People used to stay with their banks for decades, watching their money grow and using financial institution services whenever they needed help. However, today’s customers want change. They switch banks every few years, they want different services, and they are willing to go where the best options are. This has left banks scrambling to highlight their services and take steps to increase customer loyalty.
One way to boost business for your bank and help customers learn about your services is with finance digital menu boards. These tools list your services and encourage people to use them.
Here are a few ways digital menu boards can help your financial institution meet its customer acquisition and loyalty goals.
Show You Offer Services Customers Want
Most customers likely use your bank purely for money management. They deposit checks, remove money, and try to grow interest. However, there are multiple other services that you offer that your customers likely want.
These services build loyalty while providing a more active role in your customers’ financial goals. Instead of passively handling their money, you can take steps to become an essential part of their lives.
According to the 2016 North America Consumer Digital Banking Survey, the services customers want most from their banks include:
Helping with the car buying process (43%)
Simplifying the home buying process (41%)
Helping to proactively pay and manage bills (39%)
Providing actionable financial advice on a real-time basis (39%)
Instead of viewing banks as a burden that might reject their loan application or send them overdraft notices, customers want their banks to show them how to manage their money better.
They want their banks to be allies to reduce debt and make smart financial decisions.
This is great news for banks that already provide these services! Once you understand what your customers want and need, then you can highlight those services and encourage people who enter your bank to ask about them. With finance digital menu boards, customers clearly see what services your bank has the moment they walk in.
Increase Customer Loyalty By Showcasing Your Services
When we discussed finance overhead music on our blog, we explained that 49% of financial leaders want to deepen their relationships with customers and increase the number of products-per-household. This is no different than customer retention goals in any other industry.
Increasing an existing customer’s product use is easier and less costly than trying to acquire a new customer.
Not only is increasing the average number of products-per-household easier than marketing to new customers, it also has long-term loyalty benefits. Customers who only use one service within a bank are more likely to switch financial institutions than those who have two, four, or six services. It’s one thing to close a small savings account. It’s quite another to switch multiple accounts, close a credit card, and change your IRA manager.
Finance digital menu boards help showcase the services you offer to increase the average number of products-per-household your customers take advantage of. Consider the data that 70% of customers said they would give their financial institution more business if it offered financial guidance. You likely already offer financial guidance, but your customers might not know about it.
Simply displaying what you offer is a great way to increase loyalty and add additional services to your average banking customer.
Clarify Complex Financial Concepts
Finance digital menu boards help people understand complex terms and provide resources to learn how they affect their finances. The issue might not be that your customers don’t know that you offer specific services; they might not know why those services are valuable!
The New York Post recently shared just how clueless most Americans are when it comes to finance.
According to a study of 1,000 people under the age of 30, 55% of Americans feel lost when creating a long-term financial plan, and only 13% had five-year plans for their finances.
Additionally, less than half of all people surveyed could explain what a 401(k) is or what interest is. People need financial help, and your organization can provide it.
Consider using your menu boards to teach people what they need. List steps people should take to improve their financial stability and health. If you offer a financial planning class, highlight it. If you recommend annual reviews with your team members to manage customer finances, list it.
You can tailor your digital signage to your audience, and encourage customers to increase their knowledge through your services.
Encourage Customers to Sign up for Packages
Once your customers realize the importance of various products and services, your next step is to market to them in ways that provide value.
By packaging your services, you encourage people to sign up for multiple options instead of just one.
For example, a first-time home buyer might approach your financial institution looking for a loan. Instead of selling them one product, you can sell them a “Home Buyer” package that includes a basic financial planning course, annual financial reviews, and home buying guide recommendations.
These additional services provide more value than a simple loan and set the customer up for financial success. Not only will they appreciate the financial stability, but your institution can enjoy fewer loan defaults and home bankruptcies.
Your customers won’t sign up for packages if they don’t know they exist. By displaying service options on clear digital screens, people can choose the best services possible to get the most value from your institution.
Test Finance Digital Menu Boards in Your Locations
If you’re struggling to increase customer loyalty and grow the number of services you offer, consider testing digital menu boards to see how customers respond. Through strategic placement, a clear display, and engaging content, your customers can learn what you offer and sign up for additional options.
Call Spectrio today to see if finance digital menu boards are right for your institution. We can review your goals and come up with a strategic plan that provides concrete results and growth. Or, learn more by getting our free ebook.