It’s not a big secret that customer experience (CX) today is a more powerful customer loyalty driver than price-value perception.
This is specifically true for banks, says a Forrester Research –
Customer experience accounts for 55% of loyalty, and when taken together with price-value, the percent of loyalty goes up only slightly, to 56%.
It means that for higher customer loyalty, traditional bank branches should prioritize to improve customer experience. Like every other retail business, banks need to adopt the latest in digital to keep their customers happy when visiting their brick-and-mortar branches.
The applications of digital signage for banks are widespread. This article will help you identify the top 7 reasons for you to adapt banking signage solutions.
Benefits of Digital Signage for Banks
#1 Better In-branch Customer Experience
With a majority of retail banking tasks being shifted to online space, brick-and-mortar experience has to be different from what it used to be a decade ago.
In the age of consumerism, everyone is glued to some form of screen. Digital signage provides an opportunity for banks to create a familiar experience for their screen-obsessed customers.
#2 Queue Management
Token-number-based queue management systems allow customers to sit and relax while waiting for their number. However, the same can easily be implemented with Digital Signage.
Further, Banks can keep customers engaged by using the unavoidable waiting time for providing useful and relevant information.
#3 Branding and Promotions
Dynamic visual content can help banks in generating customer interest and raise awareness about their products and services. It also provides cross-sell and upsells opportunities to banks.
Digital signage can substantially enhance communications by integrating with banks’ CRMs and marketing automation tools.
With content in the form of videos and banners, relevant information can be easily and effectively passed on to customers.
#4 Easy Updates
A major challenge for banks is to update their posters and banners to reflect the latest rates constantly. Printing and distribution of banners/posters involve huge costs.
These costs can be easily minimized with Digital Signage as one can easily tweak the content across the board via a central CMS.
Further, administrators can choose to customize content for specific branch requirements (regional language/ festival, etc.)
Banks can create a calendar for content and systematically schedule it weeks and months in advance. This allows managers to focus on other critical aspects of their operations.
#6 Internal Communications
Digital Signage can offer numerous similar benefits to banks in meeting their communication needs at non-retail branches. Banks can utilize digital signage for internal communications, reporting, policy updates, and training purposes.
#7 Self-Help Interactive Kiosks
These days, customers are more used to online banking than visiting the branch in person. Banks can offer them touch-screen kiosks to access their account details or browse through other services provided by the bank. Further, kiosks can also help banks in reducing staffing requirements.
Credencys Solutions Inc is a leading mobile app development services and solutions provider which has helped numerous businesses in their business growth. We offer Xynage – a digital signage solution suiting varying communication needs for businesses.
Digital Signage for Banks – FAQs
1) Why is digital signage prominent in banks?
Digital Signage is essential to catch the attention of customers within the bank premise. It is also used to provide the necessary information instantly.
2) How much does digital signage solutions cost?
The cost of digital signage for banks mainly depends on the number of screens and back-end functionalities/features. Higher the features, the higher the price.
3) What are the use cases of digital signage in banks?
There are mainly four use cases of digital signage in banks:
- Branding and Promotion
- Internal Communication
- Display Financial Data
- Digital Directory
4) What are the different types of Digital Signage?
External branding, internal branding/way-finding digital signage, stand-off signage, digital hoardings, retail point-of-sell signage, etc. are some of the primary types of digital signage.