Bank branches are the forecourt of modern banking. Realizing that branches are the prime customer touch points, banks all around the world are augmenting their use of digital signage for in-branch branding, customer promotions, reducing perceived waiting times, and uplifting ambiance.
With the burgeoning number of banks everywhere, it has become intensely important for banks to distinguish themselves, and stand out in terms of the products they offer, and the customer experiences they deliver.
In this digitized era, banks must cash upon their potential target market, and implement a digital signage network to effectively cater to increasingly tech-savvy bank customers who expect the best products, and customer service from their banks. Customers walking into a local branch expect their bank to be at least as technologically sophisticated as they are.
The Need for Digital Signage in Banks
Image Courtesy: DBSI
Branches are multi-channel businesses, in order to gain significant share of consumer’s wealth wallet, banks must start working on a comprehensive campaign to reposition the branches. While banks invest profoundly in CRM solutions, there’s a need to capitalize on digital signage to reorganize customer experiences inside branches. With a remarkable product portfolio and a substantial customer base, it’s of utmost importance for banks to engage with customers, and inform and educate them about the vast array of banking products they can benefit from.
Enhanced Customer Engagement
While waiting in a queue at a branch, customers tend to get anxious, and usually perceive their waiting time to be greater than their actual waiting time. That’s why more than 60% banks use digital signage for conveying 75% bank related messages.
Digital signage proves to be an effective solution in such cases, as it trims down perceived waiting times, helps entertain customers, reduces customers’ anxiety, and improves overall customer experience inside the branch by portraying information regarding banking products, real- time queueing, entertainment, and news and stock updates. According to research, digital signage captures 400% more views than static displays.
Enriched corporate communication
Image Courtesy: Wavetec Banking Solutions
Over time, a profound shift has taken place in banks’ usage, understanding, and appreciation of digital signage due to its attention-grabbing element, its enhanced communications “shelf space”, its mechanisms for locally relevant messaging, and its quality of improving branch appearance. Instead of starting email threads, or updating information on rarely visited portals, corporate messages can be shared with all the branches at the same time using digital signage to train employees, impart product knowledge, and provide important updates.
Digital signage is a full fledge enterprise solution that gives banks a digital branch-wide platform for corporate communication. To provide banks with effective control over in-branch content management, digital signage comes along with a dynamic media controller, and leverages banks to present a variety of content in different formats, and according to set schedules allowing different products to be marketed to customers throughout a day.
Higher ROI and ROO
Banks that have invested in digital signage have found that the payback is as low as 18 months. One of the best things about digital signage is that it’s easy to measure the success of messages value of the investment. When it comes to retail banking, there’s a really strong case for digital signage. 95% retail banks that have implemented digital signage are really satisfied with the technology deployment.
In-branch digital signage allows you to timely deploy content, and effectively target messages to customers which lead to a greater ROO, as smart and sophisticated in-branch merchandising can truly help engage customers’ interest in bank products and services and build strong brand relationships.
Grow with digital signage
This innovative, audience-targeted, high reach, high engagement media holds a lot of potential for in-branch merchandising that can lead you to growth. The question arises how soon is your bank transitioning to digital signage?