Alisa Semyekhina
Financial institutions everywhere are adopting digital signage thanks to its proven ability to increase sales and generate revenue. Here’s what it’s all about.
If you browse around a shopping center or retail store, it’s likely that a digital display screen of some sort is going to grab your attention. This isn’t surprising since nearly 94% of in-store retailers use or have used digital signage to augment, change, or improve their customers’ in-store experiences.
With at least 70% of Americans now shopping online in some capacity, they have to do something to stay competitive, right?
Retail banking is running a similar course as more and more individuals shift to online and mobile banking services for their everyday transactions. In this regard, financial institutions must find new ways to draw the next generations to the physical branch and increase engagement with existing clients—and digital signage is proving to be one of the solutions to do so.
At DBSI, we’ve been helping add digital signage to our clients’ retail spaces for over ten years, and in this blog, we’re going to highlight how it works in the retail banking environment, including:
- The basics about digital signage.
- How digital signage is being used to increase retail branch sales.
- How to leverage digital signage to increase sales.
What Is Digital Signage?
Digital signage is a display technology that uses digital screens to broadcast targeted multimedia content and videos for informational or marketing purposes. It replaces traditional paper displays of communication with digitized, real-time content and it operates from a centralized content management system that can be managed remotely.
Download DBSI’s Digital Signage Product Guide to learn more about implementing digital signage in your financial institution.
How Does Digital Signage Help Increase Retail Sales in the Branch?
With its ability to display a variety of offerings and promotions in captivating ways, digital signage is a highly effective tool for reaching a retail branch’s target audience. Not only can content be made available at peak traffic times, but it can be customized so it appeals to a variety of client demographics. To this end, a study by the Platt Retail Institute found that in-branch targeted digital messaging had influenced customers’ purchase intent for seven of eight promoted products or services.
What’s really eye-opening is that product and service advertising has been a leading driver for investing in digital signage, with retail sales and promotions being the top type of content displayed in retail branches, followed by marketing campaigns. As a result, almost 50% of financial institutions say they have seen an increase in sales after implementing digital signage according to DBSI’s Digital Signage and Benchmarking Report.
Learn all the amazing ways digital signage is helping financial institutions in DBSI's 9th Annual Digital Signage and Benchmarking Report.
Strategies to Boost Sales in the Retail Branch
Now that you’re aware of how digital signage is helping increase retail sales in the branch, here are some strategies to consider if you have digital signage already or you plan to add digital signage to your network:
Keep Digital Signage Current and Relevant
What marketing initiatives are you running right now? Do your featured products and services apply to the current economic environment? What are the client demographics at each of your branch locations? The important point here is that you need to update your content regularly, so it remains interesting and helpful to your clients.
Beyond being strategic about the type of content you display, using the “Rule of Three” by Dr. Herbert Krugman is a good way to help you get the most value out of your content. This rule essentially means that the highest degrees of attention and learning happen after being exposed to a subject three times—and after that—attention and learning decline.
The good thing about using digital signage is that you can program exactly what type of information appears on screen, and at the frequency of your choosing. Plus, once advertising and marketing campaigns are created and designed, they can be uploaded and moved to digital screens quickly; there’s no waiting for print processing or distribution of communications materials. Most importantly, there’s no wasted time spent physically changing out or posting materials to physical locations.
Make Your Brand Shine
In the financial industry (especially today), consistent branding is critical to building trust and loyalty amongst your clients who undoubtedly expect value and transparency from your financial institution. And your brand isn’t just an image or a color, either. It’s a presence that’s able to evoke emotion, and it represents the mission and vision of your FI.
One of the best ways to highlight your brand is by integrating your brand message into your digital signage. Using digital signage, you can showcase your brand’s visual identity, sound, and its feel through well-curated messages placed strategically in the sequence of your digital content. This repetition will help clients remember your brand and establish your financial institution as a pillar of trust and knowledge.
Get Clients Engaged in Their Financial Journeys
Digital signage technology includes two types of screens: non-interactive and interactive. Both are useful mediums for communicating with clients, and both replace traditional, archaic signs like bulletin boards, posters, banners, and printed signs. Besides assisting with communications, these screens can increase the time clients spend in the branch and help reduce perceived wait times.
Non-interactive screens such as dynamic displays, WOW Wall, and LED walls can vividly show content that spotlights your products and services and reinforces your brand message. You can also display social media posts from your network, deliver community updates, share news, and integrate client stories to increase interest and familiarity with what your financial institution has to offer.
Interactive screens such as those built into self-service kiosks and tablets allow clients to learn more about the topics you’re advertising as well as get directions, look up their waiting and appointment times, onboard to mobile services, and more. Interactive screens are also a great way to encourage financial literacy.
Build your ideal “Branch of the Future” with digital signage. Find out more here.
Ready to Add Digital Signage to Your Network?
The numbers are in, and we love sharing the news that digital signage is helping increase retail sales at banks and credit unions everywhere!
At DBSI, we provide customized digital signage solutions for financial institutions of all sizes and asset classes. To learn more about your digital signage options, please fill out our contact form here. Even better … come and visit us at our Ideation Center in Chandler, Arizona for a complimentary tour of our newly remodeled showroom.
Together, let's bring the vision for your future to life!
