Sell, Don’t Dwell: Optimize Downtime with Digital Signage for Banks
Ask most consumers about their biggest frustration with visiting their bank. You’ll likely hear a similar answer across the board: The waiting!
Banks have become synonymous with waiting. It’s the reason online and mobile banking options have become so popular. Similarly, people jump at the chance to get their banking done without waiting in a queue.
But of course, not everything can be done online. When bank customers have more complex needs, such as navigating the complexities of loans, mortgages, or portfolio management, online banking won’t cut it.
These customers will need to visit the branch in person and speak with a representative to get their needs met. And when they do, they will inevitably need to wait for service. So, this downtime is where digital signage for banks comes into play.
Digital Signage and Down Time
Digital signage is the perfect way to advertise banking services to customers waiting to be served. Just think of how many opportunities the average bank has to market to these captive audiences. People wait in line for tellers, at drive-through windows, and in waiting areas before consultations with bank representatives. And while many will be glued to their smartphones, these waiting periods are the ideal moments to leverage digital signage.
The benefit here is that these customers are already thinking about financial services and because of this, they will be more receptive to point-of-service digital advertising than they would for traditional print or cable TV messaging.
And thanks to the wealth of templates and widgets available to retail banks with digital signage software platforms, this digital advertising is easier to deliver than ever. These applications can be used to push whichever services are most profitable to your bank branch:
- Mortgage rates, offers, and general information on how to begin the mortgage process
- Details about low APR credit cards that consumers can sign up for or transfer their balances to
- Various checking/savings account promotions that offer better interest rates or special perks for those who sign on
- Options for alternative investments in stocks, mutual funds, or securities
Each of these services can be included in digital signage templates and personalized to a bank’s specific services. While most people understand that their banks offer new credit cards or special deals for opening new accounts, these options don’t seem as “real” until consumers can view them on their own.
Visibility is Key
This visibility is a huge part of a bank’s digital signage ROI—not every consumer who views these offers will take action, but the messaging will put the idea in their heads as they’re waiting. Then, when a bank representative or teller speaks with the customer, he/she can promote the same offers listed on the digital signage medium. In this way, digital signage acts as a useful intermediary for priming customers for new services before they speak with a representative.
Multipurpose Digital Signage for Banks
But the benefits of digital signage for banks aren’t limited to advertising. Yes, digital signage is an effective tool for promoting business goals, but at its core, digital signage is about the customer. It’s about using targeted digital messaging to improve the customer experience in any way possible.
While it’s well established that digital signage can reduce a consumer’s perceived wait time while in line, there’s more to the strategy than just helping consumers kill time. Digital signage for banks can be leveraged in numerous other ways that enhance the in-branch customer experience. Information sharing to help customers make more informed decisions includes:
- Information on what paperwork or forms of ID may be necessary to enroll in programs
- Tips on how to qualify for personal or small business loans
- Offers to schedule financial consulting or wealth management services
- Widgets that display stock market information and tickers that indicate the financial performance of investments
These informational widgets can be placed alongside the descriptions of your services. In turn, each digital signage template creates slides that offer both advertising and information. By leveraging digital signage strategies like these, banks gain a form of low-cost advertising that seamlessly blends business-facing marketing materials and consumer-facing educational content.
Making the Most of Bank Digital Signage
The goal of digital signage for banks isn’t just to advertise and upsell services. It’s to enhance the customer experience by taking advantage of their wait time to deliver helpful and informational content. Advertising is a part of it, but banks must take care to put the needs of their customers first.
As online and mobile banking options become more popular, the employees in a bank’s physical branch have the responsibility of advocating for their companies. They must continuously work to build personal relationships with each customer who walks through the door.
Digital signage supports this goal by providing information and visibility into services the bank has to offer. And when customers have access to this information, their customer experience improves.
This, in turn, improves their loyalty towards the bank itself and encourages them to continue banking at that location. In the short-term, the ROI of this loyalty might mean just a few additional transactions here and there. But as a long-term strategy, can mean creating lifelong customers with plenty of value to share.