Megan Urlacher
Editor's Note: This is Part Three in our Banking Technology Buyer's Guide Series - a multi-part series devoted entirely to banking technology strategies, trends, and how to find the right equipment mix for your branch of the future. Read Part One here, and Part Two here.
Investing in new banking technology and digital signage is almost a given for a branch redesign project, but how do you choose the best options that will make an impact?
It seems effective digital signage is an elusive goal for many. The inevitable “I want better technology in my branch, but I don’t know where to start” is the most common phrase we hear when working with clients to shape their branch of the future.
So, how do you make sure to get it right and find your banking technology sweet spot?
First things first, you’ve got to be familiar with what your options are and the uses and advantages of each. Once you've got the basics, you can start establishing a clear technology vision and goal for your branch. Technology with a purpose is a sure pathway towards success.
Let's Talk Digital Signage
Let’s take a look at the 4 most commonly used digital signage options and the uses and advantages of each:
1. Digital Screens
What it is: A form of electronic display devices (i.e. LCD, LED, Plasma) connected by a content management system (CMS) that shows relevant, targeted, and engaging messaging
What it's Used For:
- Brand building – promote the brand and build a consistent identity
- Rate Boards – display bank rates and quotes
- Advertising – promote all the products and services the bank offers
- Education - educate customers on how to use banking products/ general how-to banking videos
- Public information – news, events, traffic, weather, local information, etc.
- Internal Company Information –information about branch charitable giving, quotes from satisfied clients, etc.
Advantages:
- Enhance the customer experience
- Reduce perceived wait times
- Drive sales and influence client behavior
- Deliver more effecting advertising
- Make real-time updates based on audience, time of day, etc.
- Schedule content in advance
- Lower costs and reduce/remove static signage clutter
- 52% higher recall rate
- Deliver high-tech atmosphere
- Enhance message with animation and sound
2. Interactive Digital Kiosks / Tablets
What it is: A digital display with an interactive touch screen that has specialized hardware and software to provide access to information and applications for communication, brochures, entertainment, and education.
What it's Used For:
- Help clients learn about different products and services a branch offers
- Provide digital brochures vs. printed brochures
- Allow clients to compare products side by side
- Encourage clients to learn more about your branch and what makes you a part of the community
- Educational or how-to videos to help clients learn how to use products and services
- A check-in device to route a client to the appropriate team member and/or create a queue for busy branches
- Branch contests
- Provide clients with the ability to take the information with them via email, QR codes, web URL, etc.
Advantages:
- Create intriguing, high-tech atmosphere
- Improve client experience and retention
- Increase cross-sells
- Consistent messaging across all branches and always up to date information
- Ability to spread messages across multiple kiosks at one time
- Reduce perceived wait times and keep clients occupied
- Increase client awareness and knowledge of a branch
- Reduce costs of printed brochures by eliminating wasted out-of-date brochures, expense to reprint new ones, and costs to redistribute to all the branches.
3. Expert Nearby
What it is: Electronic display devices (i.e. LCD, LED, plasma displays) connected to a video conferencing system to bridge in-branch clients with off-site specialists.
What it's Used For:
- Immediate, professional and effective problem resolution by those who are skilled in a specific area
- Connect a staff expert at any branch location to a client immediately
- Private expertise remotely
- Allow a client to connect with a spouse or other decision-maker to facilitate decisions on the spot
- Collaborate on documents securely and easily
Advantages:
- Connect an entire branch network of experts
- Create more brand value
- Ability to offer full service at all branch locations
- Improve client experience
- Reduce travel and branch staff costs
- Increase number of client interactions
- Ability to close business on the spot
- Increase revenue by reducing “walk away” losses
4. Digital Community Board
What it is: A form of digital signage used as a public bulletin board for a community. Similar to bulletin boards of the past but completely electronic with information displayed on a digital monitor or kiosk. Data is managed through a Content Management System (CMS), and entered through an onsite device, kiosk, or at home on a computer.
What it's Used For:
- A value-add for commercial business offerings where business owners can advertise their local business
- Promote local events
- Branches can post upcoming internal events or announcements
- Customers / members can post babysitting services, lost/found animals, etc.
- Share local school team wins and congratulations
Advantages:
- Connect your branch to the community
- Become a reflection of the people you serve and give your clients the opportunity to share what’s important to them
- Position your branch as a resource
- Reinforce brand image and integrity
- Facilitates word of mouth
- Ability to approve posts prior to posting create delay
* Stay tuned for Part Four of our Banking Technology series where we take a look into Teller Cash Recyclers (TCRs), Teller Cash Dispensers (TCDs), Cash Flow Manager software, and how to incorporate these into your branch for maximum efficiency.
Here’s a list of all the articles in the Banking Technology Series:
Part One: 4 Components of An Effective Technology Strategy: A Buyer's Guide
Part Two: 6 Things Your Branch is Losing Every Day by Not Investing in New Technologies
Part Three: What are the Best Banking Digital Signage Options and Why?
Part Four: The Death of the Teller Line
Part Five: 5 Stunning "Before & After" Examples of What's Possible with Banking Technology
GET THE BANKING TECHNOLOGY CHEAT SHEET
As an addition to the Banking Technology Buyer’s Guide series, we’ve put together a cheat sheet that lists all the banking technology options, equipment, and objectives discussed.
