Strengthening the Banker-Customer Relationship

The banking sector has many emerging priorities, including stringent laws, savvy Fintech competition, and rising cybercrime attacks. Most importantly, rising customer expectations are forcing banks to rethink how they relate to customers. As it stands, 40% of financial service institutions report that keeping up with customer expectations is a primary challenge.

Luckily, financial organizations can leverage self-service options, digital signage, chat messaging apps, artificial intelligence, and other technologies to enhance customer relationships. 

The Banker-Customer Relationship

The relationship between a customer and bank takes many forms, including creditor and debtor, pledger and pledgee, bailor and bailee, and lessor and lessee. Trust is the basis of all these relationships, where a customer deposits money or buys financial services trusting that the bank has their best interests at heart. People who trust their banks become lifelong customers and buy multiple financial products.

For banks, forging stronger customer relationships increases revenue and allows you to outshine competitors. Presently, many financial institutions are embracing customer relationship management to improve customer loyalty and satisfaction.

Relationship banking involves personalizing banking services, where you assist every customer along their journey, from opening a deposit account or savings account to applying for loans, mortgages, and more. A personalized customer experience leaves a memorable impression on customers.

Effective communication is at the heart of every customer relationship management system as it helps banks build healthy relationships. As it stands, digital signage is emerging as one of the best tools to enhance in-branch communication by transforming the banking hall into an immersive and personalized space that conveys important messages.

Digital Signage and the Banker-Customer Relationship

The banking industry has been at the forefront of adopting digital signage in their physical locations. Already, 77% of financial institutions have the technology in at least one branch, and those without are planning to install digital displays in the coming years.

But, did you know that the digital screens in your premises can boost your customer relationships in leaps and bounds? Here is how to use digital signage to enhance your trustworthiness among your customers.

1. Wayfinding

If your branch is large with many employees and departments, your visitors need help in figuring out where to go. Traditionally, banks used static directories to display office lists, building layouts, and directions. But, these directories were inflexible when making changes and added to a company’s printing costs.

Digital directories are excellent alternatives because they display location data and maps on bright screens and can be updated in seconds. Furthermore, you can add interactive elements to the displays, letting visitors explore various locations and receive personalized directions. As a result, customers know where to go without bothering staff, and your hallways and corridors are less-crowded.

2. Self-Service

Since the launch of the ATM, self-service technology has become an essential part of retail banking. Indeed, 56% of banks and credit unions affirm that customer self-service is vital in their establishments. As such, self-service kiosks are right at home in banks, performing routine tasks and reducing employee workload.

Already, your customers are used to the multi-touch capabilities of their smartphones and tablets. Hence, they are eager to interact with your self-service screens. The kiosks can accept customer deposits and checks, print receipts, dispense cash, transfer money, and print statements. Moreover, you can customize a kiosk’s capabilities to let a customer open a bank account, request a credit card, and apply for a loan.

Interactive kiosks are easy to move around, and you can set them up against an existing teller line. By relegating routine tasks to digital kiosks, workers have more time to focus on customer service and facilitate high-value product sales.

3. Queue Management

Banks are notorious for long wait times, which inspire significant amounts of frustration among customers. When customers visit your branch, they want to get a solution to their issues as fast as possible and go on with their day. A long, physical line ruins a customer experience and makes them less likely to return.

Thankfully, digital signage can help you meet a customer’s needs in a short period of time. First, integrate your queue management system with the digital signage software on your digital kiosks, screens, and tablets.

In this way, a customer signs in at the lobby and selects the purpose for their visit. Then, displays in the banking hall show the waiting times and token numbers to help the customer track their position. Further, banking hall signs show entertainment content to occupy customers as they overestimate the time they use waiting in line by 36%.

4. Display Product Information

Banks offer numerous services, such as deposit boxes for the safe custody of documents and valuable collections, overdraft facilities, loans, bills of exchange, and foreign currency exchange. But, people don’t typically know all the products available at their bank.

In-branch customers are the perfect audience for your product information and new policies. For instance, you can display the requirements for auto loans, mortgages, or business capital as visitors wait in the banking hall.

What’s more, let people know how much they can make with different investments and funds and share tips to manage money. Helping customers build wealth makes them more likely to trust you and buy more products.

5. Highlight Deals and Offers

Everyone loves a good deal. Moreover, last-minute deals and attractive discounts on vibrant screens grab attention as customers move about your premises.

For instance, you may offer discounts when a customer uses your credit card at football events, eateries, and music concerts. Use colorful graphics and videos on digital screens to calculate how much a consumer can gain using your card. Also, run cashback discounts for opening accounts and reward loyal customers with e-gifts and other perks.

6. Show Your Local Involvement

If you run community programs or support local charities, digital signage is an excellent platform to showcase your corporate social responsibility. Actually, 82% of consumers factor in community involvement and corporate social responsibility when deciding between brands. Participating in community events shows customers you care about their communities and enhances your brand value.

So, run slideshows of your collaborations with small businesses, videos of your employees participating in outreach programs, or promote your scholarships for local students. By showcasing your commitment to the community, you connect emotionally with audiences and strengthen the banker-customer relationship.

7. Train Employees

Usually, a customer of the bank visits the physical branch for financial help in solving complex financial matters. For instance, a borrower may be dealing with overwhelming debt and want to adjust the repayment arrangements for different loans or determine if they qualify for lower interest rates.

Digital signage helps your staff serve your customers better by displaying training videos on key issues. Further, vivid animations remind employees of the Banking Regulation Act and other regulations to ensure they protect customer data and operate within the law. In turn, your customers trust you more and feel safer giving you the information in the absence of security breaches.

Digital signage is also a great platform for boosting employee morale and engagement. For instance, you can highlight the employee of the month, recognize birthdays and anniversaries, and applaud surpassed targets. Engaged staff are happier at work and go above and beyond to serve visitors, resulting in better banker-customer relationships.

Strengthen the Banker-Customer Relationship with Digital Signage

The banker-customer relationship can either be a general relationship or a special relationship, depending on the services a customer needs. Trust is the bedrock of these relationships, as the more a customer trusts you, the more likely they are to come to you for several financial needs.

With digital signage, banks can speak directly to customers’ financial needs, enhance their trustworthiness, and boost their brand value. Digital signage is a versatile tool, perfect for welcoming and directing visitors, advertising offers, highlighting product information, and training employees.