Bank on Digital Signage: How Smart Displays are Transforming Retail Banking 

Retail banking faces a pivotal challenge today: meeting the evolving expectations of tech-savvy customers in the digital age we live in, while maintaining the trust and personalization that have formed the cornerstone of traditional banking for centuries.

Given this challenge, digital signage has emerged as a transformative solution, bridging this gap by delivering dynamic, real-time communication that enhances the in-branch experience.

More than just a tool for displaying information, digital signage plays a critical role in modern retail banking by elevating customer engagement, streamlining operations, and reinforcing brand identity. Here at Poppulo, we know this better than most because we’ve pioneered digital signage for decades, working with A-list clients across every industry on every continent, including many in the financial sector.

Check out this here to find out how Western Union has successfully leveraged our digital signage software to deploy localized, relevant content to thousands of locations. 

The Role of Digital Signage in Banking

This blog explores how digital signage is reshaping the retail banking landscape, its benefits for both customers and institutions and why it has become a strategic necessity in the industry’s pursuit of innovation and growth.

But before we look at how digital signage is taking the banking sector by storm, let's answer the basic question: what is digital signage?

What is Digital Signage?

Digital signage allows businesses to display information for both customers and employees and update that information by region, time of day, etc. These screens can show anything from product promotions and store menus to wait times and community events.

Digital signage is used everywhere, from shopping malls to airports, and it's a great way to grab people's attention and keep them informed.

But digital signage is much more than just an electronic version of a traditional sign. Unlike traditional signs, digital signage can be easily updated and customized, allowing businesses to quickly adapt to changing conditions and target specific audiences.

They can be highly interactive, allowing viewers to engage with the content and learn more about products and services, or they can display content behind tellers, used to create an immersive lobby experience, and more.

The Importance of Digital Signage in Retail Banking

Digital signage has long been highly effective in the retail sector, and the hospitality and entertainment industry—think Las Vegas—and now it’s an equally invaluable tool in the financial sector. It’s transforming the way banks interact with customers and manage their in-branch experiences. The technology not only modernizes the banking environment but also aligns with the digital expectations of today's consumers.

Research by the international design agency SLD into the use of digital signage in the banking sector found that it “significantly enhances the customer experience by providing interactive features, personalized content, and convenient access to information.”

Speaking about the research findings, SLD’s president, Jean-Pierre Lacroix, said: "Bankers overwhelmingly find digital signage highly effective, with 63% stating it is incredibly effective and another 29% finding it somewhat effective.”

“Both consumers and bankers view digital signage positively, with opportunities for improvement through better measurement, personalization, and strategic content placement. Financial institutions must prioritize customer engagement by delivering relevant and interactive content to increase satisfaction and loyalty,” said the SLD president.

Digital Signage and The Pushback Against Shuttering Banks

Between 2011 and 2021, US banks shuttered 17% of their domestic branches, while those in Europe closed 35%, figures quoted by Accenture state.

“Yet consumers still value the branch. Two-thirds (67%) like seeing branches in their neighborhood as it portrays the stability and availability of their bank. Remarkably, consumers across all age groups feel this way. This sentiment is present in most countries: more than 50% of consumers in 29 of the 33 countries where the survey was conducted appreciate seeing branches in their neighborhood,” says Accenture.

This attachment to physical banks in a highly digital world should lead the industry to reimagine the role of the branch, Accenture argues: “Since customers still value branch interactions, banks should not only consider changing the format of their branches—for example, transforming them into advisory centers, self-service kiosks, etc.”

Benefits of Implementing Digital Signage

Attracting New Customers and Improving Sales

Digital signage can capture the attention of potential customers through eye-catching visuals and targeted messaging—and by showcasing promotions, new products, and services, banks can attract new clients and drive product adoption. Interactive displays can also provide personalized experiences, making it easier for customers to find relevant information and make informed decisions.

Enhancing Branding and Customer Experiences In-Branch

A well-designed digital signage system can significantly enhance a bank's branding efforts. High-quality visuals and consistent messaging reinforce the bank's brand identity and values. Additionally, digital signage can improve the overall customer experience by providing clear, concise information and reducing perceived wait times through engaging content.

Improving Communication and Reducing Expenses

Digital signage allows banks to communicate more effectively with their customers. Real-time updates ensure that information is always current, reducing the need for printed materials and associated costs. This not only saves money but also supports sustainability initiatives by reducing paper waste.

