Megan Urlacher
Wouldn’t we all like a quick win for improving the branch experience?
With a full Branch Transformation costing anywhere between $700,000 to over $2 million, and taking several months to complete, it can seem like any notable improvements are a long ways away.
Don’t despair. Before you think that all branch transformation changes are expensive and time-consuming, consider low-hanging fruit that can deliver big results - for a fraction of the cost and time.
No breaking ground on your branch needed!
Digital Signage: An Easy Change That Goes A Long Way
Here are four reasons Digital is the most cost-effective, easiest path to Branch Transformation:
1. Digital Done Right Is Extremely Effective for Engaging Clients
Said best by William Howle, Head of Commercial Banking at Citibank, “Financial Institutions who get digital right will quickly steal market share.”
How could digital possibly be that powerful? The key is getting it right. Strategically placed hardware and content are proven to make more meaningful connections with clients.
Walmart saw a 40% increase in point of sale purchases by implementing digital. Other studies show product awareness increases by as much as 50% with digital signage vs. static signage.
Eye-catching and relevant content engages clients to connect with how your products and services can help them, how you support the community in a positive way, and how easy it is to do business with you. Through making these connections, you're also building stronger relationships and brand loyalty with your clients.
2. Digital Costs 13X LESS Than A Total Branch Transformation
Not only will you be better connecting with clients, but you can save a lot of money with Digital, too. According to a Bancography survey, the average Branch Transformation costs ranged from $700,000 to $2 million. For 80% less than doing a total Branch Transformation, you can get an impactful Digital Signage program started in your branch.
3. Digital Takes 1/4 of the Time of a Branch Transformation to Implement
If you want to get something going to improve your branch quickly, then consider digital your best option. With a Branch Transformation typically taking between 9 months to 1 year to complete, and a digital project taking only 8 -12 weeks to get up and running - it's clear which one will give you a time advantage.
4. Digital Can Be Executed While Branch Transformation Plans Are Underway
While it's likely that you will need to do some overhaul of your branch design eventually, digital can be a great first step towards testing branch improvement strategies.
You can realize an immediate improvement while you work towards finalizing all your Branch Transformation plans. When you're ready for a full branch transformation, the investment you made on digital can be moved into the new branch.
Any way you look at it, digital is the quickest, most cost-effective element of a Branch Transformation. Take the first step towards bringing life to your branch experience with DBSI's Digital Signage Agency. Our proven process can help you create something impactful in no time at all. Contact us to get going.
