With the advent of digital technologies, internal communication tool in banking have undergone a foundational change shifting from traditional methods to digital platforms. This has been done with the objective of providing a standardized and high-quality customer experience across geographies. However, given banking and financial institutions are some of the largest and most complex organizations, they have followed a rather conservative approach when it comes to adopting new technologies.

The Current Landscape


This is understandable, but unsustainable. In the fast-evolving world of finance, staying ahead isn’t just about raw numbers; it’s about powerful communications.

Outdated internal communication tool frequently result in either email overloads with critical communications being missed or verbal employee agreements missing due process and hence details with sometimes, compliances being overlooked. The result – lost time managing crisis that could have been avoided, lack lustre customer experiences that weaken loyalty and disgruntled employees.

As competition increases between global banks, smaller private players and local public players, this quickly become a recipe for disaster.

The Future


Imagine this –

  1. Retail employees coming in to welcome screens on their computers – the screens highlighting branch wins over the past week as well as improvement needs with a section on this week’s goals and targets.
  2. New Product Videos and the like being played on TV screens in large branches which engage customers as they wait to be served.
  3. Weekly newsletters that applaud the star performers, highlight performance improvements at the branch level and celebrate employee milestones.
  4. Cyber Security and Compliance do’s and don’ts being shared in a non-intrusive easy to learn manner on a daily basis.
  5. Employee Surveys being completed on time to establish new policies.
  6. Routine Customers asking about special products they just saw on the screens (or in an ad while watching a sports match or soap opera).
  7. Way signing maps so customers know where to go without having to ask anyone.
  8. Timely reminders to employees on important upcoming deadlines.
  9. Engaged, productive employees that never want to leave.
  10. Customers that stay for life and refer more customers.

Sounds dreamy, doesn’t it? 

But given the scale at which banks operate, isn’t this a goal that should be chased? Still can’t make up your mind? Here are a few statistics to help you decide:

Why Use a Specialized Communication Tool

  1. Humans process visual information 60,000 times faster than text. A lot of banks today leverage this by displaying visually appealing content that captures attention and improves information retention.
  2. Research conducted by the Digital Signage Federation revealed that 47% of customers feel more informed when they encounter digital signage in a bank, leading to increased engagement and brand loyalty.
  3. In a study conducted by Intel, 69% of respondents perceived shorter waiting times when exposed to digital signage.
  4. According to studies incorporating digital signage in banking branches increased sales by 32%.
  5. According to a survey by Nielsen, 40% of customers reported that digital displays in a bank’s physical branch made the institution seem more modern and progressive.
  6. Research shows that organizations with an engaged front-line team see customer loyalty rates that are 12% higher than their competitors.

Summary


Digital signages in banks that leverage visually appealing content can support to empower brand building initiatives, capture customer attention, improve information retention and boost branch perception!

Internal communications boost productivity, reduce support costs, increase employee engagement and help manage compliances better.

We will cover the how here in this blog. To learn more about Qcomm and why it is ideal for banks, just get in touch. Alternatively, if you are just browsing and not actively looking yet just sign up to our newsletter here.  

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