Enhanced productivity and profitability in financial institutions through digital signage

Advertising in financial institutions is not just about the numbers or schemes. It’s the promise of a better present and a secured future — owning a home and/or a car, getting the best education and more. And one needs captivating imagery to pique customers’ emotions. Ergo, digital signage in retail banking is quickly replacing static campaigns to enhance customers’ experience, from the enquiry counter right up to the back office.

A study suggests that the dwell time for attentive viewing is the maximum at banks. On an average, customers spend 15 minutes during a visit, and 30% of this span goes into absorbing any information being displayed. Institutions can utilise this to inform, promote, educate, sell, or enhance the banking experience. Since Digital Signage Solutions (DSS) can provide 47.7% effectiveness in creating brand awareness, nine out of 10 banks admit that digital signage is important for their in-branch marketing tactics.

Here’s what makes it the most-deployed ROI-driven solution for marketing, supporting CRM and sales teams, and drawing customers’ attention:

• 400% more views than static exposure
• 83% recall value
• 45% boost in customer satisfaction
• 35% reduction in waiting time

Utilise any area as a spot of communication

Digital signage presents the opportunity for stellar points of strategy, content and means — still, dynamic and videos. So, there’s no need for prehistoric USB-driven static content. To display these, it can practically turn any area of a brick-and-mortar institution, whether the window, entry way, aisle or billing desk, into a spot of communication. An establishment can build intrigue and advertise digitally to existing and potential customers. For instance, since Wauly Digital Signage Solution enables you to manage 1 to ‘n’ no. of screens, Axis Bank reaches out to customers at 1,000+ branches in 5 states of India simultaneously.

Establish brand identity

A financial institution can create its identity through brand purpose and affinity by displaying its brand campaigns or corporate/CSR initiatives at different points. Videos can project product relevance and make information readily available whether about deposits, UPI or mobile apps. What’s more, informing them about critical and ever-evolving information such as Government/RBI advisory, financial facts or safe banking tips can be a great value addition for your customers. Wauly’s Occupancy Reporter can count visitors at a bank’s outlets and display occupancy status so that you can work on your targeted advertising accordingly.

Interactional opportunities

DSS is a technologically up-scaled and convenient method that lets you upgrade information in real time through CMS and update content instantly by inbuilt software. It can keep branch visitors engaged with ads, news or investment tips as they stand in queues, thereby reducing perceived wait time. Since basic information and primary tasks (such as deposits, booking appointments and bill payment among others) can be carried out through touch screens of self-help interactive kiosks, digital signage can reduce actual wait time and your staff doesn’t need to answer queries.

Personal connection

Digital signage in BFSI can provide a personal connection with its audiences. While consumer feedback can evoke confidence in potential customers and festive wishes to upgrade in branch experience, leadership talk proves beneficial especially during crises. Axis Bank MD Amitabh Chaudhry had words of reassurance for the employees and customers that the bank was by their side when COVID-19 broke out. From crucial information such as loan moratoriums and COVID support to more personal stuff such as how one could continue to pay their staff using UPI, the bank ensured social distancing didn’t lead to financial distancing during the pandemic.

Making use of restricted employee communication time

Retail banking restricts employee communication to two hours in a day. Since employee engagement is crucial for productivity, staff retention, and profitability, DSS can optimise this limited time frame and reach a wide group. After-banking hours can be used to upskill, engage and involve the staff through new product introductions, training/SOPs or soft skill displays. While event announcements can engage, showcasing targets and accolades will involve and motivate them. To ensure maximum efficiency, Wauly Digital Signage Solution screens live stream announcements and messages, and display presentations across all the branches at pre-scheduled time during and post banking hours.

Playlist composition and choosing the right time:

Attentive viewing can drive up a business’ sales. With indoor digital signage you can regulate the playlist to distribute the right content at the right time and in the right manner. Divide the content smartly to display sufficient material while avoiding overfeeding with single information. Screens can present this data in the morning, business hours, lunch hours and after hours to reach the TG.

When one chooses to revamp branches by using digital signage in banks, they essentially embibe efficient services and ROI through a quick-reaching, cost-effective, and focused solution.