Let’s reflect on the two points below:
According to Forrester, customer experience (CX) is a more powerful customer loyalty driver than price-value perception, specifically for banks and retailers. For banks, customer experience accounts for 55% of loyalty, and when taken together with price-value, the percent of loyalty goes up only slightly, to 56%.
Digital technologies can achieve many efficiencies, especially in today’s age where there is an app for everything, A Bain & Company analysis of key retail banking touch points in the US found that mobile usage to conduct banking transactions has increased dramatically over just the past year in every age, income, and asset segment.
This means that to outperform competition, traditional bank branches should prioritize customer experience. They need to work even harder to keep their customers coming, and to delight them. This means they need to find innovative ways to transform the branch from a transaction center to a comfortable space where bankers can create and strengthen personal relationships with their customers.
The rapid customer uptake of digital technologies presents a major opportunity for banks to create WOW experiences that enable them simultaneously to reduce costs while deepening customer loyalty. This is where digital signage comes in. It bridges the gap between digital and in-branch banking. With in-branch digital signage, customers get information from a digital vehicle that mirrors the online experiences that are part of their daily lives, and they also get the human interaction that makes us human. It’s a win-win!
Using rich media, banks target messaging at the point where customers are thinking about financial decisions. These messages have matured from a hard push for bank products and services, to educating customers and encouraging engagement by deepening the conversation between the banker and client. This also strengthens branding and builds customer loyalty.
Digital signage can also reduce perceived wait times. Displaying information that’s relevant to the customer’s visit gets their attention. It keeps them entertained and adds value to their visit. Customers who are educated and entertained will be more receptive and more likely to purchase.
Digital signage also helps improve operational efficiencies. It can substitute staffing by displaying information that customers would otherwise ask bankers. This speeds up service and also frees up bankers to direct their efforts to more pressing needs.
It can also empower employees by displaying training videos. Keeping bankers “in the know” about the bank’s news and current banking procedures gives them confidence to serve customers. Reinforcing the bank’s goals keeps them focused, and contributes to the bottom line.
People’s relationship with money has changed, and they would like banks to personalize their approach. Digital signage helps banks to create environments where customers are educated about financial decisions, and feel empowered to discuss money comfortably.