Jul 07 2023

Why Banks Are Embracing Digital Signage Solutions

The shift to digital signage in banking isn’t a future possibility, it’s a current reality — and for good reason.

Not very long ago, when you walked into a bank, the only thing between you and the teller was a counter. Now, it’s becoming increasingly common to pass a video wall, an interactive panel or some other digital display before a teller calls you forward. Soon, it will be standard.

Banks are implementing the same digital signage long used by clothing stores and other retail destinations. And there’s a good reason why: These displays provide a dynamic medium through which banks can inform, entertain and connect with customers.

Understanding Digital Signage in Banking

What is digital signage? At a basic level, digital signage refers to electronic displays that replace traditional static signs. But digital signage is more than just a digitalized version of the physical signs it replaces.

Managed from a central location, interconnected digital displays can provide targeted content — information, entertainment, advertising and more — to current and prospective customers who come across them. This content can be managed remotely, empowering bank staff to approve and control what content plays on which screens across locations. This simplifies efforts to best match seasonal communications and the overall messaging needs of any given audience.

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With digital banking gaining momentum as financial institutions get closer to achieving their digital transformation goals, digital signage supports banks’ messaging and communication platforms. These displays exhibit digital fluency to the 42 percent of customers who still prefer to visit brick-and-mortar financial institutions for transactions. And these digital exhibitions allow banks to experience some significant benefits too.

DISCOVER: Learn about three digital signage trends for 2023.

Core Benefits of Digital Signage in Banking

Banks aren’t deploying digital signage simply because they can or because it’s the popular thing to do. They’re implementing digital signage because it provides important benefits, including:

  • Real-time communication of messaging: Since interconnected digital displays can be adjusted instantly and simultaneously across locations, financial institutions can communicate their brand values and strengths with messaging that is always current. There’s no need to wait for traditional signage to be printed, delivered and finally hung up whenever bank staff can find the time.
  • Improved customer and employee engagement: Visually enticing digital signage attracts customers’ attention, whether they’re waiting in line or tapping away at an interactive display. And when used to display important announcements, training videos or motivational messages for employees, digital signage can improve employee engagement as well. Organizations with effective digital signage for internal communication have 5 times more employee engagement.
  • Strengthened brand loyalty: Recent PwC research identified developing a balanced approach to physical and digital customer engagement as one key way to win loyalty. By displaying vibrant, creative and engaging digital content to address the needs of customers, digital signage helps financial institutions do just that.
  • Enhanced customer experience: Just as a lively, helpful customer service representative can put a customer at ease, lively, helpful digital signage can enhance a customer’s experience by providing key information they may have otherwise been unaware of.

LEARN MORE: How digital signage solutions can help you inform and educate your audience.

  • Reduced overhead costs: Traditional posters, flyers, banners and other signage isn’t free, nor are the forms and other paper items customers fill out upon entering a bank. Digital signage isn’t free either, but it can cost less than the frequent acquisition of updated print items in the long run; it even can help banks get closer to going paperless.
  • Increased sales of financial products and services: There’s a reason 80 percent of brands that use digital signage experience an uptick in sales. Providing customers with creative communications about relevant products and services, seasonal deals, loyalty programs and more, digital signage can help banks improve sales with relative ease.
  • More deposits at branch locations: Many bank customers visit branch locations for routine tasks that they can accomplish at a digital kiosk instead of having to wait in line for a teller. Kiosks and digital signage are becoming increasingly popular. In fact, 64 percent of Gen Z customers say they are more likely to open accounts with banks that are tech-savvy.
  • Shorter wait times: Interactive displays, kiosks and more help address many customer needs in an efficient manner, reducing the number of people who need to wait in line for a staff member and thus reducing wait times overall. Digital signage for banks has led to up to a 35 percent reduction in perceived wait times.

With core benefits like this, it’s no wonder that 75 percent of banks will use interactive displays this year, or that 80 percent will integrate their digital signage with mobile devices to create even more personalized experiences for customers.

Making the Shift to Digital Signage

Not all digital signage is created equal, and that’s probably for the best. Banks that are looking to shift to digital signage should understand that the video wall display a branch might place in the welcome area must be different from the outdoor display it places in the drive-thru, which would also be different from a specialty display for an ATM. There’s no shortage of digital signage displays that financial institutions can use across key locations. Similarly, there’s no shortage of hardware needed to get everything set up.

Fortunately, banks don’t have to figure it all out alone. Working with partners such as Samsung, LG, Sharp/NEC and ViewSonic, CDW can outfit financial institutions with the media players, content management systems, audio-visual distribution networks and hardware solutions best suited to help meet their digital signage needs.

UP NEXT: Learn what tools and technologies banks are prioritizing this year.

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