Banks Adopt Digital Signage w/ Frustration

Digital Signage in Retail Banks

We've come across an interesting article that discusses the increase in adoption of digital signage in the banking industry. While this is a sign of things to come, many of the businesses (75%) have expressed frustration with hidden operating costs and daily management. The article makes it clear that the adoption of digital signage presentations and marketing campaigns is becoming more and more popular in retail banking locations. Whether it's a result of direct competition or on banks actually wanting a new way to interact with customer, one thing is certain: companies need to find a way to capitalize on this growing market. With the dwindling economy and growing population, financial institutions have to deal with a more competitive environment, as customers are looking for the best rates and service. Digital signage can help make or break a sale; banks will have to understand how to use it to their advantage.

The study was conducted two years ago, asking retail banks around the globe about their plans for implementing digital signage technology into their locations. According to the research, more than half of the banks surveyed were planning on deploying some form of digital signage within the next 12 months. It's important to note though, that more than one-third of those surveyed had no intentions of launching a digital signage campaign. The biggest reason listed for adopting such a program was to satisfy customers; however nearly half of the banks interviewed did not have any system for measuring success. The question then is, how can you spend the money on this technology without a way to monitor your success? How do you know it's working for you?

Further research found that many banks just simply did not have the time, money and talent to run a digital signage campaign. The initial setup is relatively easy, but to keep content relevant, fresh and constantly running costs money and time, factors many of the digital signage companies fail to reveal. Then there is the issue of creativity. Ideally a company would have their marketing team develop eye-catching and effective presentations to draw a consumer's attention towards the screen. However, collaboration between the IT department and a marketing team may result in confusion and more frustration. There is also the issue of multiple departments, regions and ideas getting involved. The study also found that while many of the banks had already implanted a form of digital signage, almost half were updating content monthly or less than that. The beauty of digital signage is the ability to create dynamic and fresh content quickly and without printing costs. As you can see from the study, many businesses are not taking advantage of what digital signage has to offer.

So what can banks, and digital signage providers, do to improve this situation? For starters, we suggest the digital signage providers implement some form of guidance of installation options for those new to the industry. Why not create a seminar for specific industries so retail banks can learn about the many advantages digital signage has to offer? This is something that can even be offered online. This would be a great solution for those businesses that do not offer any form of installation or on-site consultation. This is a new form of marketing and communication; businesses need to be shown its capabilities so that everyone will benefit equally from a purchase. Another solution may be for banks to hire an outside source for content management and implementation. While not ideal if you'd like to keep costs down, the ROI may prove worthy of such an investment. A great feature of digital signage is the ability to personalize each presentation based on a location, time of day and clientele. To not take advantage of this system is like spending a fortune on a generic poster display.

Clearly retail banks need to take a solid look at their business strategy and determine if digital signage is worth the investment of time, creativity and money required. A better form of analysis would help companies evaluate a pilot project so as to minimize costs if such a system deems unsuccessful. With more research and evaluation, banks can successfully incorporate digital signage into their retail locations.

http://www.marketwire.com/press-release/digital-signage-study-shows-adoption-skyrocketing-as-bank-confidence-plummets-1505898.htm

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