How Digital Signage Promotes Financial Literacy and Improves Client Experience

Digital signage can provide educational content that increases client knowledge while prompting advisory conversations and enhancing cross-selling opportunities.

From the effects of inflation and rising interest rates to concerns about funds safety and online fraud, most Americans face more financial stressors today than they have faced in decades.

For these reasons, it’s become increasingly important for financial institutions to educate and empower clients about financial matters that impact their daily lives.

Like most financial institutions, yours probably has fewer employees available to assist clients and conduct marketing efforts than it did several years ago. Additionally, you’ve probably been noticing that clients want more personalized service at branch locations, and if they don’t receive it, they’re willing to go elsewhere.

We at DBSI believe it’s critical that your financial institution (FI) considers leveraging digital signage to assist with financial education and important branch operations.

Ninety percent of FIs already have digital signage in at least one of their branches according to our 9^th Annual Digital Signage and Benchmarking Report, and as digital transformation in business continues, placement is likely to continue shifting upward.

Digital Signage Provides Money Management Tips and Tools

When individuals lack financial knowledge and skills, they are more likely to develop problems with consumer debt and experience increased levels of stress.

To that end, a survey by the National Financial Educators Council (NFEC) found that the inability to manage one’s personal finances cost U.S. individuals an average of $1,819 each in 2022. This average, when generalized among the 254 million adults living in the U.S. last year, totaled to a combined loss of over $436 billion.

By placing digital signage in branch locations and populating it with educational content, you get a unique opportunity to help clients become more financially literate and confident in the choices they are making with their money. As a result, customer loyalty and trust tend to increase.

If you’re interested in what clients need to learn about, popular financial topics for the majority of U.S. individuals right now include managing the cost of living, saving money, and spending through use of credit cards, payment services, and debit cards. 

Here’s an example of interactive content Chambers Bank shared with clients using DBSI-curated digital signage and software. This is an easy way of providing fun and educational content for branch visitors to enjoy:

Digital Signage Prompts Clients to Use Your Products and Services

With the rise of digital-only banks in recent years, clients have a myriad of choices for savings and investment products. And while banking entirely online can be a tempting prospect in a post-Covid world, 77% of individuals surveyed in a 2021 Raddon Research study said they still visit a branch bank at least once per month. These individuals cited shared that they preferred to visit their local branch for activities such as opening accounts and getting valuable financial advice.

Now consider how savings products have changed since the Fed started raising interest rates in March 2022. A larger number of low-risk cash investments today are earning clients higher interest rates, so how is your FI marketing them? Are you still using paper-based brochures and flyers to communicate changes? If so, your FI may be achieving minimal ROI on its spend.

On the contrary, utilizing the power of digital signage to market your products and services has a number of distinct advantages, and here are a few:

• You can consistently communicate changes and updates across your network from a single content management platform, preventing information silos.
• The need to change out printed materials at branch locations is eliminated, which saves money and helps contribute to sustainability efforts.
• Appealing content can be added to your digital signage mix, including success stories, community highlights, timely market news, and more.

Almost half of financial institutions surveyed in DBSI’s 9^th Annual Digital Signage and Benchmarking Report felt that digital signage had improved their sales by up to 40%.

Digital Signage Encourages Advisory Conversations

When it comes to clients asking for assistance or inquiring about new products and services, sometimes all it takes is a bit of an icebreaker. With the ability to offer full-motion graphics, consistent branding, and entertaining content, digital signage serves as a helpful prompt for more meaningful engagement when a client approaches a staff member for assistance.

The type of content you choose to display can be generalized, but it’s also helpful to take an accurate analysis of your client base to determine what topics may be most pertinent for each branch’s clients. Once this analysis is completed, you can tailor digital signage content that encourages advisory-level conversations. Here are some interesting insights Investopedia gathered in 2022 after surveying 4,000 U.S. adults across four generations about their finances:

• Millennials said they understood investing the most, followed by Gen X, Gen Z, and baby boomers.
• Gen Z said they are the least educated about taxes, borrowing, insurance, and retirement.
• Gen X is most interested in saving for retirement, while baby boomers are most interested in learning how to protect their wealth by securing their online personal financial information.

Are you using or considering using a Universal Associate model across your branch network? If so, digital signage serves as a good facilitator because it will help staff communicate information accurately and with more confidence in addition to alleviating them from having to consistently re-explain details about selling financial products and services.

Overall, with financial executives reporting that at least 57% of their branch staff are using digital signage to engage in advisory-level conversations, digital signage is a powerful tool you won’t want to dismiss.

America’s Credit Union chose to construct a temporary micro-branch using DBSI’s JunXion while waiting for a full-branch build to be completed. The installed digital signage helped branch associates conduct both transactional and advisory-level conversations with credit union members. You can read the case study here.

Get Expert-Level Service with DBSI’s Creative AGENCY

Once you’re ready to add digital signage to your FI’s infrastructure, you can call on DBSI’s Creative Experience Agency to assist you at all stages of your transformation journey—from finding the best hardware, to installation, content management, and ongoing service and support. We have found through client surveys that 98.9% of our installations have actually replaced other solutions!

To begin, please fill out our online form to request a free digital signage consultation. Better yet, come and visit our Ideation Center where you’ll have the opportunity to see fully operational digital signage applications and sample our library of apps.

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