Advantages of Digital Signage for Banks & Credit Unions
Digital signage has come a long way from ticker tape and fast food menus — now, it’s become a key element of the retail banking industry.
The move toward mobile banking has been the talk of the financial services industry for some time now, with more and more consumers preferring to do their banking online. According to Bankrate, 65.3% of Americans use some form of digital banking, with 61% of those accessing a digital banking platform at least once a week.
That said, the physical branch still holds a prominent place in the lives of the banking public. Nearly 80% of banking Americans visited a branch in 2019 alone (pre-pandemic), despite a fondness for digital banking tools. And for good reason — brick-and-mortar branches instill a sense of trust and are the preferred means of accessing more complex financial services like lending, investing, and opening accounts.
In a retail landscape that’s all about personalization, new trends in bank and credit union design are delivering a customer or member experience that’s hard to replicate in an app. One such trend that’s gaining prominence in physical branches is digital signage.
Types of digital signage in banks & credit unions
Digital signage is much more than what you might see in Times Square or at a fast-food drive-thru. Technically speaking, digital signage refers to any visual-based, digital information delivery system that a business uses to educate, inform, serve, or entertain its clientele via a screen.
Digital signage technology can include any of the following:
Digital signage that is broadcast from a central content management system (CMS) provides the option of cycling through multiple pieces of content on a schedule. Advertisements and announcements can play on a loop, be easily updated from a single source, and be disseminated throughout an entire branch network in seconds. Best of all, digital signage doesn’t need to take a break; when installed on exterior walls or in street-facing windows, it can promote branch services 24/7.
The promotional video is a popular piece of content to display on the premises and can help branch visitors pass the time while they’re waiting for assistance. But what if customers and members could choose which kind of video they’d like to see? Interactive digital signage can allow users to choose between, for example, employee interviews, product tutorials, or even a video tour of local attractions.
Anyone can tack up a “line forms here” sign and call it a day. But digital wayfinding signage carries the added benefit of drawing branch visitors’ eyes, no matter how dimly lit the surroundings, thereby reducing confusion. Digital signs can be strategically placed in-branch to increase opportunities for customer education or engagement, and animated graphics can even add a dynamic element to otherwise pedestrian labels.
With self-service kiosks being such a popular way to bank, digital signage offers yet another way for customers and members to personalize their in-branch experience. The touchscreen possibilities are endless — users can independently access digital banking brochures, watch product tutorials, take polls and surveys, leave feedback, and even sign up for financial education courses via a touchscreen interface.
Benefits of digital signage in banks & credit unions
Retail banking digital signage is more than just a flashy new gadget in a traditional industry. Even with a two-dimensional screen interface, digital signage can add compelling new dimensions to the retail banking experience.
Diversify institutional messaging
As mentioned above, digital signage can act as a counterpart to static advertising. Digital signs can be programmed to display unlimited pieces of content, conveying a massive array of messages for the price of one screen. Content can even be customized for different branch locations or optimized for certain times of the day.
Extend the brand
When it comes to solidifying a brand identity, consistency is key. Bank customers and credit union members come to associate their financial institutions with specific colors or icons — and digital signage provides yet another opportunity to breathe life into a brand. CMS software enables marketing teams to create custom graphics and add unique branded elements to videos, advertisements, and even wayfinding signage.
Expand self-service options
Digital banking self-service tools have expanded far beyond ATMs. Now, interactive digital signage enables users to access remote teller services, set up appointments with loan officers, research financial products, and send digital resources to themselves via email to access later.
Enhance customer service
Staffing shortages across all sectors have led to many retail businesses pivoting to a lean, “universal associate” team model. Unfortunately, this means that some bank branch visitors may be left waiting for assistance during peak business hours. The good news is that interactive digital signage can offer a way for customers and members to have their questions answered via an FAQ portal, complete routine transactions, and even fill out a form to request a call-back if all tellers are otherwise engaged.
Build and maintain loyalty
It may seem counterintuitive to say that a screen can help strengthen business-customer relationships. But consumers have largely come to expect intuitive, comprehensive, and personalized digital experiences from all their favorite brands, and those that deliver win their customers’ trust and appreciation. Banks and credit unions that meet their customers’ and members’ needs through innovative technology can leave a lasting impression and position themselves as customer-first institutions.
Support sustainability efforts
For those who are tired of paper bills and junk mail, the “go paperless” option is a major perk — not to mention it signals a company’s commitment to environmental, social, and corporate governance (ESG). Digital signage provides banks and credit unions an environmentally-friendly way to digitize nearly every paper form or piece of marketing collateral, from brochures, to account applications, to customer or member surveys. While visiting a branch, customers and members can use interactive digital displays to scan QR codes, email themselves electronic resources, sign up for newsletters and alerts, and leave feedback. No paper required!
Lean into the future
Likewise, a physical branch that incorporates the latest digital and self-service tools positions itself as a future-ready institution. As responsive and predictive technologies become more and more a part of every customer touchpoint, banks and credit unions must harness the latest in digital banking tools to meet evolving consumer expectations around fast, tech-enabled service.
Of course, with such dynamic tools on hand, banks and credit unions will likely experience many more benefits unique to each branch. What exciting digital signage applications will your institution discover?