The overwhelming selection of business systems, marketing tools, financial institutions and B2C communications that are present and shouting for space in a vibrant 2017 market means that only the most exceptional and pragmatic innovations will stand the test of time.
One of the most adept modernizations that we are likely to see this year is the banking industry incorporating digital signage into the way they engage with their customers. Given the proven versatility of such a platform, and its unerring marketing capabilities, it’s conceivable to see this technology transpire far beyond the realms of banking.
Digital signage can increase brand equity:
Initial hesitation to adopt digital signage in banking has doubtlessly been overcome. Whereas a couple of years ago, banks were keen to keep to traditional methods, we are now seeing branches all over the world modernizing their processes. The first banks to execute digital signage have already reaped the numerous benefits, and in the process, have improved their brand equity. The successes experienced by their competitors has led more and more global banking giants to acquiesce. Digital signage has become a major player in the way banks work, and our projections show that within a few years, all banks will have applied the process.
The story doesn’t stop there. With the banking industry set to overhaul their current signage methods in favor of a digital service, we have to consider what the future will bring. Increased competition is going to drive the quality, performance and security of digital signage to dizzying new heights. Fortunately, we’ve been in the game since the very start, so many of the hurdles that our competitors will face, we have already clambered over, and have the trophies to show for it. What we offer now, amongst all over the statistical benefits, is something almost immeasurable. Trust.
Enhancing customer experience:
Digital signage is a robust core tactic within an omni-channel strategy. It’s not just the customers that benefit, it’s the banks, and their dedicated staff too. Reduced waiting times are proven to improve customer experience inside the bank, and those benefits translate to employees as well. They can serve more bank users, spend less time organizing paperwork and achieve more during their working hours than before. To put it quite simply, if a bank customer has not had to queue, they will likely be in a much better mood by the time they reach the teller, making the ensuing exchange far more pleasant. Banks thus experience improved staff retention and morale, and by using digital signage to better connect their customers to the bank, experience increased customer retention and user experience as a bi-product. When a service you frequently use designs innovative features to improve your personal experience, security and data protection, you subconsciously build loyalty with them, and their brand equity grows.
It’s vital to mention not only the human benefits of digital signage, but the environmental benefits too. Digital signage can contribute to a huge reduction in the amount of paper used in-branch each year. Multiply that by tens, hundreds or even thousands of branches, and a bank can be seen to be making a huge anti-deforestation statement, with entire forests spared the axe. All that paper saved also creates a huge reduction in the amount of waste going to the bin, meaning that the bank’s carbon footprint is getting smaller. Fewer paper deliveries (banks use a lot of paper) and bin collections means fewer miles are driven in the name of the bank. The environment is ultimately very grateful to digital signage.
Efficiency. Bank tellers have been among the first to approve and applaud the introduction of digital signage in their banks, admitting that the reduced chances of human error and fraud allow them to focus on the more important facets of their job. An increase in digital data is equal to an increase in security. Physical paperwork is at the peril of fire damage, water damage and physical loss.
Customers served per hour is also increased. Fewer queues, quicker in-and-out times and less time spent at the counter all equate to a more pleasant and fluid experience for customers, who are then more willing to return in future.
Human administration. Automation allows work of a greater importance to be prioritized, improving the general productivity of employees. A decrease in paperwork leads to a decrease in physical space, freeing up room for other activities or furniture.
Bad press. CSR, better known as Corporate Social Responsibility, is the act of leveraging your business activities to do things that are good socially and environmentally. This is often referred to as ‘People, Planet, Profit’ and is something that not only looks superb on environmental policies, but continues to build brand equity with customers. There is a proven correlation between green purchasing decisions and environmental consciousness. Newspapers, word of mouth and social media are quick to spread the message of a business that is more environmentally proactive than its competitors. Free marketing!
Digital signage quickly outgrew and shed the skepticism that had loosely been attached to it during its construction. Like many innovative technologies, it had to experience a period of finding its place in the world. That position has been firmly cemented in the global banking industry, where it is tipped to become the next integral facet of any determined omni-channel strategy. The signs all point to one thing, sure-fire brand value.
Interested in how we do it? Learn more HERE.
(written with the help of Joseph Kennedy from Content Pathways)