Hybrid Banking: The Convergence of Physical with Digital Banking - An Evolving Transformation

The banking system has been exponentially growing and a rapid transformation has set in thanks to the fast pace growth in technology. In this scenario Hybrid banking is the way forward especially as the aftershocks of the Covid 19 pandemic continue to reverberate across the economy, hybrid banking combines the best of both worlds that eventually leads to increased productivity, flexibility, efficiency, cost-effectiveness and last but not the least an enhanced bottom-line. Swift customer acquisition through quicker account setup, quicker approval of loans, a reduction in paperwork, early fraud detection, also mobile deposits are but some of the features that customers can use to enhance their banking tasks, simultaneously availing personalized relationships at brick and mortar physical banks. In the same vein the arrival of disruptive technologies is changing the competitive landscape of the banking system. Banks embrace new technologies to bring process improvements, cost optimization and to supply value-added services. While investment in technology is inevitable, banks got to prioritize the challenges of adopting new technologies. The present paper is an attempt to study Hybrid banking and its various features that have an impact on the Customer experience and the disruptive technologies that are fueling this exponential transformation.