Modern banks and financial institutions increasingly focus on digital signage solutions. At the same time, the versatile possibilities for informing customers about financial services offered open up new ways of marketing their products. Digital signage solutions for banks not only ensures efficient communication with customers, but also contributes to the positive image of the financial institution in the long term.
At the same time, digitalization enables banks to speak the same language with customers and gain their trust. Find out why digital signage is becoming increasingly important in the financial sector in this article.
Digital Signage for Financial institutions – Why?
Nowadays, customers no longer base their choice of bank solely on financial ratios or indicators of the financial services offered. The emotional perception of the bank also significantly influences their decision. Customers are also supported in their decision by the bank's branding and public image.
To draw customers' attention to specific advertising content, credit institutions are increasingly turning to digital signage solutions and equipping bank branches with info displays. These offer an excellent opportunity to present the company's products and benefits to visitors directly at the point of interest, such as in the shop window or entrance area.
As a rule, advertising content is broadcast via professional digital advertising displays. A digital signage CMS centrally manages and controls content and devices. This allows employees or automated systems to update the screens with new information or videos at any time. In this way, all digital signage players in the system receive both individual and global updates in real-time. Advertising campaigns can thus be optimally planned and executed. Such systems are characterized by high stability and low-maintenance operation.
How do Banks use Digital Signage?
Bank digital signage based mostly on electric billboards and self-service systems. The latter also have the advantage of enabling services outside opening hours. A data protection-friendly Take-a-Number-System on the screens in the waiting area serves both: as entertainment and as customer management.
Self-Service and Interactive Kiosks
Self-service and interactive systems for account statements, cash withdrawals, and transfers provide banking services during and outside business hours.
Millennials and Generation Z in particular solve their problems independently and therefore rarely turn to a call center. Self-service systems are therefore becoming increasingly important. A PwC survey, on the future of customer experience, found that of 15,000 people surveyed, 74% preferred personal interactions.
The surprising part: they didn't care if it was with a human or artificial intelligence (AI). The top priority was fast and seamless. The full study PDF can be found here.
Since kiosk, self-serving, and digital signage systems use the same technologies and administration concepts, a perfect symbiosis takes place here. When the devices are not in use, they display information and advertising on various financial products.
Customer call systems
Privacy and GDPR-compliant queue calling systems are part of modern customer management. They prove useful wherever waiting times are to be expected. Call-to-action displays share the screen with weather ads, news, cartoons, and product promotions. Digital signage thus enables an excellent interplay of entertainment, information, and benefit.
The traditional way of publishing information through print media or posters has become too expensive and complicated. Especially, with regular updating. By switching to digital signage, visitors see impressive dynamic content on screens right at the entrance. At the same time, this reduces time and costs eventually.
Tip: Financial digital signage not only replaces traditional billboards, but extends the utility of the now digital advertising space with video and interaction capabilities.
What are the Advantages of Digital Signage Solutions for Banks?
Thanks to its flexibility, bank digital signage makes it possible to address customers in a targeted manner daily. This creates an emotional connection to the customer, which promotes loyalty, as customers feel they are being met at the same eye level. It also makes it easier to address the younger target group with an affinity for technology and online.
Targeted and up-to-date Customer Targeting
Regardless of a bank's marketing strategy, the first moment often matters. Whether a bank appears serious, modern, and trustworthy to customers is typically decided in fractions of a second. Attractive product advertising on information displays in the shop window or a digital signage totem at the entrance to a bank branch attracts the interest of potential customers. Digital signage offers special advantages in external communication with customers and marketing of services.
A targeted and daily updated customer approach
promotes customer loyalty and maintains it
establishes an emotional connection with the customer
strengthens the relationship between bank and customer
engages younger target groups
Digital signage represents a modern and effective tool for advertising your products and services. The system includes digital screens, terminals, and dialog devices located on the premises of banks.
A special feature of digital signage compared to other communication tools for advertising products and services is its ability to make bank content marketing more efficient. After all, in addition to the schedulability of advertising content, digital monitors support a wide variety of media formats, including photo and video information, text messaging, graphics and interactivity.
