While bank branches are reducing in numbers, research shows that banks still play a major role in serving customers of a financial institution.
- In 2015, 80% of Americans have visited a bank branch.
- Customers are spending only about 5-10 minutes at the bank branch.
Hence financial institutions (FIs) have to be extremely quick and effective in communicating their messages. To cater to this, FIs are bringing a change to the manner in which messages are delivered. LED signs are the most powerful tool to assure that customers can be engaged within the given timeline.
Information like interest rates vary on a daily or hourly basis. Hence print materials to display this information can become outdated even before it is distributed to each of the bank branches. Print marketing is just not efficient enough for advertising value propositions of products offered by financial institutions.
With the evolution of the financial environment, institutions are adding variety to their product offerings as a means of holding on to customers for a longer term and to attract new customers all the time. Physical locations are being modified and static displays are being replaced with LED displays throughout the organization. For those looking to make that shift towards digitalization, LED Craft Inc is a powerful manufacturer of LED signs. Visit our website for more information on the wide range of products we have to offer.
Simply staging visual displays is not enough. The graphics should have a purpose. The intangible benefits offered by financial products in banks are better illustrated with dynamic images instead of static numbers. With LED signs, meaningful illustrations can be designed to show the results of these intangible benefits. Some examples of these include:
- Cashing a CD to pay off a wedding bill
- A reverse mortgage to pay for children’s college education
LED sign campaigns can target patrons using rich media to get them to consider about financial decisions. By doing so, institutions are arousing awareness in the customer’s mind. Such messages can be displayed on indoor LED screens anywhere where one might make a financial decision. In a bank it could be at the:
- Forms counter
- Teller line
As for outdoor LED displays, placement just outside the bank branch is a good idea. Anywhere where additional financial information can be useful to a customer is a good location for displaying such content.
Importance of Groundwork
Before deploying a digital signage campaign, it is very important to set realistic goals, key performance indicators and measurements in order to assess the performance of the campaign against these goals. It is also important to regularly evaluate the performance and ensure that the presentation of information is in line with the dynamic nature of a digital signage system.
As for ROI measurement of an LED sign campaign, a couple of factors need to be considered. One is whether or not the content delivered by the financial institution is relevant and the other is to ensure that the alternative purposes of digital signage are being made use of (training and teleconferencing).
Additional benefits of LED Displays:
- Interactive touch screen LED displays can serve the purpose that was previously provided by a teller at the bank. That person can then be used to accomplish other productive tasks.
- A display fitted to enable teleconferencing facilities can help connecting customers to an off-site expert in case the on-site staff are busy or if anyone at that particular branch is unable to solve the issue. In fact financial institutions are looking at digital services as a key opportunity for reducing transactional costs of a teller.
- Location based digital displays that are networked can help by directing people to nearest ATM locations. Interactive displays could also help with simple ATM functions such as balance inquiries and branch locators.
- During closed hours, LED displays can serve the purpose of training the existing employees regarding new procedures, thereby eliminating the need for a trainer to be sent to each branch.
- Digital signage creates an emotional connection with customers, thereby retaining customer loyalty and pushing an intense relationship with the customer to encourage them to make a purchase.
- Customers who are served by an interactive LED display are more likely to have a higher recall rate in remembering the information that was presented to them. Hence the motivation to seal a deal is higher.
ROI Benefits provided by digital signage
- Higher sales of financial products and services
- More deposits
- Lesser staff requirements
- Reduced training costs
- Increased customer satisfaction
- Stronger brand loyalty
- Efficient communication of messages