Years ago, we set out to get some answers on how digital signage was impacting the branch experience. While only a small piece of the branch marketing puzzle, we knew the potential of tapping into this medium was bright. And yet, there was little research on how it was being used by financial institutions and its effectiveness.
So, as digital signage usage among financial institutions has grown, our own internal thirst for knowledge has grown into an annual survey that tracks trends in the changing world of retail banking—for both the branch and HQ/corporate centers.
This year, we asked nearly 150 financial executives about their current state and top future strategies for using digital signage. We wanted to know what’s working, how much they're spending, and what’s most effective—especially with a pandemic vastly changing how business is done.
The results are in and we have turned all our research into 17-pages of digital signage glory—including a giant pile of charts (28 to be exact!), tons of insights, and expert analyzations on how the data and responses correlate into actionable takeaways for you in 2021.
Here's a quick peek at some fascinating trends uncovered.
Almost everyone has digital signage in their branches and even amidst a pandemic, most plan on adding even more
Digital signage usage has consistently grown over the years, so it's no surprise that a huge majority of respondents (87%) stated they have some form of screens in their branches. As paper anything is slowly fading away due to a heightened sense of COVID-19 safety and sanitization, it makes complete sense that 80% of larger financial institutions plan on adding even more this year.
Brochure racks are great places for germs to hide and they are hard to clean without ruining the brochures. Screens, tablets, and interactive kiosks filled with relevant product information and QR codes allow clients to explore services in branch and take relevant information with them. Our data shows more executives are picking up on this trend and using it to their advantage.
Adding screens to your drive-thru is a hidden opportunity for differentiation and client attention
It's no secret that drive-thru usage has grown during the pandemic. In fact, 95.26% of financial executives reported an increase in drive-thru traffic as a result of the pandemic. [Source: 2020 Overcoming COVID-19 Obstacles]. Yet surprisingly, only 33% of survey respondents reported plans to add exterior digital signage screens in 2021.
We see this as a massive opportunity to get ahead of the pack and differentiate your brand experience. As clients wait in your drive-thru, take advantage of their undivided attention with engaging screens sharing how you can help, how you've responded to COVID-19, the latest promotions and any other messages you want eyeballs on. Especially with less traffic coming in, don't waste this precious opportunity!
Digital signage isn't just pretty screens. It works for 72% of respondents
Almost everyone asks—what is the ROI on digital signage? Is it worth it? Clearly, our respondents answered with a resounding yes. A strong 72% felt digital signage had improved their sales efforts. Plus, when you factor in the cost reduction of printing paper brochures, it makes digital signage seem like a clear winner in our book.
The number of executives using content to help onboard clients to mobile and digital channels was surprisingly low
As the use of mobile apps and digital channels skyrocket, we were surprised to find that only 6% of respondents were using digital signage to help promote their digital services and onboard clients while in the branch. We believe it's always a good idea to remind clients of the conveniences you offer to help build brand equity in their mind. Even more important however, is having in-branch tools to help late adopters learn to use your digital services—especially with the help of a friendly universal associate. Think about it—if these clients haven't used your digital tools on their own by now, it's clear they need something else to push them to try it. By having tablets and discovery bars equipped with onboarding tutorials, your staff can now take on a more advisory role, and walk anyone through the process of signing up, right in the branch.
Want even more insights?