Modern financial institutions communicate differently with customers. Bank must not be gray and boring places. The time with dry and uncreative announcements on posters or product advertisements on flyers is over. You should turn customer service areas into a cozy café with comfortable seating and appealing interior design.
Digital Signage helps to transform banks into a convenient place where the advisor works with technology to provide the customer with the highest level of quality, trust, and integrity. Taking these aspects into account creates a unique customer experience.
Customers are less and less tolerant of impersonal interactions from faceless companies, at least since the financial crisis. That's why banks today are taking the digital signage way. They use digital monitors to provide both customers and employees with targeted information about personalized offers. Depending on the requirements, different bank divisions adapt their content to the respective target group, considering local specifics.
In this way, they provide customers with information about financial products. In the consulting rooms, for example, digital displays in in-store marketing can be used to show personalized advertising and entertainment during the absence of the bank consultant.
In the financial world, trust and security play the dominant role. They represent the essential cornerstones. Since the financial crisis, we have demanded more transparency from banks. Potential customers trust a company when they are the focus of attention and feel transparent as well as comprehensively informed.
Digital signage as part of a friendly and engaging bank marketing strategy helps to achieve these goals. For example: Use storytelling in a particularly appealing way on monitors in the waiting area. Tell the story of how their loan helped Bernard S. start his business without complications.
Controlling and Performance Measurement
Furthermore, special digital signage KPIs enable additional controlling and analysis options to measure the success of marketing measures.
How does Digital Signage Improve Customer Experience and Satisfaction in Banks?
Digital signage solutions for banks and financial institutions play a crucial role in enhancing the customer experience and satisfaction. These digital display systems enable banking environments to convey relevant information, promote services, and deliver an overall interactive experience, hence modernizing their brand image.
These digital signage applications in financial institutions are not merely restricted to promoting new offerings; they can significantly reduce perceived waiting times, provide real-time updates, and guide customers within the premises. This solution can also be instrumental in educating customers about complex banking products and offering multilingual support, thereby making banking more inclusive and accessible.
The provision to share feedback and customer testimonials adds another layer of trust and credibility. Thus, digital signage for financial institutions serves as an effective tool for customer engagement and education, ultimately driving satisfaction.
Here are ten concrete possibilities in more detail:
Promoting Products and Services: Banks can use digital signage to display information about new products, services, or special promotions. These can be personalized based on customer behavior and preferences, making them more likely to be relevant and interesting to customers.
Reducing Perceived Wait Times: In busy periods, waiting can be a frustrating experience for customers. Digital signage can be used to display fascinating and engaging content to help reduce the perception of long waiting times. This can include news, trivia, or entertaining videos.
Providing Clear Information: Complex banking products can be difficult for customers to understand. Digital signage can be used to explain these products in a simple, visual way, helping to improve customer understanding and satisfaction.
Wayfinding: Large banks and financial institutions can be difficult to navigate. Digital signage can be used to provide clear directions and information about where different services are located.
Real-Time Updates: Digital signage can display real-time updates, such as changes to interest rates or currency exchange rates. This ensures that customers always have access to the most up-to-date information.
Interactive Experiences: Touch screen digital signage can provide interactive experiences for customers. For example, they could be used to allow customers to explore different financial scenarios or to answer frequently asked questions.
Creating a Modern Image: High-quality digital signage can help to create a modern, professional image for the bank. This can help to increase customer confidence and satisfaction.
Feedback and Reviews: Banks can also use digital signage to display customer reviews and testimonials, which can boost credibility and trust. Additionally, customers can be encouraged to leave their feedback via interactive digital signage.
Providing Multilingual Support: In areas with diverse populations, digital signage can display information in multiple languages, making banking more accessible to everyone.
Educating Customers: Financial literacy is a major issue for many people. Digital signage can be used to provide useful tips and information, helping to educate customers about how to manage their finances effectively.
How to Address the Challenges of Implementing Digital Signage in Banks?
Implementing digital signage in banks is not without its challenges. By understanding these challenges and implementing suitable solutions, banks can successfully integrate digital signage into their operations and reap the benefits this technology offers. Let's see some of these challenges and their solutions.
Cost of Implementation
Digital signage can require significant upfront investment, especially for larger financial institutions with multiple branches. This cost includes not only the physical displays but also the supporting infrastructure, software, and content creation.
