Taking Digital Beyond Signage
By Karen Schaffer,
Digital Merchandising Manager
BrandPartners Retail, kschaffer@brandpartners.com
Financial institutions are embracing digital displays within their branches in record numbers. Successful deployment of this new medium, however, is dependent on carefully considering how it will impact the branch environment, the customer experience, and the value it will provide (to customer and institution). When strategically executed, digital merchandising can encourage customers to think about how they manage their money and how their bank or credit union can help them achieve their financial goals.
Many banks and credit unions have rolled out large displays running cable television programming, which catches people's attention when they are waiting in a teller line, but doesn't really provide any value to the customer or the bank. The money spent on these displays and, more importantly, the valuable wall space they occupy, can be much better utilized by incorporating digital displays into the overall branch merchandising program.
One method of incorporating digital into an overall merchandising program is to deploy a centrally managed digital signage network. These digital signs are effective in communicating promotions and products and increasing service awareness. They can also provide an educational component.
The digital devices might pose questions such as, "Did you know if you are paying $800 a month in rent, you might qualify for a $150,000 mortgage?" Or, "Did you know CDs yield a higher return than traditional savings accounts?" These questions prompt customers to consider their financial situation and begin perceiving their bank as a financial advisor. More informed and empowered customers will result in increased product inquiries and increased share of wallet for the bank.
However, even more value can be achieved for both the customer and the financial institution when you take digital technology beyond signage. Interactive digital merchandising can add value to the customer's experience, enhance the branch environment and result in increased sales for the institution.
Interactive digital kiosks provide customers the ability to educate and pre-qualify themselves for many financial services. After gaining a base knowledge of their choices, they are more likely to seek out consultations with bank staff.
A digital kiosk may pose a question "At What Age Do You Want to Retire?" If strategically placed and properly integrated into the environment, this kiosk, and question, will capture the attention of passersby who will immediately begin considering their financial situation and preparedness for retirement. Customers who may not be financially ready for retirement can interact with the device, learn about their options, get a sense of the changes they need to make in their spending and savings habits, and be encouraged to continue the dialog with one of the bank's financial advisors.
Another example of effective digital merchandising is a large display in a waiting area that offers customers a menu of topics to select from. As they wait, customers can watch segments profiling various products and services offered by the bank, or related topics, to learn how they could impact on their financial situation. Related topics could be segments such as do-it-yourself home improvements, tips on buying a used car, or planning the next vacation. Customers can easily relate to these topics, and will receive some additional value that they did not expect when entering the bank. By enhancing the customer experience, the relationship between the customer and financial institution is strengthened.
Digital merchandising has opened a vast array of options for enhancing the way financial institutions communicate within their branches. Before embarking on any program, we recommend that banks and credit unions consider the following:
- Who is your target audience?
- What is the desired result of the program?
- Does the program align with your other communication objectives?
- What challenges are you facing in the branch that digital could help solve?
- What is the current customer experience in the branch? How will this enhance it?
- What information would be valuable to track? How will you track it? What will you do with that information?
Answering these questions before initiating any digital program will ensure that it will work harder for you, and help you achieve your return-on-investment sooner.
Anchor Bank Takes 5
|
Anchor Bank recently installed a (5) screen electronic merchandising array in their new Lacey, Washington branch. The array consists of (3) 17" brand reinforcement screens, (1) 42" primary plasma screen and (1) 19" interactive touch screen kiosk system with security sensor. "Electronic merchandising is just another wedge of our retail marketing pie. Paper posters and blade signs are still very valuable, but the mix is changing. " says Jennifer Sturm, VP of Marketing for Anchor Bank.
 |
|
|
|
According to a recent ABA Marketing Magazine article: Branches with online banking kiosks have a 3x higher than average penetration of customers with online banking accounts.
|
 |
|
|
|
Correctly identify this bank marketing professional below and earn a chance to win a company shirt from The Kiosk and Display Company!
send e-mail to shirts@kioskanddisplay.com drawing 11/1/05 |
We care about the integrity and timely nature of your marketing campaigns.
Please call us when you need ideas, new solutions, technical support or to re-engerize your content.
Need inspiration for your next electronic merchandising campaign? Our content library has a range of examples we have produced for other clients.
We love to help!
Toll Free Support Numbers:
Sales: 1-800-724-8947
Support:1-800-668-1975
Content: 1-877-585-3387
