DBSI’s Industry Report Reveals Secrets to Optimizing Digital Signage for the Best ROI
Banks and Credit Unions Shared Their Success and Struggles With Digital Signage Including Which Content and Hardware Produced the Best ROI.
DBSI+CFM, the leaders in integrated banking transformation, released the 2020 Banking Digital Signage Benchmarking Report from a survey taken in late 2019. As a one-of-a-kind study, this is the most in-depth report on how Digital Signage is being used in branches across the U.S. With nearly 90% of Financial Institutions reporting they have some form of Digital Signage in their branches, this provides a close look at the budget, strategies, and success factors behind Digital Signage in banks and credit unions.
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The survey was taken by banking leaders including CEOs, CMOs, Retail Operations and other high-level banking professionals. Of the 146 respondents, 34.5% were from banks and 64.1% from credit unions.
#1 Where’s the ROI?
Branches with interactive signage see more ROI on their investment.
72% of Financial Institutions with Interactive Digital Signage, such as touchscreen kiosks and tablets, say it has improved sales efforts. While most banks and credit unions say proving ROI is one of their most difficult struggles, Digital Signage is one of the easiest to calculate ROI. The key difference is interactive Digital Signage. Branch networks with interactive are able to test messaging, promote more products, and create a better client experience.
#2 How much do I have to spend?
Most marketers plan to spend about $10k on Digital Signage this year. However, branch networks with interactive Digital Signage spent about $75k last year on Digital Signage. Typically, a larger budget for digital equates to a more diverse mix of Digital Signage. Meaning, those who are spending more have more than just the standard screens.
For a complete breakdown of where some of those costs are allocated, read the full report.
#3 How can Digital Signage solve problems?
Proving value in marketing has been a problem for ages, so it’s no surprise Digital Signage has the same challenge. The top three problems most financial institutions face with Digital Signage include: proving the value, updating content and cost. All three of the biggest problems with Digital Signage can be attributed to outdated technology, processes and software. To truly make the most of your Digital Signage efforts, shifting to a cloud-based solution that can be centrally managed by a marketing team brings a lot of ease and convenience, versus outdated and unreliable USB plugs.
“We know that Digital Signage is the fastest, easiest, and most cost-effective way to transform a branch and enhance the client experience. This survey provides an inside look into what is working in the field,” said DBSI+CFM’s CEO, John W. Smith. “This report is one of many ways we gather and share information to propel our mission forward of redefining banking.”
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