How the Financial Sector Can Innovate with 3D Digital Signage
The financial sector is known for its strict image which defines every area of its business operations from communications to internal management. But like many other sectors, banking too is seeking more innovative solutions to ensure client acquisition and retention.
Aside from the increasing digitization (services using more digital solutions) of services, including online accounts, chat services, digital currencies, and more, one of the key areas financial providers are exploring is digital signage solutions for banks.
Here we’ll discover why and how banks are employing new technologies to boost their businesses and drive more sales.
Challenges for the financial sector in 2020
In recent years, across all industries and in particular the banking sector, there has been a drive towards digitization.
As humans, we seek convenience, ease-of-use, and expect everything to be right at our fingertips with almost 71 percent of banking executives stating that advances in other sectors have led people to expect more from their financial service providers.
Let’s uncover some of the current issues that specifically affect the financial sector, before discovering how these challenges can be met and more importantly, overcome.
Physical bank branches continue to close in favor of digital accounts - experts now predict a drop in physical branch visits of up to 36%.. For banks, this creates two major issues – firstly, the human connection between the client and the local representative is lost, meaning a reduction in customer satisfaction and loyalty, and secondly, less clients are using services in branches due to the distances they have to travel.
Increase of online services
The majority of banking transactions occur online; almost 7 out of 10 UK banking clients use digital banking services. While this increase has sped up the banking process, and it has replaced the in-bank experience and the connection between client and teller.
Competition with the FinTech world
With PayPal, digital currencies, and increased digitization of services, the financial landscape as we know it is changing. Banks need to innovate their services to meet the demand for digitalization, but in doing so, may struggle to maintain the connection and relationships of in-branch services.
With all these challenges facing the modern financial industry, it is clear something needs to change. So, what if banks choose innovation instead of fighting digital change?
3 main reasons why banks should adapt digital signage solutions
When a bank invests in keeping its clients happy, they are more likely to continue to use that bank. Research by Temkin, the customer experience research, consulting, and training firm, in 2018 suggests that a whopping 69% of customers changed banks because of poor service, not due to the products and services they supply.
Increased digitization makes keeping clients satisfied with service more difficult, but not impossible. Instead of fighting against the trend, banks should seek to embrace the digital revolution and find ways to use technology to boost their business.
Alongside improvements in online services and more favorable accounts, one of the ways that banks can connect with clients is with banking and finance digital signage that enhances the experience of clients that choose to make in-branch visits.
Here are the three key ways you can involve digital signage into your business strategy:
Enhanced branding and next-level promotions
Draw in new clients with the latest savings offers, accounts, and innovative in-bank digital signage solutions that captivate and enthrall with mesmerizing 3D visuals.
Effective financial visual content, including infographics, pictures and more, should be eye-catching, regularly updated, and relevant to your clients. If those with small savings accounts primarily visit your branch, there is little success to be had in trying to attract multi-million-dollar clients to invest. Personalize it to suit your audience. No matter your client base, each and every one is valuable, and by making them feel respected and appreciated they will be more likely to become loyal clients and continue to stay with your bank.
Digital signage is evolving, 3D holographic signs such as HYPERVSN give the impression of sophistication, elegance and a financial institution seeking to move into a new era.
Higher customer retention
Your clients may come to you for your rates or great savings plans, but they stay for the experience you provide them. This isn’t just about showing off, it’s about making the service you offer more comfortable, and the time they spend inside your facility more pleasant.
Bank digital signage can bring harmony to your working process. Think about standing in a queue; you are bored and start to wonder, “when is this going to end? I have so much to do today.”
David H. Maister describes this unpleasant feeling in his article, The Psychology of Lines: “Uncertain waits are worse than known, finite waits,” and of course, that has a ripple effect, meaning by the time you get to the teller, you just want to get things over and done with as quickly as possible.
Now, let’s look at it from a different perspective. What if the queue was lined with captivating 3D visuals made by HYPERVSN that directed the line? These could inform on how much approximate waiting time was left, and show financial-fact graphics that wow and build knowledge. Wouldn’t that be a much better experience? And wouldn’t you be much more excited about that transaction?
Apply this thinking to ATMs, and self-service desks, and you are on your way to building a more interactive service that connects with its clients. This is the future.
Enriching your client communications with tailored campaigns that speak directly to your clients, ensures that they will not lose interest within the first 30 seconds and, as a result, will be more likely to engage in your services.
Think customized 3D visuals for savings accounts, updates they need to know, and the latest offers on the table. By using analytics from your current clients, you can design tailored campaigns that connect and speak directly to the needs of your clients.
This develops an invaluable connection and they are more likely to feel valued and continue to use your services.
Customers are on average 49 percent more likely to be satisfied with a service that includes personalization than one without (39.5 percent).
Top 5 use cases of digital signage in banks
It can be a challenge to imagine exactly what you can do with digital signage and how you can boost your financial institution with it. Let us help you with some key ideas for your branch:
Display at the door
Welcome your clients inside your branch with interactive 3D holographic content that great them right at the door. You can even upgrade this service using software development kits (SDK) and combine the graphics with artificial intelligence (AI), powered software that reacts to your clients’ movements, facial expressions or speech.
Reduce that “wait-time” feeling
If you find that your clients are queuing for more than 2-3 minutes in your branch, why not add some countdown timers, or infographics to make that wait time feel shorter and less stressful. If the client feels they haven’t been waiting long, it’s likely they’ll feel more satisfied with the transaction, which could lead to return business.
Guide their journey
Keep your clients informed with 3D holographic visuals that provide guidance in the reception area, show them where to go and what to do. This makes their journey calmer, easier, and more pleasant.
Keep your clients informed
Ensure the latest offers are always on-hand, display them right above the counters and the latest info direct to your clients. This helps clients know what to ask the tellers and make the most out of their experience.
Increase staff performance
Improve your staff’s communication with eye-catching 3D visuals that alert them when clients are waiting or provide essential info on the latest account changes. This boosts staff morale, shows you care as much about their comfort as your employees, making them more likely to work effectively, and decreases wait-time for clients.
Next-level digital signage solution for banking
HYPERVSN is an integrated 3D holographic display system that lets banks and financial facilities create, display, and manage incredible 3D visuals that “WOW” clients with holographic content that appears to be floating mid-air.
It is a completely new way to connect with your clients and reignite their passion for finance. With HYPERVSN holographic technology you can turn an ordinary bank visit into an extraordinary experience, while still retaining the professionalism that your clients value most.
HYPERVSN focuses on quality, customization and ensuring you have the best tools at your fingertips. What is more, HYPERVSN is proven to:
- Increase customer acquisition by up to 35%
- Raise sales by up to 30% or more
Bring digital signage to your financial institution
As you can see, investing in next-level digital screens can help you engage your clients, increase your sales, and enhance branding.
Ready to innovate with the holographic display?