The concept of money is shifting towards digital. However, the retail financial experience connecting customers to their financial institution is still fundamental. While online banking is convenient, numerous bank functions still require a more personalized branch experience. Data from an April 2021 survey shows that 42% of customers still prefer to visit their banks or credit unions for transactions. Given that this is a significant portion of the client base, enhancing the banking experience is crucial. Recently, many banks have been embracing in-premise digital displays to make the shopping experience more enjoyable.
Digital signage in financial institutions already has a solid position in the future. If your bank branch still uses traditional communication methods, it could be left out. Here’s how to use digital signage for financial institutions.
Getting Started with Digital Signage in Financial Institutions
Plans to incorporate digital signs should have a reasonable goals statement. Besides, they should have a realistic set of measures to analyze the system’s performance against those goals. It’s also essential that the internal team periodically evaluates progress to revise and update information. Further, the team must check to see that it presents the message effectively. Doing so empowers a banking institution to leverage a digital signage system’s dynamic nature and power.
Before rolling out a pilot program, a bank should identify various key performance indicators (KPIs). Similarly, it helps to have a clear understanding of what to expect from the messaging. When your bank digital signage project has all the necessary measures in place you can enjoy the following benefits of digital signage:
- Real-time communication of messaging
- Strengthened brand loyalty
- Enhanced customer experience
- Lower training costs
- Reduced overhead costs
- Increased sales of financial products
- More deposits
More importantly, the creative use of digital signage reduces the perceived wait times by approximately 10.8%. The average customer doesn’t want to wait for more than 10 minutes.
Locations for Digital Signage in Financial Institutions
The location for your digital system displays can be inside or outside the bank. You can leverage any strategic spot to communicate a message that conveys the brand’s strengths or values. With this in mind, consider these locations to deliver a high impact:
1. Welcome Area
Catch your customer’s attention as they enter the bank by greeting them with a network of large-format video walls. Ideas for digital signage content include wayfinding information while inside the building. Alternatively, you may display localized news and weather updates from selected RSS feeds customized to the bank’s template.
2. Front of the Building
Do you want to reach more than your regular customers through digital signage displays? High-impact, brand building content displayed on the store-front window or the building’s exterior can be a convenient way to communicate with passersby on the street. For the displays to be most effective, ensure the content management is effective enough to enhance customer engagement.
Digital screens strategically positioned at the service counters can enhance queue management. As you promote your products and financial services, you give customers something to watch and take their minds off the clock. That gives them the impression that their wait times are shorter.
4. ATM Kiosks
When strategizing for digital signage placement, don’t overlook the one area that has been a part of your branch for a long time; the ATM area. With digital screens incorporated into the touchscreens, you can convey messages to customers as they wait to receive their money.
It’d be an excellent strategy to target customers who rarely step inside the bank. Notably, such customers have few chances of gaining exposure to the internal information. However, ensure the messages are short, targeted, and concise as patrons spend only a few moments at an ATM.
5. The Drive-Thru
Undoubtedly, the drive-thru is taking a new face, thanks to online banking and mobile apps. Nonetheless, advances in digital signage technology provide an opportunity to use various digital signage solutions in drive-thru lanes. As your audience waits in line, they can learn more about your initiative, products, and services. Besides, messages to reinforce your brand can reduce the perceived wait times.
Bonus Location: Community Areas
Think of other areas within the bank where queueing is likely to happen. Those are prime areas for placing one-way communication channels. For example, the consulting room is a strategic location for setting broadcast screens.
Leveraging Digital Signage in Financial Institutions
A well-structured digital signage system can enhance the overall customer experience in retail banking institutions. By providing relevant brand messaging, you keep your customers in the know and make them aware of what to expect from you. Given the growth of digital signage in financial institutions, you can’t afford to overlook its importance in your branch.