The financial industry is rapidly growing and developing, and banks are always in search of new ways to better serve customers, make their operations more efficient and stay relevant. Digital signage is rapidly becoming an essential and effective means that changed the communication between banks and customers and the work within branches. Through the use of dynamic visual communication, the banks can get a chance to pass on the intended message to the targeted clients, enhance customer experience and thus increase the resulting satisfaction levels. This article analyses three major areas where digital signage can greatly benefit banks.
1. Enhancing Customer Experience
One of the most important values in present-day banks is the customer experience, and digital signs are a significant element of clients’ pleasant atmosphere.
a) Shortening patient’s perceived wait time
Another interesting fact, which may seem obvious to many is that a line is one of the greatest concerns of bank customers. Screens installed in waiting areas or queues can be useful in entertaining the customer through financial tips, product promotions or even any interesting video. Customers feel that it takes less time to get the information they need when the content is relevant and interesting.
b) Personal communication with customers
Digital signs can be linked to CRM systems in order to deliver targeted information to the customers. For instance, while a customer is in an ATM or enters a branch, promotions that relate to his/her financial records may be displayed such as home loan, credit card or investment services. Such a level of personalization makes customers appreciate their experience as they feel valued.
c) Intelligent Information Display
CCTV and touch screens provide customers with information on other services offered by the bank, where the nearest ATM is located or even calculate the repayment of loans. These self-service solutions enable customers to search for their financial solutions on their own time, thus lowering their interactions with bank employees for simple questions and giving the bank a technological look.
2. Business Process Optimization and Cooperation
Digital signage is not only the technology that helps a bank to communicate with the customers, but it also makes internal processes of branches more effective.
a) The central control of content
Current digital signage systems feature content management that allows for the changing of messages across the various branches for a bank. Whether it is new interest rate, new product, change in a policy or any other change, banks will be able to communicate the same message in a consistent and accurate manner.
b) Training and communications
It can also be used internally for the training of employees and passing of information to the organization’s staff. For instance, screens in the employees’ only-access zones can show performance figures, new policies, or encouraging slogans. The latest changes in the market or new products give the staff knowledge of the changes which assist in serving the customer.
c) Improved Queue Management
The use of queue management systems that are also connected with digital displays guides customers to the right counters or service providers. This eliminates confusion and enhances the manner in which clients move around the branch. Furthermore, it makes it easier to make the right investments to avoid time wastage and improve the efficiency of branches.
3. Increasing the Possibilities of Marketing and Revenues
Digital signage is a great marketing aid since it provides banks with an opportunity to advertise their products and services in an effective and attractive manner.
a) Dynamic Content Display
Compared to conventional printed banners, it provides the opportunity to display videos, animations and other real-time information for banks. What this capability does is to enhance the attractiveness of advertisements and make them easily memorable. For instance, a bank can highlight new credit card offers through attractive images or elaborate on the benefits of certain saving products through short informative videos.
b) Potential of Cross-Selling and Upselling
Digital technologies can also use the signages to call the attention of existing clients to related products and services. For instance, a customer using a mortgage loan can be presented with options for homeowners insurance or home improvement mortgage loans on other screens. In addition to informing customers about what products and services they can get from the bank, this approach also tries to sell more products to the same customer, thus generating more revenues for the bank.
c) Market Segment Specific Advertising
In case a bank has branches in different areas, it is possible to address the people in every branch based on their demography. For instance, a branch located in a college area will prefer to market student loans and savings accounts while a branch located in a business area will market business banking services. Digital signage is also advantageous in that campaigns can be localized and implemented with relative ease – increasing their relevance and therefore, their success.
More advantages of digital signage for banks
While the three main categories above highlight the direct benefits of digital signage, there are additional advantages that banks can leverage:
1. Improved Brand Perception: As with any business, a well-planned and implemented digital signage system supports the organization’s image as progressive and client-oriented.
2. Sustainability: To some extent, the use of digital signage reduces the usage of printed materials, and therefore makes banks more environmentally friendly.
3. Flexibility: The use of digital signage is flexible because it can be used for social purposes, for instance during festivity seasons, or it can be used as a means of passing important information such as during an emergency.
Challenges and Considerations
While digital signage offers numerous benefits, banks must address a few challenges to maximize its effectiveness:
· Initial Costs: Digital signage systems cost a lot of money to install and set up. But still, the advantages are much more significant than the costs, which have to be paid in the long run.
· Content Strategy: For the information content to be valuable, banks have to ensure that the content that they post is relevant, timely and interesting. The effectiveness of digital signage can however be nullified through poor management of content strategies.
· Integration with Existing Systems: For banks to get the best out of digital signage, it has to be connected to CDPs, queue management systems, and other digital solutions.
Conclusion
Digital signage is the new reality in banking because it improves the client experience, optimizes processes, and promotes marketing. This is especially important given the ongoing changes in financial institutions where investing in solid digital signage solutions will be the key to competitiveness and providing customers with the highest value.
Through the use of digital signage solutions, the banking sector is in a position to provide a more enhanced, integrated and consumer-friendly banking solutions that will address the current market needs. The end is not just better satisfaction of the customers but also of the operational performance and the generation of more revenues. Digital signage is therefore not a luxury, but a necessity for the future of banking.
