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Why banks are hungry for digital signage

November 04, 2019

Retail isn’t the only industry battling over customers by focusing on their experience. Even banks are getting involved. The segment known as retail or consumer banking is highly competitive, with local and national banks fighting to win over customers and lay claim to their checking, savings and mortgage accounts.

Banks have always cared about being perceived as friendly while providing exceptional customer service, but now we’re seeing some go the extra mile. Many are exploring digital marketing as it provides an affordable and measurable way to focus on customer experience.

How banks use digital signage
Digital signage applications within the banking industry are similar to what you’ll find in other markets. Most often, signage is used to inform customers about the latest promotions (e.g., Christmas Club accounts for the holidays) and real-time rates and fees. Banks often include additional feeds such as breaking news, weather and sports scores. Displays are often installed in waiting areas, behind bank tellers and in drive-throughs.

These examples can help a bank increase its brand awareness, as well as their products and services and promote upsells. At the same time, signage can positively influence the perception of wait times during busy days/times. Most importantly, research shows that customers look favorably upon digital signage, almost as a sign of technological competence.

Avoid these banking digital signage mistakes
  • Ignoring demographics—research shows that using targeted messaging and promotions for a particular bank’s demographics will have a significant positive impact on the results of the promotion. For example, don’t advertise new promotional loan rates for families if the bank primarily serves a retirement community.
  • Not targeting waiting areas—if customers are in a waiting area to speak with someone about a mortgage, ensure the signage in that area is mortgage-focused. Customers can be educated about mortgages, rates, their options and more while they’re waiting.
  • Only displaying marketing messages—some think that feeds like news, scores and weather are filler content, but research shows that marketing messages that appear after the weather were watched for an average of 12 seconds longer than other marketing messages. Therefore, it’s recommended to put the most important messages immediately after a weather update.
  • Doing it because other banks are—without a cohesive strategy and goals, there’s a good chance that a digital signage solution will have little to no impact on a bank. Therefore, solution providers should drive meetings to uncover desired outcomes and then measure ROI post-implementation.
If you’re looking for a new opportunity to sell digital signage solutions, retail banking could be it. While large national banks might be out of reach, there are plenty of small regional banks and credit unions looking for ways to differentiate. To learn more about this lucrative opportunity, contact Tom Jones, Ingram Micro’s Pro AV expert.