As financial institutions build new branches or refresh older ones, the incorporation of new technology often becomes the focus of planning discussions.
Nearly 85% of financial institutions renovating or building a new branch pan to install digital signage, 65% are installing interactive experiences, and 50% plan to use tablets in the branch, according to Codigo’s “Branch Transformation 2017: A Report About the Evolving Banking Center.”
These technologies play an important role in the banking experience, says Brian Nutt, CEO of Codigo, a retail branch technology provider.
CUNA News asked Nutt to discuss how credit unions are using these new technologies effectively in their branch operations.
CUNA News: At what point do most of your credit union clients decide to add digital signage and interactive kiosks to their branches?
Nutt: We see a tremendous amount of our business come to fruition as they go through the process of reimagining what the branch channel means to their business.
As a business, we like to play a role in the ideation phase—helping them understand what is possible, plausible, and affordable.
CUNA News: What strategic advantage does digital signage add to a branch?
Nutt: Digital signage is now an expected technology in retail and financial institutions.
Those who think of themselves differently than any traditional retail store have it wrong. Consumers expect a technology-forward shopping experience no matter the product or location of the store.
The days of printed marketing materials with a shelf life are gone. Your in-branch content has to be accurate, beautiful, and real-time.
Digital signage gives you the ability to achieve that core expectation of consumers.
CUNA News: How can credit unions use digital signage effectively?
Nutt: By making digital signage part of their normal media planning and budgeting accordingly. Just like print, radio, or TV, consumers expect messaging to be up-to-date, accurate, and attractive.
If you run the same content for months on end in a format that does not reflect your brand and culture, it will fall flat.
Treat it as you would any other medium and allocate resources to content creation, whether that is internal or external. Your screens will have a much better chance of contributing positively to your goals.
CUNA News: What about interactive kiosks?
Nutt: As compared to digital signage, which is a one-to-many communication tool, kiosks offer a personal customer journey. With a touch-directed content experience, both branch staff and the user can be assured they have the most up-to-date information on products and services.
Like digital signage, kiosk content is generally designed at the web level, and the financial institution has easy access to update content when and how they choose.
This removes the shelf-life period for marketing materials because everything from PDFs to product tutorials can be updated instantaneously.
If managed correctly, all employees will go to the kiosk for updated materials to print or email on any topic. It is a powerful shift, not only in banking but retail as a whole.
CUNA News: What’s in store for the future of branch technology?
Nutt: The impact of real-time data and the requirement for technology to be a growing part of the consumer journey is not going away.
Financial institutions need to continue to make technology a part of their strategic planning, and be bold in its use but without losing their culture or identity.