Digital Signage’s Benefits for Financial Establishments

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Digital signage in banks, insurance and law firms is starting to resemble the pattern of behavior seen in retail digital signage. Although still a primary focus, efficiency and product provision is slowly joined by the focus on enhancing the client experience. This includes the use of features such as entertainment, education and cross-selling: all of which we'll examine below.

Minimize the complexity of information

Digital signage can serve as a platform for a series of presentations or videos to elaborate information to the customer, both of which have powerful advantages. Instead of having a staff member explain general data, a display can show a presentation of financial reports, changes or updates which the customer may find useful.

The main difference between a digital display and a standard statistical chart or map in a bank is that the display can elaborate a much broader array of data in less time and confusion. In the world of finance, the amount of material you can display is virtually endless, making it a great combination with digital signage.

Ease of access and the customer experience

With a digital system of any kind, interactive or otherwise, the customer experience is immediately enhanced. However, it's important to point out that the efficiency and client management is mainly improved with interactivity.

Banks, and other establishments where line formations are a daily sight, can use interactive displays to help clients reach their objective easier. If there is a variety of locations in the structure, the display can readily instruct the clients.

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For instance, if a client wants to discuss a loan or a more serious financial matter, they can register for a private session and be directed to the appropriate line or location. Otherwise, a client unfamiliar with the structure would have to wait in line only to ask for directions.

By using interactive displays for queue registry, complications can be evaded and clients can reach their destination more easily. This is a great benefit for the customer experience as it directly lowers waiting time.

A quickly growing branch, retail-like focus of digital signage can be seen in other industries as well, including healthcare, manufacturing and hospitality, further confirming the fact that 2016 is becoming the year of digital signage and displays.

Lower perceived wait times

Not the only common feature of digital signage in this article, shorter time perception applies to any industry which has waiting time involved. Boredom is the target of this feature, and it's successfully eliminated by the use of digital signage.

This is not limited to entertainment alone as you can use digital signage to display offers to your clients. Weather, local events, results or other interesting data can be displayed as well. Some institutions have a separate corner for parents with children. Amongst toys and other components, cartoons can be an interesting choice as well.

Displaying exchange rates is without a doubt the most common information found on a bank wall. A digital display used for this purpose ensures an easy update option. It can even provide up-to-minute information if you connect it to an online source.

Promote products and services to waiting customers

Promoting something to the customer goes hand in hand with the previous matter we just saw. New offers and advantages of these offers can be explained on a digital display. Presenters and persuasion attempts from staff members have become a case which we all try to instinctively evade. With a display, it might just prove more efficient as it doesn't intimidate the customer when he declines the offer and provides them with the data.

Many banks, for instance, have apps or websites available for their clients, which is an interesting concept to consider. As they wait in line, customers can be informed on how to download and install the app or navigate the website.

New credit cards, packages or deals unique to your own institution can be easily presented and elaborated. Add to that the increased efficiency and promotion amount and you have a great advantage on your hands.

Cross-selling involves selling new products or services to an existing customer, which increases their loyalty and lowers the chance of them to move to a different provider. Listing all features is an option, but you can also target a specific audience by displaying certain offers fitting to the specific time of day. For instance, when there's an activity like cashing checks or making deposits at a particular time of the day, you can advertise complementary or additional offers.

Train employees to serve customers better

Training is ongoing and frequent in this industry compared to others. Adequate training is of extreme importance in the finance industry. Legally they are obligated. Compared to any other, this industry is probably the one with the highest amount of regulations, data fluctuations and relevance. To slightly veer from the subject, up-to-date knowledge in finances is vital, mainly because it's altered very frequently.

The training use of digital signage is available in any establishment with staff members. Digital signs can be placed behind counters or in lounges, for instance. Updates, instructions or reminders can be shared on a daily basis. And to synchronize the training in different locations, you can set the same information to be displayed across several establishments simultaneously.

This type of training partly eliminates the need for individual training. Granted, a guiding hand of a senior staff member should not be fully replaced, but basic tasks and changes can be easily elaborated via digital signage.

Provide your clients with vital information

Education is a great content choice for this platform, especially in an institution where your clients tend to seek for more than simple money withdrawals and deposits. In other financial establishments like financial law firms or insurance companies, your clients will benefit from as much knowledge and information they can acquire.

Share legal information with your clients via displays in the lobby. This can also include general data they can use inside and outside their case. You can remind your clients about matters which could hurt their case, such as giving recorded statements or speaking directly to insurance companies.

Graphic content, videos and statistical records can all be displayed to your clients. Whilst factors such as entertainment, cross-selling and efficiency are all important, people hardly go to a law firm on a daily basis. This is why entertainment is typically the primary focus.

In addition, efficiency is the primary focus of digital signage, and it can greatly benefit from its mere presence. Much like in the human hierarchy, it can also impact the corporate hierarchy of needs. You can check out the full article on this hierarchy and see the business stages from a different perspective.

Smartphone and tablet interactivity in finance

Whilst presenting various data on your digital screens can be beneficial, interactive tablets can allow the users to seek out specific information they'd like to see. This can enhance the customer experience and help clients examine your products and services in a more fun and interesting way.

There are various gadgets and interesting features in today's banking which go a bit further than a simple interactive screen. For instance, cardless ATMs, virtual assistants and mobile wallets are all potential features the future of financial establishments could bring.

Digital signage in finance summarized

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  • The customer experience, along with efficiency, greatly benefits with the mere presence of a digital signage network, and it also enhances the ease of access for all customers.
  • Entertainment falls under the customer experience as it can help lower perceived waiting times for customers.
  • Increased sales are a result of successful advertising via the digital display network. It's more comfortable for the user, more effective and easier to implement than one-on-one promotion.
  • Brand loyalty can be strengthened by cross-selling products and services to your clients in a more comfortable fashion.
  • Reduced staffing needs are a result of the ability of digital signage to cover an array of tasks, such as sharing information with clients and staff, easy updates, and training.
  • Lowered costs become evident as the need for staffing, printing content and more elaborate training are lowered.

In addition, digital signage can offer room for experimentation, including tablet, smartphone interactivity and powerful gadgets like mobile wallets, as well as helping you find ways to make your brand unique.

Images by Sean Hayford Oleary, Nick Hubbard, Ambernectar 13.