Importance of Phygital Channels Highlighted in PwC Survey

A recent survey by PwC India, conducted in collaboration with Dvara Research Foundation across 18 districts in seven states covering 4,000 households, reveals that families adopting both physical and digital (phygital) financial channels are financially stronger compared to those relying only on digital methods. The study highlights the growing importance of diversified access to financial services and networks in improving household financial health.

In southern states, nearly 70% of households use multi-service digital financial services, supported by strong networks. About 44% rely on third-party advisors, 40% on social networks, and 13% on formal providers. In western India, 95% access digital financial services, but 65% of borrowers faced loan rejections. Northern regions still lag due to poor infrastructure, with 40% lacking nearby services. In eastern India, 37% never sought financial advice, while 23% received no response, with income instability being a major challenge.