While financial institutions may bring a more nebulous set of products and services to the table than standard retail or restaurant operations, the role of digital signage in this vertical is no less important.
As banks and commercial investment firms become more mainstream and strive for bigger chunks of the consumer market, signage can play a huge part in customer engagement, as well as strengthening operations behind the scenes.
Here's a closer look at how organizations in the financial services sector are embracing signage, and what the future brings for this unique industry use case.
Connecting on a new level
Modern consumers are already accustomed to interacting with their banks and financial advisors in a range of digital contexts, but display technology is bringing a more dynamic customer experience to the traditional in-branch environment. Signage as a powerful way to reach out to customers and create a more welcoming atmosphere. This has big benefits for engagement and brand loyalty.
"Use signage to position new products and services in a strategic manner."
Smart signage deployments also present advantages for sales and revenue generation. Organizations can develop and schedule content that targets particular demographics and audience members, allowing them to position new products and services in a strategic manner. Furthermore, the nature of banking has changed significantly with the digital age, presenting new opportunities for brands to capitalize on close-quarters engagement.
"In today's financial services, most people don't even go to the branches any more," explained Nate Baldasaro of the Element Group in an interview with 11Giraffes. "When they do, their visits are shorter. Banks are also working with significantly less square footage than they used to. They need to convey information about their products, services and community updates in a short period of time and in a smaller environment. That's why a strong digital strategy is so vital in adapting to these trends."
Some challenges persist
Although the power of digital signage seems readily apparent to forward-thinking banks and service firms, research from The Financial Brand showed that less than half (49 percent) of organizations use advanced signage strategies to supplement their in-branch marketing endeavors. Many companies (65 percent) update their content far too infrequently, less than once every other month or more. This proves that financial firms have a long way to go before they can enjoy the maximum benefits of digital signage.
So, where exactly do banks struggle to master the art and science of signage? The source revealed that localization and segmentation are the most challenging aspect of the technology, with 49 percent of survey respondents citing these difficulties above all else. For 48 percent of organizations, the cost of content creation proved to be a burden, especially as different types of video and image combinations become necessary.
While these challenges will not let up on their own, organizations can leverage digital signage for banks in order to target the shortcomings within their own networks and deployments. From there, decision-makers can finally make the most of the dynamic signage format.