Financial Institutions have seen a huge shift in consumer expectations in recent years. Today’s consumers expect service, and they expect accessibility. They want access to information wherever they choose to look. With digitally savvy consumers being the norm and multichannel engagement being at an all-time high, consumers expect mobile, social and e-commerce, they are no longer benefits, they are expectations.
So what is the next step? Where is the gap? What can financial institutions do to sneak in, impress and truly connect with their customers, better than their competitors? Digital Media for engagement in the branch is the answer. At Reflect, we see successful financial institutions learning how to really drive efficiencies and profits by extending their multichannel advertising strategies into the branch to engage their customers with digital media.
We all know that a customer in the branch is an opportunity. Unfortunately, it seems a lot of the time, the focus isn’t on connecting with them at the branch. The good news, digital media has been proven to help bridge that connection from social, mobile, and e-commerce into the brick and mortar of the branch, leading to longer lasting, more profitable customer relationships. Here’s how…
Unmatched Messaging Power - Digital media affords you the ability to control your messaging to maintain consistency across all branches. At the same time, you can customize your message based on the location of your branch, time of day, or day of week. The options are endless. You can change your message in a matter of seconds, update rates, launch a special promotion, and provide educational information about new products and programs. On top of the efficiency and message control digital signage provides, it allows you to reduce your overall cost by eliminating costs associated with printed materials, without sacrificing communication to your customers.
Increase Share of Wallet Through Cross-Sell – With digital media it has never been easier to educate your customers on your products. Industry resources all cite that clients with more than one product are the longest lasting, most loyal, least likely to leave. Digital engagement in the branch can help you capitalize on this by being able to show your customers the benefits of having “this + this” visually, while they wait in the lobby or wait to speak to a branch representative. You are able to arm your customers with the information they desire, making them feel like they have the control.
Improve Customer Service – Customers want to be treated well and provided with good service, and they expect technology to be used to communicate and assist them. The ability to deliver personalized messages and offer targeted promotions to customers makes them feel important, like you know them, and that can be powerful. If a consumer feels like one bank knows their preferences better, that can quickly become a huge competitive advantage. Digital signage and interactive display systems can also help assist customers, by providing them with additional program and product information, allowing them to see a real-life use through video. Digital signage can also be interactive, giving the consumer control of the user experience, or it can be used to entertain to decrease customers’ perceived wait times.
A banks story is ultimately shaped by the customer experience, and the right digital media strategy can significantly impact that experience, generating sales and deepening brand connection. By controlling the right digital experiences from the moment customers walk into the branch, banks can cross-sell, provide superior customer service, gain efficiencies, and maintain a competitive edge in today's marketplace. A customer in your branch is an opportunity; don’t let revenue walk out the door!
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