Phygital Marketing Communication and Metaverse Usage Experiences in the Banking Sector

Abstract

The aim of the study is to focus on the marketing communication strategies in the banking and finance sector from past to present, and to detail the concepts of phygital banking and metaverse banking in terms of both usage and the advantages and disadvantages it brings from the perspective of industry professionals. In-depth interviews were conducted with a total of 6 expert bankers from 3 different banks, which constitute the universe of the research while providing sample criteria. The data transcripts created with participant statements were divided into six themes and forty-three sub-codes and presented to expert opinion to ensure the external control of the research. The data were subjected to content analysis using the MAXQDA 2022 qualitative analysis program. Based on the findings, answers were sought to the following questions: (1) What are the definition, scope, and application areas of digital marketing communication in the banking and finance sector? (2) What are the elements of digital marketing communication used in the banking and finance sector? (3) What are the advantages and disadvantages of the digital marketing communication era in the banking and finance sector compared to the traditional marketing communication era shopping experience? According to the data analysis results, participants define digital marketing as a new marketing strategy that enhances consumer experience by combining traditional financial services with digital technologies. In addition, digital applications in the banking and finance sector are concentrated in areas such as application processes, marketing activities, payment systems, and smart voice systems. While the most commonly used digital elements are artificial intelligence (AI) and QR code, augmented reality (AR), virtual reality (VR), and blockchain are following these digital elements. According to the research results, the prominent advantage of digital marketing is experience-orientedness, while it is observed that digital spaces such as metaverse, with their decentralized and anonymous structure, also bring some privacy and security disadvantages. Concepts such as digital and metaverse are important innovative concepts that shape the future understanding of marketing communication. In the study, focusing on the digital marketing strategies used in the banking and finance sector, their characteristic features and technological components were evaluated from the perspective of industry professionals, and recommendations were made to the banking and finance sector based on the findings.