Digital Signage In Retail Banks and Credit Unions in 2023

Digital Signage In Retail Banks and Credit Unions in 2023

While there is no disputing the growing popularity of online banking, research shows that 79.9 percent of people still visited branches for their banking and credit union needs. Indeed, this remains the case for several types of retail banks, namely credit unions, commercial banking institutions, community banking institutions, and some investment funds. In an industry that’s as competitive as retail banking, customer experience is crucial, and digital signage has proved to be a highly effective tool for delivering an excellent in-branch experience. 

Digital signage for banks and credit union

This guide outlines various use cases of digital signage in retail and credit union banking, how to optimize your strategy to meet customer needs, and the cost and expected return on investment.

How to Use Digital Signage in Retail Banking

There are several use cases for digital signage in retail banking. The effectiveness of each use lies in a few strategies, including keeping the content relevant and fresh and overall better content management. Here is an outline of the top 6 use cases.

1. Advertise Promotions and Offers

Deploy digital signs to advertise your latest offerings. Whether you are promoting the various types of checking accounts, auto loans, personal loans, mortgage programs, and other lines of credit or introducing new retail banking services, digital signs are an attention-grabber that will get your marketing message across within a glimpse.

Placing these signs strategically outside your bank branch can attract and help with onboarding new customers who are walking or driving by them. Similarly, having digital signs inside your banking halls will appeal to on-site customers and increase the potential for up-selling and cross-selling. Explore powerful ways to upsell with digital signage to improve your numbers.

2. Information Boards

Ensure critical information is readily available to the customers at all times, so they don’t need to ask a service representative. Be transparent from the go and share your currency exchange rates and fees. If you have the edge over the competition, why not show your individual consumers and borrowers how you compare against other providers in the banking industry?

Also, add stock market trends to the screens. This information will no doubt catch the attention of customers interested in investment banking and wealth management. Show the capital markets updates as a ticker at the bottom of your digital screens so it can run simultaneously with other content.

Moreover, share videos and screen recordings showing customers how to complete various tasks, such as filling out forms. Interactive kiosks are especially important for driving customer engagement and ensuring your banking customers have the best-personalized experience.

3. Promote Your Brand

Capture your customers’ attention and strengthen your brand with branded content on your video walls. With some slide presentations, motion graphics, and more, you can tell your brand’s story and give customers a glimpse of the banking experience they can expect.

In addition to displaying your financial services offerings, you can highlight a few things to underscore your credibility. Think of your involvement in improving the community, whether independent or in partnership with other financial institutions and small businesses. Whether through charity or awareness campaigns, highlight these efforts in a dynamic way to customers.

Also, add any achievements and accolades you have received, be it for the strength of your business model or the quality of your service, to strengthen credibility. You can also display certifications to show your compliance with all regulatory requirements.

4. Run User-Generated Content

Digital signage for banks and credit union

Highlight all your wonderful offerings and everything you can do for customers, and it will all look like classic exemplary marketing. On the other hand, there is a lot of power in what your customers have to say. 

For instance, humanize your brand by sharing your customers’ stories, and you can inspire confidence in more customers and increase your market share. How about the case study of the small business owner who took out a loan with your institution? And, thanks to your customer support and reasonable interest rates, the owner was able to turn things around for their business even in the face of the recent pandemic. Or, how as a lender extending student loans, you helped a young man realize his childhood dream of becoming a doctor?

Such content, alongside reviews on your website and social media posts running on your digital signage screens, is highly impactful. After all, 91% of customers trust online reviews as much as they do recommendations from friends and family.

5. Wayfinding Maps

Indoor navigation may be challenging if your bank branch is large and spread out. Digital wayfinding kiosks with interactive maps are a great way to save customers time by showing them where to go and how to get there. This way, a customer knows exactly where to go if they need to open a savings account, which department to head to in order to sign up for debit cards and credit cards, and more personal banking functions.

6. Infotainment and Live Content

Reduce perceived waiting time by keeping your customers’ eyes glued to the entertaining content running on your digital signs. Storytelling is everything, and video remains king, which is why you cannot go wrong with videos showcasing your brand’s story and highlighting employee profiles.

Similarly, customers want to stay in touch with what is happening in the news even as they wait in your banking halls. Show streams from various news networks.

Cost and ROI of Banks for Financial Institutions

The total cost of digital signage comprises of costs of:

  • Hardware: Display screens and mounts, digital signage media player, and cabling
  • Software: Content management system (CMS)
  • Installation and implementation
  • Managed services

The value and benefits of digital signage for retail banking are indisputable. From creating lasting impressions, strengthening banker-customer relationships, and improving user experience to being an effective tool for targeted advertising and marketing, digital signage has a great return on investment (ROI.)

A clear ROI strategy will help you to accurately track and measure your bank’s digital signage performance and return on investment. To start with, define your objectives before deploying the signage, that is, what you hope to achieve with the signage network. Focus on the return on these objectives by comparing the performance of your signage to your defined baseline. Of course, you will want to measure all this against not just the installation cost but also any upkeep and maintenance costs.

Digital signage for banks and credit union

To ensure you get the maximum return on your investment, keep tracking your retail banking digital signage and identify areas of improvement. With customer feedback and help from experts, you can significantly optimize your digital signage network. So, whether you are re-positioning the screens, increasing the number of screens, or refreshing the content on the screens, these changes can have a great impact on the effectiveness of your digital signs.

Digital Signage for Financial Institutions: Efficient, Clear Communication

Interestingly, 93% of organizations agree that customer experience is a primary competitive differentiator in the banking industry. In addition to creating a better customer experience as outlined, digital signage in retail banking is also beneficial for your staff. These signs allow you to improve internal communications and boost employee morale. 

In summary, digital signage will not only help you attract customers to your bank but will also help deliver the customer experience that will earn you loyalty and repeat business. Indeed, it’s worth the investment and a game changer for your retail bank’s bottom line.

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