How Digital Signage is Transforming Banks into Engaging Spaces
The high street has received some significant changes in the past few years with digitisation taking over many aspects of our daily life – but how has it affected how we bank?
Online banking has, in many ways, removed much of the need to visit a high-street branch. We can check our balance online, send and receive money and even take out a credit agreement from anywhere. Whilst this change in behaviour may be driving the decline in bank branches’ footfall (8% to 10% every year) the 10,000+ branches on the UK high street are not completely giving up on a bricks and mortar approach.
Sound and look less like a bank
Reducing churn and increasing loyalty are major objectives for both online and traditional retail banks. Those with a high-street presence can use their physical location to their advantage. The next generation of retail banks are interactive, not transactional, so the objective has shifted to delivering a great customer experience rather than just depositing or withdrawing money. To deepen customer engagement, these experiences need to be intuitive and personal. To enable this change, many banks are opting to rename their branches to sound less like a bank and more like a boutique or studio.
Digital signage is helping retail banks look and feel more like high-end retail shops, with more dynamic messaging. An increasing number of banks are using high-bright screens in their windows to attract and engage customers. Digital signage enables advertising campaigns to be deployed at a far quicker pace than traditional printed signage allows. Because of this, marketing approaches are shifting to become more relevant to customer needs, adopting a more personal style than traditional push marketing.
Multichannel sales and service is a major focus for the new age bank/store. The customer journey can take place in-person or online. Self-service kiosks are playing a major part in enabling customers to extend their online journey into the real world.
Touch screens are helping banks break down the barrier between the bank and the customer. Clydesdale and Yorkshire bank’s new flagship store Studio B, has done away with cash desks entirely, instead empowering their staff with tablets. There is a strong belief that people want to deal with people when it matters most, and Studio B has developed a hybrid approach that seems to be resonating with customers.
Additionally, Studio B includes an open seating area with desks, free Wi-Fi and a catering facility that provides drinks and snacks at no cost. These benefits can be enjoyed by anybody, not only customers. This is an approach Lloyds Bank have also used with their new Manchester bank branch. Both banks also offer the space to local community partners to host their own events. The bank has transformed itself into a community hub where people can connect.
The retail bank for today’s digital age will have more technology, but also more personal connection–customers will expect this as their online and offline worlds increasingly converge. And for banks that embrace the technology, service will improve and be personalised with fewer barriers and a focus on experience. Find out how your bank branch can transform itself with cutting-edge in-store audiovisual technology.