transitioning to the digital era. Meanwhile, there are new developments in digital payments and POS devices, which should also be taken into consideration by all professionals involved in related sectors – at least in Greece.
These changes, already underway in companies of the financial sector, was the focus of the 4th Digital Finance Forum organized by Ethos Media. This year’s event was titled “The Financial Sector in the Phyigital Era” and was the next step after the conference “Digital Finance Forum 2016”, which was focused on the digitization of the financial sector and the changes brought by ongoing developments in digital technologies.