Solution: The bank should conduct a thorough cost-benefit analysis to understand the ROI better. Costs can also be minimized by using scalable solutions and gradually implementing the technology over time.
Content Creation and Management:
The need to regularly update and refresh content can be resource-intensive. Furthermore, content needs to be relevant, engaging, and comply with all relevant regulations.
Solution: Banks can employ a dedicated team for content creation and management or outsource this task to a specialized agency. Automated content management systems can also be used to streamline this process.
Integration with Existing Systems
Digital signage needs to be integrated with existing IT systems, which can be complex and disruptive.
Solution: Proper planning and testing can help to minimize disruption. It may also be beneficial to work with a vendor who has experience with similar implementations.
These can include issues with hardware reliability, software stability, and network security.
Solution: Banks should invest in high-quality hardware and software and ensure that they have a strong IT support team. Regular maintenance and updates can also help to prevent technical difficulties.
Bank staff may need to be trained to use and manage the digital signage system.
Solution: Comprehensive training programs can be developed to ensure all staff are comfortable with the new technology.
Some customers may be resistant to the change, especially if they are accustomed to traditional methods of communication.
Solution: Clear communication about the benefits of digital signage can help to overcome this resistance. It can also be beneficial to gradually introduce the changes and seek customer feedback during the process.
Digital signage technology for banks is used in a variety of ways. Digital signage best practices include the following:
Display of Current Offers
Centralized content sharing allows responding quickly to change in offers and prices and displaying them on a digital info display.
Promotional Materials and Collaborations
Information about the bank's main products, special offers and service packages – this can be displayed to customers directly in the entrance area or in the shop window. A digital signage network is a good advertising platform.
Partner companies can be sold advertising time for their products. This provides an additional source of revenue. Especially for related businesses like the insurance and real estate industry, this advertising platform offers additional opportunities.
Integration with social media and other online services
Daily updates from the bank's social media channels, presented to customers on digital displays, further increase awareness of the bank.
Local news and weather: presenting weather forecasts or local news adds value to customers and creates a welcoming atmosphere in the bank branch.
According to various surveys of the financial sector, digital signage can improve the bank's image in the long term, increase visibility and ensure greater acceptance and trust among customers.
How to Integrate other Technology Solutions like Mobile Apps or Online Banking?
By integrating digital signage with other technologies, banks can provide a more holistic, seamless, and efficient customer experience, driving customer satisfaction and retention.
Mobile apps can push notifications prompting customers to look at digital signage for more detailed information. For instance, a notification about a new service can prompt a customer to look at the digital signage for an in-depth video presentation.
Digital signs display QR codes that customers can scan with their smartphones to instantly access more information, apply for services, or download the bank's app. This makes the process more interactive and direct.
Integration with a bank's mobile app can enable personalized content on digital signs when a customer enters the bank. The system recognizes the app on the customer's phone and tailors the signage content according to their preferences or banking history.
Data from online banking and mobile app usage can be used to inform the content displayed on digital signage. For instance, if data shows a surge in interest for home loans, signage content can highlight this service.
Online and Mobile Promotions
Digital signage can promote the use of the bank's online and mobile banking solutions, demonstrating their functionalities and benefits. This encourages more customers to use these services, enhancing their banking experience.
For banks that use digital touch screen kiosks, the interface can be similar to the bank's mobile app or online platform, providing a consistent user experience. This helps customers use these technologies more easily.
Integration with mobile apps and online banking can allow digital signage to display real-time updates, such as exchange rates, stock prices, or interest rates, pulled directly from the bank's online systems.
What Digital Signage Solutions are Recommended for a Bank?
You can use this digital signage solutions for banks.
Digital Advertising Spaces
Digital Advertising Display
Public Info Display
Here you will find concrete DS solutions for banks and information on how Digital Signage Software from SmilControl supports you.
Digital signage solutions for banks creates atmosphere and informs customers as well as employees.
Customers are picked up at eye level through personalized content. This makes them feel taken more seriously. This strengthens both trust and customer loyalty.
Self-services reduce the workload of employees at the counter. It also allows banks to offer services outside opening hours.
Curious? Contact us for more information.
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