Retail banking isn’t easy, is it? For community banks, there’s the double-edged sword of meeting the evolving expectations of digitally-focused consumers, while maintaining the trust and personalization that have always been the cornerstone of community banking.
Given this challenge, digital signage has emerged as a transformative solution by delivering dynamic, real-time communication that enhances that all-important in-branch experience. More than just a tool for displaying information, digital signage plays a critical role by elevating customer engagement, streamlining operations, and reinforcing brand identity. Here at Bank Marketing Center, we know this better than just about anyone – we’ve led the charge in bringing digital signage to banks for decades.
What is digital signage?
Digital signage enables businesses to display information for both customers and employees, and to update that information by location, time of day, product promotion, etc. Digital signage is used everywhere, from shopping malls to airports, and it's a great way to grab people's attention and keep them informed. But digital signage is much more than just an electronic version of a traditional sign. Unlike traditional signs, digital signage can be easily updated and customized, allowing a bank to quickly adapt to changing market conditions and product offerings. They can also be highly interactive, creating a more immersive in-branch experience and allowing viewers to engage with the content and learn more about products and services.
The importance of digital signage in retail banking
According to BizTech Magazine, digital signage has long been highly effective in the retail space – the resort/hospitality and entertainment industries, in particular. “Consumer attention is shifting. Brick-and-mortar stores must now compete with e-retailers as customers spend more time online, thanks to targeted ads and personalized deals.” It pretty much goes without saying that the use of digital signage can be an equally invaluable tool in the financial sector, given that it can transform the way community banks interact with their customers and manage their in-branch experiences.
Research by the international design agency SLD into the use of digital signage in the banking sector finds that it “significantly enhances the customer experience by providing interactive features, personalized content, and convenient access to information. Financial institutions must prioritize customer engagement by delivering relevant and interactive content to increase satisfaction and loyalty, and bankers overwhelmingly find digital signage highly effective, with 63% stating it is incredibly effective.”1
In-branch banking in the age of mobile services
Despite the rise of digital banking, many consumers continue to value and utilize in-branch banking experiences. At its most basic level, the presence of a branch tells customers that their bank is available and stable. Accenture's March 2023, global study of 49,000 consumers reveals that individuals across all generations and geographies still appreciate having physical bank branches in their neighborhoods, indicating a desire for personal interaction with their banks.2
And the Financial Brand’s December 10, “How Consumers Use and Value Branches is Shifting in Subtle Ways,” cites International Banker research that indicates that “almost two-thirds of customers (64%) value the ability to visit a physical branch, and a similar number (63%) feel it's important to have bank staff available for in-person financial consultations.” Since customers still value brick-and-mortar interactions, digital signage in community banks is essential for a host of reasons:
Attracting new customers and improving sales
Digital signage can capture the attention of potential customers through eye-catching visuals and targeted messaging. By showcasing promotions, products and services, banks can attract new clients and drive product sales. Interactive displays can also provide personalized experiences, making it easier for customers to find relevant information and make informed decisions.
Enhancing branding and in-branch customer experiences
Well-designed digital signage can significantly enhance a bank's branding efforts. High-quality visuals and consistent messaging reinforce a bank's brand identity and values. Additionally, through engaging content, digital signage can reduce a customer’s perceived wait time.
Improving communication
Digital signage can automate routine communications and updates by providing clear directions and information, from upcoming holiday schedules and new products to interest rates and branch hours. This frees up staff to focus on more complex tasks and customer needs. Digital displays allow for instant adjustments to messaging, enabling banks to respond quickly to changing circumstances and communicate more effectively with customers.
Internal communication can also be enhanced with digital displays in staff areas, ensuring – through training videos, for example – that employees are always informed about important updates and announcements.
Why community banks should embrace digital signage
In a world of increasingly digitally-savvy consumers, community banks must engage individuals “where they live.” That is, with digital media. Digital signage is dynamic, and can be updated instantly to feature tailored content, whether promoting mortgage rates, highlighting financial workshops, or celebrating community involvement. For community banks looking to transform their branches “from transaction to interaction,” digital signage will get them there.
Bank Marketing Center
We’re bankmarketingcenter.com, the leading, subscription-based provider of automated marketing services to community banks. Our goal is to help bank marketers with that topical, compelling communication with customers that builds trust, relationships, and revenue; like the example of our digital signage you see here.
We also want to share what we know – and learn along the way – with all our community banking friends. Whether it’s the latest on AI technology, suggestions on how to attract and retain top talent, or the importance of data protection, we’re here to make bank marketing the best that it can be.
Want to learn more about what we can do for your community bank and your marketing efforts? You can start by visiting bankmarketingcenter.com. Then, feel free to contact me directly by phone at 678-528-6688 or via email at nreynolds@bankmarketingcenter.com. As always, I welcome your thoughts.
1SLD.com. Digital signage study. Impact and Insights.
2Accenture. Banking Consumer Study: Reignite Human Connections. March 21, 2023.