How Digital Signage Improves Member Experience
Digital signage can provide educational content that increases member knowledge while promoting advisory conversations and enhancing cross-selling opportunities.
By Alisa Semyekhina, VP of Digital Creative, DBSI
September 14, 2023
From the effects of inflation and rising interest rates to concerns about funds safety and online fraud, most Americans face more financial stressors today than they have faced in decades.
For these reasons, it’s become increasingly important for credit unions to educate and empower members about financial matters that impact their daily lives.
Like most credit unions, yours probably has fewer employees available to assist members and conduct marketing efforts than it did several years ago. Additionally, you’ve probably been noticing that members want more personalized service at branch locations, and if they don’t receive it, they’re willing to go elsewhere.
We at DBSI believe it’s critical that your credit union considers leveraging digital signage to assist with financial education and important branch operations.
Ninety percent of financial institutions already have digital signage in at least one of their branches according to our 9th Annual Digital Signage and Benchmarking Report, and as digital transformation in business continues, placement is likely to continue shifting upward.
Digital Signage Provides Money Management Tips and Tools
When individuals lack financial knowledge and skills, they are more likely to develop problems with consumer debt and experience increased levels of stress.
To that end, a survey by the National Financial Educators Council (NFEC) found that the inability to manage one’s personal finances cost U.S. individuals an average of $1,819 each in 2022. This average, when generalized among the 254 million adults living in the U.S. last year, totaled to a combined loss of over $436 billion.
By placing digital signage in branch locations and populating it with educational content, you get a unique opportunity to help members become more financially literate and confident in the choices they are making with their money. As a result, member loyalty and trust tend to increase.
If you’re interested in what members need to learn about, popular financial topics for the majority of U.S. individuals right now include managing the cost of living, saving money and spending through use of credit cards, payment services and debit cards.
Digital Signage Provides Money Management Tips and Tools
With the rise of digital-only credit unions in recent years, members have a myriad of choices for savings and investment products. And while banking entirely online can be a tempting prospect in a post-COVID world, 77% of individuals surveyed in a 2021 Raddon Research study said they still visit a branch bank at least once per month. These individuals shared that they preferred to visit their local branch for activities such as opening accounts and getting valuable financial advice.
Now consider how savings products have changed since the Fed started raising interest rates in March 2022. A larger number of low-risk cash investments today are earning members higher interest rates, so how is your credit union marketing them? Are you still using paper-based brochures and flyers to communicate changes? If so, your credit union may be achieving minimal ROI on its spend.
On the contrary, utilizing the power of digital signage to market your products and services has several distinct advantages, and here are a few:
- You can consistently communicate changes and updates across your network from a single content management platform, preventing information silos
- The need to change out printed materials at branch locations is eliminated, which saves money and helps contribute to sustainability efforts
- Appealing content can be added to your digital signage mix, including success stories, community highlights, timely market news and more
Digital Signage Encourages Advisory Conversations
When it comes to members asking for assistance or inquiring about new products and services, sometimes all it takes is a bit of an icebreaker. With the ability to offer full-motion graphics, consistent branding, and entertaining content, digital signage serves as a helpful prompt for more meaningful engagement when a member approaches staff for assistance.
The type of content you choose to display can be generalized, but it’s also helpful to take an accurate analysis of your member base to determine what topics may be most pertinent for each branch’s members. Once this analysis is completed, you can tailor digital signage content that encourages advisory-level conversations. Here are some interesting insights Investopedia gathered in 2022 after surveying 4,000 U.S. adults across four generations about their finances:
- Millennials said they understood investing the most, followed by Gen X, Gen Z and baby boomers
- Gen Z said they are the least educated about taxes, borrowing, insurance and retirement
- Gen X is most interested in saving for retirement, while baby boomers are most interested in learning how to protect their wealth by securing their online personal financial information
Are you using or considering using a Universal Associate model across your branch network? If so, digital signage serves as a good facilitator because it will help staff communicate information accurately and with more confidence in addition to alleviating them from having to consistently re-explain details about selling financial products and services.
Overall, with financial executives reporting that at least 57% of their branch staff are using digital signage to engage in advisory-level conversations, digital signage is a powerful tool you won’t want to dismiss.
America’s Credit Union chose to construct a temporary micro-branch using DBSI’s JunXion while waiting for a full-branch build to be completed. The installed digital signage helped branch associates conduct both transactional and advisory-level conversations with credit union members.
Get Expert-Level Service With DBSI’s Creative Agency
Once you’re ready to add digital signage to your credit union’s infrastructure, you can call on DBSI’s Creative Experience Agency to assist you at all stages of your transformation journey – from finding the best hardware, to installation, content management and ongoing service and support. We have found through client surveys that 98.9% of our installations have actually replaced other solutions!
Connect with DBSI to request a free digital signage consultation.
DBSI is a design-build firm that’s out of this world. Think of them like rocket scientists — but instead of rockets, they launch exceptional credit union environments by fusing design-build, technology and delivery together.
They are completely focused on the credit union industry and have the latest trends and the basics down, so you don’t have to waste time explaining compliance or other nuances. They get you to your desired state faster.
Think incredible ease and convenience with a partner that connects all the dots for your project to eliminate any finger-pointing. The question isn’t what can DBSI do, but rather, “What experience are you trying to deliver in your branches and HQ?”