How Digital Signage Is Redefining the Banking and Finance Arena

11 min read

If you visit any retail bank today, it is more likely that you will spot large flat panel displays and video walls that have been the faces of several fashion stores for ages. Initially, digital signage boards were majorly used in the fashion industry or in other business with intensive marketing needs. Over the years, however, other industries including financial institutions have come to appreciate the need for this technology in their businesses. So, what really changed? Even more, what does this sector stand to benefit from such technology? Before answering these questions, you might want to know how the whole concept of digital signage plays along.

Ideally, a typical digital signage solution comprises the media player, back-end CMS server and the user dashboard. Certainly, there are several other software components involved. Most banking systems and financial institutions that choose to use this system prefer hosting their Content Management Systems in-house. This makes it possible for the bank’s own IT team to manage and maintain the system. It is also worth noting that most institutions in the banking sector prefer native media player software because it experiences minimal stability issues. With these basics, it will be easier to understand how digital signage is revolutionizing the banking industry.

  • It’s all in the experience

It is undoubtable that the rate at which customers are interacting with their banks online is on the rise. Today, internet banking is at the heart of retail banking. While this has led to the closure of several brick and mortar branches, it is agreeable that certain services still require physical bank locations. Since customers do not like visiting banking halls, it is only appropriate that you make their experiences more fulfilling every time they come.

Recently, digital signage implementation has resulted to the delivery of high-quality content suited for customers. As customers wait to get served, they can now get relevant information regarding their accounts and additional info regarding other services. The fact that digital signage promotes live data feed has made it even easier for banks to advance their agendas. In the presence of such technology, customers are now able to real data on interest rates, market prices and prevailing currency exchange rates.

  • New ATM experience

Apparently, the use of digital signage technology walks past the banking hall door into the ATM machines. Today, several Automated Teller Machines have been designed to keep up with recent technologies. Today, ATM machines feature full color displays while supporting fundamental digital signage features.

The same technology used in digital menu board is what is used in managing the advertisements displayed on the ATM screens. This has made it even easier for banking staff to control and monitor screen-based communications. Ideally, bank staff is now able to moderate and control the kind of content displayed on each screen.

  • Beyond customer experience

While the bulk of digital signage technology is aimed at streamlining the experience of customers, it will be untrue to conclude that this new technology is all about clients. The truth is; even banking employees and other staff within the industry can draw significant benefits from digital signage. During off-hours, the same screens can be used to display corporate content. Even more, banking staff can learn and experience refreshing entertainment from digital signage boards present in lunch rooms, meeting rooms and other common areas.

One thing that makes digital signage so effective and relevant in the banking sector is the fact that it can reach every physical branch irrespective of the geographical location. For International banks, this technology presents an opportunity of managing multilingual contents across various countries. With such capabilities, banks can now capitalize on higher ROI since they can use a single digital signage management system for the entire organization.

  • A brighter future

Besides the obvious benefits of digital signage, this technology promises even more interesting benefits. For instance;

  • Digital signage can come handy in getting the attention of viewers and retaining the same. If integrated with other triggers such as RFID sensors, motion sensors and Microsoft Kinect sensors, the targeted audience can easily interact with the system in a livelier way. Take the case of a motion sensor changing the content when a customer passes close by. This will further apprehend their attention.
  • Digital signage can be used to personalize a customer’s experience when using smartphone apps or electronic beacons. For instance, there can be a trigger for certain content when a customer using the banks app is within a specified range.
  • Touch-enabled displays, especially for the ATMs and queuing systems, further offer an opportunity for the targeted audience to interact freely with the digital signage system. They have the abilities to review policies and have access to several data by simply taking advantage of touch sensitive tablets and displays.

 

  • Secure System

Nothing more threatens the existence and sustainability of a banking system than insecurity. Notably, banking networks are more secure compared to the everyday business LAN. However, such security layers including proxy servers can create problems with the digital signage technology. Most digital signage systems rely on communication with back-end servers. Being that interaction with the public internet is highly restricted; data flow on the digital signage becomes slightly complicated.

However, advanced digital signage systems are capable of operating perfectly within such environments. They take advantage of secure HTTP channels to ensure a free flow of date playback devices and CMS servers, thanks to their compatibility with proxy servers. Therefore, it is necessary that banking systems consider more secure digital signage system with advanced safety enhancements.

Digital signage has no doubt had its impacts on various businesses globally. Apparently, the banking sector is no exception. Over the years, there have been steady improvements in how this technology is used in enhancing customers’ experience, especially in banking halls. With digital signage technology promising even greater exploits in future, there is every reason for why retail banking systems to invest in it. Simply put, the future of banking system is tied to such revolutionary technologies.

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