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Financial institutions including banks, insurance companies, and investors are rapidly digitizing, spurred on by the need to improve customer service, improve agility, and compete with small startups disrupting the industry.

Digital signage is one tool used for digitization, because it allows faster, more efficient communication, better customer service, and often lightens the load on service professionals.

Organizations like Gartner show that digital signage is crucial to empowering digital initiatives in “the real world”, largely thanks to faster information sharing, better communication, and integration of data into face-to-face customer interactions.

While the exact needs and application of your digital signage will heavily depend on the type of financial organization, any finance institution can improve internal and external communication with digital displays.

Updates in Lobbies and Waiting Rooms

Banking, insurance, and other finance customers often have to wait for long periods, which results in frustration, reduced customer happiness, and reduced brand loyalty. In fact, one study by BAI showed that average lobby wait times are in excess of 5 minutes. The same study showed that the average bank visit, including time to check and resolve issues, took over 26 minutes per customer.

Those wait times breed frustration, anxiety, and an increasing shift away from going into banks. In fact, 70% of Americans haven’t visited a bank branch at all in the last 6 months. But, face-to-face interactions give banks the opportunity to solve problems more quickly, strengthen customer relationships, and offer real value to customers. Encouraging those visits means reducing wait-times, improving the value of time spent in lobbies, and speeding up visits. Digital signage can help to achieve this, offering tools to reduce wait time, reduce perceived wait time, and streamline visits.

1) Infotainment

Providing infotainment can reduce perceived wait-time up to 30%. At the same time, you can use infotainment to prepare customers for their visit, offering instructions on what they need, what to have ready, and how to manage processes. Visits for mortgages can be greatly streamlined by giving customers the information they need while they’re waiting, so the banker only has to offer a quick elevator pitch and go over options, which the customer has already seen.

2) Personalization

Guest check-in and guest management systems allow you to offer infotainment, tutorials, and processes to customers in waiting rooms on a personalized level. Customers can enter, state their reason for entry, and receive information they need for their visit on a small screen next to the waiting area. This can be as personal or as broad (and safe to show in public) as the size and privacy of the waiting room afford.

This type of information can apply across nearly any type of financial organization. Offer instructions on how to start a mortgage, how to take out insurance and what options are available, interest rates, etc.

Guest and Queue Management

Guest and queue management benefit both customers and staff, because they reduce the frustration of waiting in line. Customers walk in, use a kiosk to state their reason for visiting, and receive a numbered ticket. When someone who can help them is available, their number comes up on a digital display in the waiting room.

This type of management reduces uncertainty in waiting rooms, reduces boredom because customers can more easily entertain themselves, and helps with customer management. It also avoids frustration by standing in the wrong line, because stating the reason for a visit always allows you to schedule appointments with someone who can actually help.

Internal Communication

Internal communication is critical for ensuring quality service, avoiding overbooking, and avoiding leaving customers waiting. Digital signage integrates into many forms of internal communication including queue management, reservations (rooms, equipment), staff management and rosters, and resource management.

  • Rosters – Digital rosters show who is working and when, so everyone is always aware of which colleagues they can rely on.
  • Room Management – Digitally book and reserve conference and meeting rooms, avoiding double-booking or long wait times for rooms to free up.
  • Empowerment – Communicate KPIs and goals in real time to empower and encourage employees
  • Team Communication – Facilitate internal team communication with touchscreens, digital displays, and updates.

Internal communication can range from sharing current goals and work tasks to sending appointments and current schedules for guests across offices. It can include resource management (Rooms, copiers, etc.), equipment status (ink level, machines in disrepair), schedules (rosters, someone called in sick, etc.), and even digital alerts to quickly share changes in stocks, premiums, returns, etc.

Self-Service Terminals

Self-service terminals allow banks to offer primarily autonomous service, but in an environment where the customer can ask for and receive help on an as-needed basis. Here, touchscreens including kiosks and tablets allow financial organizations to offer self-help to customers who can then step in, start processes, answer questions, and check accounts in the bank.

Some examples of that in use include:

  • Customer A walks into the bank and starts their mortgage application on a self-help kiosk. They click send and move into a private office to complete the application with a banker.
  • Customer B stops in to check their bank details and realizes there is an error. They request help and a banker immediately steps in to resolve the issue.
  • Customer C browses through coverage options while waiting for service. She walks to the cubicle with a very good idea of what she wants and why.

Self-help can very often allow customers to handle their entire process from start to finish, but in banks, it frequently speeds up existing processes by giving customers an easy way to handle processes driven by their data upfront. This will greatly speed up the duration of appointments, reducing total wait time and total duration of time spent at the organization, increasing customer satisfaction.

Good communication is critical to a good experience in an organization. Whether that takes the form of offering information, streamlining how customers are treated upfront, or sharing information across the organization, digital signage can help.