Through the years, online banking has become quite popular to the point that financial establishments have decided to incorporate digital transformation into all of their plans. This is primarily because of the rising demand for customer service accessibility, which revolves around mobile apps, personalization tools, and the omnichannel experience.
Despite this, banks and other financial institutions remain among the most visited establishments worldwide. People still need physical human interaction, after all.
Even with this, digital transformation can still help make the banking experience more worthwhile. How? By using digital signage.
Here, you’ll learn the benefits of bank digital signage use and how these financial institutions implement this technology in their daily operations.
Top 5 Benefits Digital Signage Offers for Banking and Finance
Digital signage has been known to provide many advantages for various industries, such as retail, food, tourism, and hospitality. However, it can also offer a few valuable benefits for financial institutions, including the following:
Enhanced customer communication quality
Interactive digital displays make sharing information and communicating messages to clients much more engaging. With digital screens and an excellent content management system, banks and other financial institutions can share offers, promotions, and other types of content that are most appropriate for the target audience.
By segmenting communication by regions and time zones, these organizations can make digital content within the premises more relatable. More importantly, they can provide real-time information for customers waiting for their turn inside the bank.
Enriched lobby experience
Many users opt to move their banking experience online. To bridge the gap between online and in-store banking, financial institutions use digital signage to provide a consistent experience throughout the customer journey.
Consistency is crucial in branding in the financial sector. To mitigate the challenges of competitive differentiation, banks use digital signage to provide a seamless experience between online and in-store transactions.
Using this technology, financial organizations can promote key locations with immersive video content in the lobby. This catches people’s attention the moment they walk in, engaging them before the first point of contact.
As a bonus, digital signage also makes the physical branch feel more modern and technologically advanced.
Lower perceived wait times
While this may seem unimportant, perceived wait times contribute greatly to clients’ perception of a financial institution. The longer the wait, the faster their opinion leans more toward the negative.
To make sure this doesn’t happen, banks use digital signage to create a personalized and entertaining experience for customers. With music, news, and a whole range of content offered to them, they won’t even notice the time passing until it’s their turn at the counter.
Better process flow efficiency
Delivering quick and efficient service will prevent clients from finding a different bank.
How quickly banks can accommodate customers has a massive impact on retention and loyalty. To make sure their speed matches (or even exceeds) client expectations, these financial organizations use streamlining strategies like self-serve kiosks (more on this later).
In the past, banks required clients to fill out duplicate forms and go through a grueling and lengthy process just for a simple cash deposit. Now, satellite automated machines and even online banking have made it so much easier to accomplish the same task.
Using a value-packed digital system, banks can improve not only the cash deposit or withdrawal processes but also the queue management for in-store banking. This technology-based queue helps make the flow of clients smoother and streamline the entire banking experience.
Bolstered security
Among the things that bank clients fear most in this digital age are privacy and data breaches. With digital security under their watchful eye, it becomes even more vital for banks to invest in systems that bolster the security of their financial services.
Tablets and touchscreens incorporated in interactive banking solutions are outfitted with high levels of encryption and security. This can help keep the banking experience safe and secure. Even the interactive displays have functionality that keeps networks secure by creating direct Wi-Fi hotspots for the customers.
How Banks Use Digital Signage
Digital signage have so many applications in the finance industry, but the following are considered the most widely used today:
Wayfinding
When incorporated with digital signages, wayfinding technology can be very helpful in guiding clients to where they need to be. This not only manages foot traffic but also streamlines the in-branch experience significantly.
Self-Service Kiosk
Like in the food and retail industries, self-service kiosks also contribute to the speed and efficiency of service in the finance sector. These interactive banking solutions offer a way for customers to choose a service, manage their finances, and interact with the bank in simple and intuitive ways.
Using digital kiosks and self-management terminals, customers can also request information to make informed financial decisions. They no longer have to wait in line to speak with customer service representatives or go through the frustrating interactive voice response (IVR) experience over the phone.
Concierge-Like Customer Service
Besides self-service, digital signage can also be equipped with a system that can offer concierge-like customer service. This means the machines can deliver customized content to make the experience much more personal for each individual client.
Some digital signages can be incorporated with an analytics platform that will help financial institutions gain a deeper understanding of customer behaviors, patterns, and preferences. Using the data gathered, the financial institutions can then design personalized services and offers based on dynamic online and offline customer profiles they have on their clients.
Financial Education
Banking customers need to feel like they know what’s going on and what they can do with their money. This is where financial education through digital signage can help.
Nowadays, people are used to receiving information through screens. Many even prefer to make decisions after watching video content about a particular topic.
To take advantage of this, banks can use wall displays and other forms of digital signage to share helpful information across their branches. They can also create a personalized experience for each customer segment using bespoke clips from a video production company.
Some of the common topics they can cover include:
- Taxes
- Investment
- Financial advice
- Savings
- Insurance
- Loans
With this, banks help their clients feel knowledgeable about money, as well as empowered, which helps gain and maintain their trust and loyalty to the financial institution.
Digital Transformation in Finance
Banks and other establishments included in the finance sector can gain so much from incorporating digital signages in their daily operations. From wayfinding and self-service to bespoke customer service and financial education, banks have plenty to offer their clients to ensure engagement, interest, trust, and loyalty.
