Digital Signage in Retail Banking: Bridging Information and Customer Experience
— October 17th, 2023
In this post-pandemic digital age, the retail banking industry finds itself at a crossroads—navigating the tricky balance between tradition and innovation. As customers increasingly turn to online banking, forward-thinking financial institutions are reshaping how customers experience their physical environments.
As expectations change and technology begins to permeate our day-to-day life, one tool has emerged as a game-changer for enhancing customer engagement and information dissemination: digital signage.
Why Digital Signage in Retail Banking?
The banking industry is more competitive than ever, with traditional banks, online-only banks, fintech startups, and other financial service providers vying for business. A superior customer experience can make a bank stand out from its competitors and attract and retain customers in a crowded marketplace.
Importance of Enhancing Customer Experience
So why digital signage in retail banking? As banking becomes increasingly digital, customers expect seamless experiences across all channels. Customers, especially Gen Z, have higher expectations for the services they receive. They demand convenience, speed, and personalization, whether that’s online or in person. Therefore, brick-and-mortar branches must strive to enhance and complement their digital channels.
Digital signage is the perfect way of achieving this. It allows banks to create modern, engaging displays that keep customers informed, entertained, and connected with the brand.
Brief Overview of the Role Digital Signage Plays Role in Retail Banking
More than just a “showroom”, smart banks aim to create a seamless first-hand experience of the brand, complete with interactive touchscreen displays, self-service kiosks, and more.
As customers step into a bank branch, they are greeted not only by tellers and ATMs but also by vibrant and informative digital displays. Replacing the old analog FX boards and printed flyers, these screens serve as portals to a wealth of real-time information, ensuring that clients stay updated on interest rates, currency exchange values, stock market fluctuations, and other financial data.
Relevant, fresh content keeps customers informed and engaged, creating a more interactive and stimulating banking environment. The flow of information fosters a stronger sense of connection between the bank and its clientele.
As retail banking continually adapts to an increasingly digital world, digital signage serves as a pivotal channel for brand reinforcement. It ensures consistency in branding and messaging across all branches, strengthening brand identity and recognition.
Additional benefits include cost-efficiency and sustainability—by eliminating the need for printing and distributing paper materials for announcements or advertising, banks can realize cost savings while also minimizing any harm to the environment.
Digital Signage in Retail Banking: Use Cases
Digital signage can be an extremely flexible and useful tool to have at your disposal in the banking sector. From dissemination of information to improved customer experience, digital signage can help many facets of the retail banking world.
Enhancing Branch Ambiance and Aesthetics
Digital signage enhances branch ambiance by adding dynamic, visually appealing elements. It transforms static walls into engaging displays, featuring anything from branding to art, promotions to directions. These vibrant screens contribute to a modern and welcoming atmosphere, improving overall aesthetics and making the branch more attractive to customers.
Bank digital signage can bring a brand story to life in waiting areas, boosting customer engagement. Using customer data, banks can highlight success stories involving their products and services. These narratives on digital signage enhance brand connection and drive customer inquiries.
Informing Customers About Products and Services
Digital displays are a versatile medium for delivering important messages and announcements to customers. For example, banks can share information about new services, branch updates, and community events. The use of targeted content means there is no need to add an asterisk, stating "only at select branches”, which can be frustrating to customers.
Leveraging signage to influence customer decision-making means the potential for cross-selling and upselling is enormous. For example, if a customer recently opened a savings account, the signage might suggest a certificate of deposit or investment account.
Reminders about offers and promotions on prominent screens, combined with alerts from other marketing channels such as push notifications, emails, and texts, together create a strong omnichannel campaign.
Real-Time Updates and Emergency Notifications
Real-time updates and emergency notifications delivered through digital signage in banks play a crucial role in ensuring operational safety, security, and efficiency. In emergency situations, such as fires, security breaches, or natural disasters, digital signage can instantly relay critical instructions and evacuation procedures to protect customers and staff.
Banks can also use digital signage to convey essential security information and compliance updates to both customers and staff.
The dynamic nature of digital signage allows banks to adapt swiftly to changing conditions, enabling effective communication and crisis management and contributing to a safer and more customer-centric banking environment.
Benefits of Bank Digital Signage
When considering digital signage in retail banking, knowing the benefits, as well as the bank's objectives is important. Perhaps the bank is struggling in a certain area or KPI that they want to improve. Or perhaps they are looking for knew innovative ways to stay ahead. Below are a number of areas retail banking can help.
Impact on Wait Times and Queue Management
We’ve all experienced the tedium and frustration of a long queue in a bank. However, digital signage can alleviate this problem by providing real-time information about waiting times, service availability, and ticket numbers, helping customers make informed decisions and reducing perceived wait times.
Plus, through intuitive wayfinding and instructions, customers can be guided easily through large branches.
For the customer, this translates to stress-free banking and an elevated customer experience. And for the bank? Fewer disgruntled customers, optimal staff allocation, and a better working environment.
Personalization With Data-Driven Content
Data-driven content allows banks to tailor signage to individual customer preferences, creating a more engaging and relevant experience. By analyzing customer data, banks can display targeted promotions, financial advice, and services.
The possibilities here are endless. How about using a QR code to make a personalized banking experience? Or targeting content based on demographics, traffic patterns, etc.? For instance, content for a young demographic may focus on student loans or mobile banking apps, while content for an older demographic might emphasize retirement planning or fixed-rate mortgages.
This personalized approach can drive a “wow experience” and build stronger customer relationships.
Gathering Customer Feedback for Improvement
Lastly, gathering customer feedback in retail banks is essential for continuous improvement. Through touchscreen surveys, banks can collect insights on content relevance and clarity but, more importantly, on the overall in-person banking experience.
We can plainly see from all of these benefits and use cases that digital signage is not just the most innovative way to engage branch customers. It’s also a strategic investment in operational efficiency and customer service, ensuring a smoother and more pleasant banking experience.
Gone are the days when printed posters and brochures were the most convenient means of disseminating information to customers. In their place, dynamic, interactive displays provide a versatile platform to bridge the gap between information and customer experience.