Implementing a Successful Digital Signage Strategy

Selecting the Most Secure and Scalable Digital Signage Solution for Financial Institutions

Choosing the right digital signage solution involves considering factors such as security and the ability to scale—something essential for large organizations—as well as display quality, software capabilities, and integration with existing systems.

It’s essential that banks should look for solutions such as Poppulo that offer the highest-rated security systems. Our customers include many of the most security-sensitive organizations in the world.

Scalability and flexibility are essential for digital signage solutions in retail banking. Banks need systems that can grow with their needs and adapt to different environments, from small branches to large flagship locations.

Installing and Maintaining Digital Signage Systems

Proper installation and maintenance are crucial for the success of digital signage. Banks should work with experienced providers to ensure that displays are installed correctly and maintained regularly. This includes software updates, hardware checks, and troubleshooting to prevent downtime.

Why a Centralized Digital Signage System is so Important

A centralized digital signage system offers many benefits. It streamlines operations by allowing for centralized content management and ensuring consistent branding and messaging across all displays.

This centralized approach also reduces the time and effort required to update and maintain each individual screen. Additionally, it enables remote monitoring and control, minimizing downtime and optimizing resource allocation.

Conversely, a decentralized system can lead to inconsistencies in branding and messaging, as well as difficulties in coordinating updates across multiple screens.

This can result in a fragmented and less effective communication strategy. Furthermore, decentralized systems may lack the robust security measures found in centralized platforms, potentially exposing sensitive information to risks.

The downside of not having a centralized digital signage system, such as Poppulo, was highlighted in the previously mentioned SLD research, which found that: “Multiple teams often manage content, leading to potential inconsistencies. Bankers emphasize the need for more localized and interactive content and a more centralized approach to ensure quality and consistency.”

Measuring and Evaluating the Effectiveness of Digital Signage

To gauge the success of digital signage, banks should establish clear metrics and regularly evaluate performance. This can include tracking customer engagement, sales conversions, and feedback. By analyzing these metrics, banks can make informed decisions about content and strategy adjustments. Want to hear more about how to easily dig into the invaluable information that digital signage analytics can provide? Check this out.

Boosting Customer Engagement with Interactive Digital Signage

Gathering Customer Feedback for Improvement

Digital signage can also be used to gather customer feedback through interactive surveys and polls. This real-time feedback can help banks identify areas for improvement and make necessary adjustments to enhance customer satisfaction.

Creating Interactive and Immersive Experiences

Interactive displays can provide immersive experiences that engage customers on a deeper level. From touchscreens to augmented reality, these technologies can make banking more interactive and enjoyable, encouraging customers to spend more time in the branch.

Operational Benefits with Digital Signage

Enhancing Efficiency and Reducing Wait Times

Digital signage can streamline operations by providing clear directions and information, reducing the need for staff intervention. Queue management systems integrated with digital displays can also help manage customer flow and reduce wait times. According to Digital Signage Today, digital signage can reduce perceived wait times by up to 35%.

Automation and Internal Communication Improvements

Digital signage can automate routine communications and updates, freeing up staff to focus on more complex tasks and deeper, more personal conversations. Internal communication can also be improved through digital displays in staff areas, ensuring that employees are always informed about important updates and announcements. 

Real-Time Communication Advantages

Benefits of Real-Time Updates for Customers

Real-time updates ensure that customers always have access to the latest information, whether it's about new products, interest rates, or branch hours. This immediacy enhances the customer experience and builds trust in the bank's reliability.

Instant Adjustments to Messaging

Digital signage allows for instant adjustments to messaging, enabling banks to respond quickly to changing circumstances. Whether it's updating promotional content or providing emergency notifications, digital signage ensures that communication is always timely and relevant.

Top Features of Retail in Finance Digital Signage Solutions

Enhancing In-Branch Experience with Video Walls and Powerful Graphics

Video walls and high-resolution graphics can create a stunning visual impact, enhancing the in-branch experience. These features can be used to display promotional content, educational videos, and real-time information, making the branch more dynamic and engaging.

Integrating with Existing Systems and Infrastructure

Digital signage solutions should integrate seamlessly with existing systems and infrastructure. This ensures that banks can leverage their current technology investments and create a cohesive digital ecosystem.

To find out more about how Poppulo can transform the customer experience for better business results in your financial organization, get in touch here. We'd love to help!