In all areas of life and business, the digital and physical worlds are becoming ever more intertwined—and banking is no exception. That’s why the future of banking services, especially for retail customers, is “phygital.”

It’s also why the Banking Innovation Awards—run jointly by Accenture and Efma—include a category for the best Phygital Distribution & Experience. This award showcases world-leading innovations in banks’ physical and digital channels aimed at enhancing and reinventing their customer journeys, experiences and relationships in a seamless and personalized way at every touchpoint.

This year’s winner was Krungsri Bank of Thailand for its Digital Homeloan—an offering that transforms the customer experience of the mortgage journey using digital Krungsri Di-Sales, and connects it with the physical home-buying journey using Krungsri Homeloan Connect.

Krungsri Bank’s inspiration for the Digital Homeloan sprang from its determination to provide a more positive customer experience during the mortgage loan journey. Its research showed that customers wanted bank staff to be more energetic and service-minded, and to provide them with more information about things like terms and conditions and costs. They also wanted to be kept more up-to-date with the status of their application and the loan process as a whole.

To meet these needs, the bank set out to improve the mortgage borrowing journey by connecting it more closely with the home buying journey. To do this, the bank connected a new smart sales tool—Digital Homeloan—with business partners across the home-buying spectrum via Krungsri Homeloan Connect, using Open APIs to facilitate the link.

The results speak for themselves. Before the launch of Digital Homeloan, Krungsri was ranked fourth in Thailand in terms of mortgage market share. By the end of 2018, the innovative new solution and enhanced customer experience had helped it rise to second place.

The Silver award in this category went to Garanti BBVA of Turkey for its new Central Customer Service business model, and Bronze was awarded to Maybank of Malaysia for its MSpace at Maybank bank branch concept.

In my next blog, I’ll look at the Social, Sustainable and Responsible Banking category.

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