PUT A TIGER IN YOUR BANK

ENHANCE BANKING CUSTOMER EXPERIENCE

 


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No, we are not actually suggesting you to have an exotic animal in your offices, nor did Emery Smith recommend having it in your car with the renowned “put a tiger in your tank” campaign.

That advert wanted to point out the idea thatEsso petrol was as powerful as if you had a beast in the tank. So, let’s assume that the same analogy works for Digital Signage.A professional screen is a powerful and eye-catching resource, able to boost a bank’s Customer Experience (CX), which is the most powerful loyalty driver according to Forrester’s 2013 research. A key component for banks according to Smith,  who states in his 2018 update, that many companies don’t fully understand what matters to their customers. 


In the last few years technology has rapidly evolved, making
relationships with customers much less sticky because of mobile banking. To answer this constantly growing phenomenon, branch offices are expected to swiftly develop many new forms of engagement by 2020; from information-, advisory- and engagement hubs (offering education and financial advice) to smart kiosks (offering service, sales and cash).


PWC’s retail banking report is highlighting the importance of a digital touchpoint which prioritizes CX
Branch Offices as we know them will evolve into a space whose core objective is to strengthen the banker-customer relationship and Digital Signage helps to create an environment where several types of information are available to help with financial decisions and to push economic discussion. 

Branch Office communication needs to often vary in order to engage and capture the attention of the audience. Positive in-branch episodes are really important for banks: where customers are willing to think about financial decisions, an optimized CX based on real time fact-based messages and dynamic information involving educational and “infotainment” content, drives the engagement of the client.


Digital signage can also reduce perceived waiting times. Keeping clients entertained with information that is relevant to the their visit, adding value to their stay.


Displaying information, which clients would otherwise ask bankers,speeds up service and helps improve operational efficiency. A study by OTX[1] shows that 40% of people surveyed, said they were likely to pay attention to advertisements or other information on screens, while in the bank. So, where it is impossible to display this information with traditional poster-ads, digital signage becomes a helpful resource for banks to give their audience the latest news: a combination of graphics, animation and text enables introduction of new concepts in a more effective and memorable way. Tests have shown that, inside a branch office, digital signage network 
[2]  



stimulate consumer awarness


increase customer satisfaction


positevly impact revenue/transactional activities


ameliorate processing times

reduce branch labour cost


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IN SUMMARY


Digital signage for banks can be an important ally in embracing the Digital Transformation that is taking place. The physical network still plays an important role in building trust and credibility, but branch offices are not expected to remain the place where customers go for tasks we now regard as a commodity and could be done online just as easy. The new era of banking sees these branch office as a place that will support the online channel, bringing information and other sources of value to the client, thus creating a long lasting positive customer experience.



[1] OTX (Online Testing eXchange) is a global consumer research and consulting firm that has established itself as a leading provider of online-based research.

[2] See “Test Results from a Bank Branch Digital Communications Network,” PRI Working Paper #6, 2008.

 

 

 

 

RESOURCES

https://ubm.io/2tUGtGU

https://bit.ly/2u3Zjuv

https://bit.ly/2MM9Nq9

https://bit.ly/2MMaekh

https://pwc.to/1m7XZ3C

https://mck.co/2tW50vg

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