People have started relying more on online banking. However, there is always a need for a traditional retail bank branch to do transactions or pay the bills. We are living in 2021, and the extensive use of electronic screens is understandable. Bank customers have gotten used to interactive screens to serve their purposes. About 80% of a customer’s transactions take place through self-serving channels. It is essential to upgrade a typical retail bank with interactive screens and digital signage to engage bank customers. It empowers you to compete with online banking channels. Further, you can demonstrate forward-thinking, embrace new technology, and keep your customers engaged.
Digital Signage Helps Retail Banks Increase Customer Foot Traffic
Digital signage solutions offer dynamic ways to interact and communicate. Bright, entertaining, informative, and easy-to-update, it can transform the way your bank operates. Retail banks are expected to build customer relationships, foster brand loyalty, and improve customer satisfaction. Meanwhile, it is imperative to keep it practical and cost-efficient. Let us look at how electronic signs can engage bank customers to visit the branch more and, ultimately, increase your sales.
1. Targeting the Right Audience
Retail banks require targeting the right audience as soon as they step into the building. Banking digital signage can help you tell a story that grabs the attention of a potential customer. One of the few powerful ways to interact, engage, and convert an onlooker of electronic displays is to play real-life customers’ success stories using the bank’s existing database.
Stories evoke emotions and boost credibility. Consider using your customer’s data to formulate a short, 30-second video without revealing too much of the identity yet enough to build trust. Digital screens running a playback video about how a customer used your services to purchase a home can significantly motivate others to take action, increase customer engagement for the service, and make them feel connected to your bank.
2. Promoting Products and Services
Use digital signage to upsell products and services by running promotional campaigns across all the branches? For newly launched products or services, you have to inform, educate, and convince your audience. Conversion rate experts state that existing customers hold a higher chance of converting than the new ones. Therefore, curate your digital content to cater to these customers using electronic signage’s unlimited outreach irrespective of location.
Interactive features such as Scheduled Publishing, Image Slideshow, or Editable Animation System can help you run your promotional campaign without overdoing it. Like an electronic screen of a smartphone or TV, customers find viewing display content according to their taste. Subsequently, you can teach them about your products, promote additional opportunities, and help them solve an ordeal using digital boards. Above all, this will yield better engagement and conversion rates. Tapping into the customer database, banks can leverage this stash of information actively for their use.
3. Engaging in Dwell Time
One of the reasons why customers avert using conventional bank branches for their financial needs is because of the frustrating dwell time. Digital signage helps customers either get entertained during the time they have to wait in long queues, or be conveyed about their wait times, or both.
Using the LiveTV feature, you can run weather news and updates, light-hearted, and informational content for customers in the waiting areas. You can also engage bank customers immediately by running their live videos on electronic screens. Broadcast the live situation of another zone inside the bank so that customers waiting in the other section can see what’s happening without having to walk back and forth.
Another way to engage bank customers is to run content that is in-line with your institution. This can include running brand messages, key marketing objectives, or relatable content that customers can connect to. Personalizing digital signage content as a part of your dwell-time strategy to engage bank customers is highly effective.
Similarly, you can come straightforward and inform your customers about their probable wait-times. Bringing clarity to customers and employees alike can boost how your bank operates. Using these displays, you can even open another teller booth when lines get long to impress your audience by addressing pain points. This increases brand loyalty, helps you function efficiently, and ensures your customer foot traffic does not abate.
4. Managing Content for Branding
Besides upselling products, a financial institution needs to make customers happy. It is essential to assure them that they have made the right choice by signing up with them. Digital displays can spread your brand’s message to an expansive network using interactive software and systems like Dayparting and Display Persona System that automates content according to persona configuration.
Delivering the message to the correct person at the right time is pivotal to customer engagement and sales. It is only digital signage solutions that can accomplish this goal. Customers of different demographics walk into a bank on other days and times. Personalizing messages for each audience to be displayed at the right times and for a suitable duration is only possible with electronic displays’ flexibility. You can schedule publishing time and even formulate content on the spur of the moment to run messages weekly, daily, and even hourly based on the foot traffic.
5. Improving Customer Experience
Interactive digital screens are all about elevating the customer experience. Using touch screen digital signage and self-serving kiosks, you can engage bank customers by allowing them to indulge. Digital screens are hoisted to serve minor purposes such as obtaining more information, selecting an option, viewing a service or product that can help your bank increase sales, and effectively engage customers.
Interactive screens not only alleviate pressure on customer service or keep the customers occupied. They effectively help you lure in new customers by collecting invaluable data. Such software enables you to tap into a customer’s behavior in a way that no other method can achieve. When visitors use these interactive digital screens to browse or indulge, information can be acquired to shape your marketing strategy effectively. Such data may include first-clicks, inclination towards a service, or how many people used the screens at which hour of the day.
Based on this insight, financial institutes collect extra information on a customer’s preferences and pain points. They can formulate their branding message to catering to these target areas. You can run the updated notes on dedicated digital signage in and out of the bank. Ultimately, when your audiences find their needs, preferences, and concerns addressed without them telling it in plain words, there’s no reason why they would hesitate to switch to your banking service.
6. Getting Maximum Value
The massive return on investment (ROI) by integrating digital signage in retail banks is worth mentioning. Replacing the paper marketing strategies, retail banks receive maximum value from a one-time investment in this solution. Around 95% of retail banks find the deployment of electronic screens more than satisfactory for their business. Weighing the ROI by estimating the print production and repurposing costs saved can help you invest the dollars in devising marketing strategies that engage customers and boost sales.
You can set-up more digital screens at visible points and advertising a few out of the bank. Obtain and install more features such as social media linking, Anonymous Viewer Analytics (AVA) technology, or HTML5 content to optimize your digital content in-line with your brand’s identity and your customers. A higher ROI indirectly translates to better customer engagement and sales.
Digital signage screens can establish a new customer base and effortlessly keep your existing ones engaged. It is found that optimal customer engagement and interactivity brings 37% more annual revenue to the primary bank. Therefore, the road to better conversion and sales is engaging your customers with the right tools and features. Engage bank customers using interactive digital signage to establish your bank, not just as a financial institution but as a company that cares for its customers.