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5 Things to Know About ProAV and the Financial Sector

August 22, 2017

5 Things to Know About ProAV and the Financial Sector

Many value-added resellers (VARs) may not have considered marketing their services to the financial market. However, professional audio-visual and digital signage technology is being incorporated into a growing number of banks, credit unions and other financial institutions, and now is the time to break into the market.

While the financial sector may feel like completely new territory, there are actually many similarities between these institutions and your other customers. But before diving head-first into the world of finance, consider these five things to know about ProAV and the financial sector:

1. Pro AV could be on the verge of a boom.

As the economy gradually recovers from the recession, experts tend to agree that banks and other financial firms are once again beginning to invest in their future. Financial analyst firm Deloitte expects that the next several years will be marked by a significant investment in technology from the financial sector – especially devices and systems that will support growth, improve the customer experience and maximize security.

Expect rapid growth in the number of banking institutions that are interested in Pro AV and digital signage technology for all of these reasons – especially improving the customer experience. By using technology to differentiate themselves from the competition, banks promise improved customer service, shorter wait times and fewer hassles.

2. Some of the systems are different than in other verticals.

Most banks and credit unions require at least a few systems that might be new to you. For example, tellers use specialized AV systems to communicate with customers in the drive-through lane and, in some cases, within the branch itself. In many facilities, paging or queuing systems are used to notify customers when a teller or banker is available.

Do your research ahead of time, and you’ll quickly understand the systems that financial institutions typically require. With just a few installs, you’ll be comfortable designing and installing visual paging/queuing systems, teller AV systems and more.

3. However, much of the technology is exactly the same.

While many financial institutions will require specialized audio-visual systems for their tellers or ATMs, others will simply require the same ProAV and digital signage technology that you’re already used to working with.

For example, your financial customers might require the following:

  • Video conferencing system for communicating with headquarters, other branches, etc.
  • Internal digital signage to display financial products, stock tickers, customer testimonials, “info-tainment” and more
  • Video screens displaying CCTV images, which help to establish a security presence
  • External digital signage to display branch hours, news and information

4. Consider starting small.

When you think of the financial industry, you mind might immediately go to corporate giants like Chase or Wells Fargo. These larger firms likely standardize their technology across the entire brand, and already have an established large-scale integrator, so you’ll probably want to start smaller.

Look into the various locally-owned banks and credit unions in your area. Start with those than have one or two branches, and make an appointment with the president or manager to explain how your AV systems could benefit their facility.

5. The industry moves at break-neck pace.

Be forewarned: Even smaller financial institutions operate quickly and decisively. If you break into the industry, expect to work on weekends and at night, as banks must be available to customers throughout the week. Over time though, you’ll demonstrate to your financial customers that you understand their unique needs and have a firm grasp of the necessary systems and devices. And once you are established in this competitive industry, you have an opportunity for incredible success.

Have you done any pro AV work in the financial sector? If so, where and how did you get your first job? Were you able to follow it up with additional financial customers?