How financial institutions can build trust with digital signage

Editor's note: This is the first part of a two-part series examining the use of digital signage by banks and credit unions. This article first appeared in ATM Marketplace sister publication Digital Signage Today.

Former Rhode Island Senator Lincoln Chafee once said, "Trust is built with consistency." When a financial organization such as a bank or credit union offers reliable information and services in a timely fashion, people tend to trust it. Financial digital signage can help with that.

The financial sector of the past seemed reluctant to adopt too many changes to their business models too quickly — they wanted to be seen as steady and reliable, something people can count on. But expectations have changed.

 After the 2008 banking crisis, public trust took a steep downturn and the finance world had to make abrupt changes to the way they do things. Rising up from the ashes has been something called FinTech. This is a portmanteau of "financial technology," and is an emerging industry that uses technological solutions to improve financial services.

In recent years, we’ve seen a marked rise in the use of smartphones for mobile banking, online investing services, cryptocurrencies and automation in insurance, trading and risk management. This is clearly the way of the future, and more technological integration is on the way.

While there are certainly plenty of B2B transactions in the world of finance, it's really still about the public at its heart. A recent article by Kate Rooney for CNBC shows that the younger generation, the millennials, are focused on the customer experience and best value. They trust tech — it permeates their lives every waking hour of the day, and financial institutions that have tech solutions are seen as inherently more trustworthy than those that don't. Fintech companies "have flourished" since 2008, while there's still a lingering distrust in banks.

An article by Deidre H. Campbell for BAI outlines five ways financial services organizations can build trust:

• Transparency.
• Staying ahead of the technology curve.
• Human interaction a priority.
• Expertise and trustworthiness.
• Content built on existing relationships.

Digital signage is a tech solution to help with all of these. Screens and video walls in areas where people wait and walk through grab their attention, so you can communicate both what’s important to them and important to your organization enhance the in-branch experience. A constant stream of dynamic messaging on large screens shows a level of confidence and openness, which helps build trust.

Transparency

People won't just hand their money over to a bank and blindly trust they’ll be taken care of anymore. They want to know exactly where their money is going, what services they will receive and how much it will really cost them. This is a communications issue, and there is no more powerful communications tool than a comprehensive digital signage system.

Messages that succinctly but accurately outline exactly what you offer get displayed in rotation, so people will see a particular message several times while on site, reinforcing the information.

Show people what you stand for, what your driving ideals are, and how you go about serving and protecting their investment. Let people see exactly where their money is going, especially if you're investing in local projects. Everyone likes to feel like they’ve had a peek behind the curtain, and it shows that you are open and above-board.

Additional details can be provided by supplying a short URL or QR code that takes people out to a dedicated webpage or online form, or you can use interactive touchscreens and kiosks to layer dense amounts of information in clear, understandable chunks that the audience can look though at their leisure, in their own way.

Cutting edge

Everyone today wants the organizations they interact with to provide them an experience that is familiar. That means tech and information, and lots of it. Even children are used to surfing through volumes of Web pages and other data sources to find what they want and need. A good, well-designed digital signage deployment, with high-quality images, looks great and pulls people away from the private world of their phone into the shared information space of the financial institution.

A lot of finance organizations are using video walls in their lobbies to not only inform people but really impress them. Several screens together that show large-scale images and video can be quite breathtaking when first encountered. Large market boards with striking visuals also give the impression that you have your finger on the pulse of the markets and world of finance.

Using interactive wayfinding is another modern way to give people a way to navigate a facility. People already use a map app to find the newest restaurant, so supplying them with something similar in your building emulates their day-to-day, giving them the sought after consumer-like experience. Touchscreens with maps and routes, combined with a directory divided up into different sections (personnel, departments, services, etc.) let people choose what they need and then supplies them with helpful information to facilitate their visit.

Part two of this series will discuss the impact of digital signage interaction, expertise and content on the customer experience.