Banks are integrating technology into their operations these days. This is not surprising, as digitalization is slowly reshaping industries and daily lives. This will only continue to happen in the following years. One example of innovation for banking establishments is digital signage. With a myriad of benefits, digital signage for banks can provide the impact necessary to modernize banking operations and more. So why is modernizing important? What are the perks of digital signage for banks?

 

Why modernizing banks is important

Modernizing bank establishments is crucial for several reasons. Modernization in banks reflects the dynamic nature of today's financial landscape and the increasing expectations of modern consumers and businesses.

Here are some key points highlighting the importance of modernizing banks:

 

• A better and seamless customer experience
• Increased efficiency and cost reduction
• Improved security
• Regulatory compliance
• Financial inclusion
• Environmental impact
• Integration and interoperability
• Competitive advantage
• Crisis resilience
• Data analytics and insights

 

A better and seamless customer experience
Modern technologies enable banks to offer personalized services and recommendations based on customer data and preferences. Digital platforms and new mobile banking apps also provide customers with easy access to their accounts, enabling transactions and services anytime and anywhere.

 

Increased efficiency and cost reduction
The automation of routine tasks and processes reduces operational costs and minimizes human errors in banking operations. Modern banking systems can streamline processes and reduce the time required for transactions and other banking processes.

 

Improved security
Modern banks implement sophisticated cybersecurity measures to protect against fraud, hacking, and other security threats. Ensuring the privacy and security of customer data is critical, and modern systems are better equipped to handle this. These modern security measures will help banks prevent new threats and fraudulent activities.

 

Regulatory compliance
Financial regulations are continually evolving; however, modern banking systems are more flexible and can be updated to comply with new regulations quickly. Improved systems can facilitate better reporting and transparency for clients and personnel, which is essential for regulatory compliance.

 

Financial inclusion
Modern banking technologies, such as mobile banking technology and digital wallets, can extend services to unbanked and underbanked populations. Reduced costs and increased accessibility help bring financial services to a broader audience as well. This promotes financial inclusion across communities.

 

Environmental impact
Digitalization in banks leads to paperless banking, which reduces the need for paper. This contributes to better environmental sustainability. Modern data centers and technologies can be more energy-efficient as well, compared to legacy systems.

 

Integration and interoperability
Modern banks can integrate more easily with other financial systems and fintech companies. This offers customers a seamless experience across different platforms and services.

The adoption of open banking standards also allows for greater interoperability and innovation within the financial sector. This can attract more customers and enable a smooth exchange of services.

 

Competitive advantage
Banks that embrace modern technology can innovate with new products and services, allowing them to stay ahead of competitors. It’s also important to note that being able to quickly respond to market changes and customer needs is crucial in a competitive landscape. Modern banks can do this better, unlike traditional ones.

 

Competitive advantage
Banks that embrace modern technology can innovate with new products and services, allowing them to stay ahead of competitors. It’s also important to note that being able to quickly respond to market changes and customer needs is crucial in a competitive landscape. Modern banks can do this better, unlike traditional ones.

 

Crisis resilience
Modern banks are better equipped to handle crises. This includes economic downturns or global pandemics. This is because they can swiftly adapt to new conditions and maintain service continuity. They usually have the right technology to adjust their operations and still provide top-notch services and support to their clients.

 

Data analytics and insights
Advanced data analytics provide valuable insights into customer behavior and market trends. This aids in the strategic decision-making of modern banks. Enhanced data analysis capabilities also improve risk assessment and management for a lot of banking operations.

At a glance, modernization in banks leads to better customer satisfaction, enhanced banking services, and operations, as well as improved security overall. Innovation can help banks grow and compete in the industry, all while providing the best services to their clients.

 

Technologies used in banks

Modern banks are leveraging a wide array of technologies to improve their operations, enhance customer experiences, and stay competitive. While kiosks, ATMs (automated teller machines), and money counters are common sightings inside banks, there are a few more technologies that are being employed in banking operations.

Here are some of the key technologies being used in the banking sector nowadays:

• Cloud Computing: Banks use cloud services to scale their IT infrastructure efficiently and handle fluctuating workloads. Cloud computing is also known to reduce the need for expensive on-premises hardware and maintenance. Cloud solutions for banks also offer robust backup and disaster recovery options.
• Robotic Process Automation (RPA): RPA automates repetitive tasks such as data entry, account reconciliation, and report generation—freeing up human resources and banking employees for more strategic activities and priorities. This increases operational efficiency and reduces processing times.
• Blockchain and Distributed Ledger Technology (DLT): Blockchain ensures secure, transparent, and tamper-proof transaction records when it comes to banking. Automated contracts also reduce the need for intermediaries, as they execute when predefined conditions are met.
• Mobile and Digital Banking: Comprehensive banking apps allow customers to perform a wide range of transactions, access financial services, and manage accounts just from their smartphones. In fact, according to an EMarketer survey, nearly 80% of respondents say that mobile banking is their primary way to access their bank accounts. Meanwhile, the rise of digital wallets like Apple Pay, Google Wallet, and PayPal offers convenient payment options and enhances the user experience.
• Biometric Authentication: Biometric technologies like fingerprint scanning, facial recognition, and voice recognition provide secure and convenient methods for employee and customer authentication. This enhances security and fraud prevention by making it more difficult for unauthorized individuals to access accounts.
• Internet of Things (IoT): IoT devices enable new services, such as smart ATMs that can provide personalized experiences or wearable devices for contactless payments. Banks can also gather more data on customer behavior to provide tailored services.
• Big Data Analytics: Analyzing large datasets helps banks understand customer preferences and behaviors. This enables personalized marketing and product offerings. Risk assessment and management can also be improved by analyzing trends and predicting potential issues.
• Cybersecurity Technologies: These technologies in place help protect sensitive data both in transit and at rest. These can also help detect and respond to cybersecurity threats in real-time. Meanwhile, features like multi-factor authentication (MFA), add additional layers of security beyond just passwords.
• Artificial Intelligence (AI) and Machine Learning (ML): AI-powered chatbots and virtual assistants provide 24/7 customer support for clients, handle queries, and guide users through transactions. Some AI models will also be able to assess creditworthiness by analyzing various data points, which enables more accurate and faster loan approvals. ML algorithms, on the other hand, analyze transaction patterns to identify and prevent fraudulent activities in real-time. 
• Open Banking APIs: Open banking APIs allow third-party developers to build applications and services that integrate with bank systems, fostering innovation. This kind of modern banking technology also gives customers more control over their financial data and how it is used.
• Augmented Reality (AR) and Virtual Reality (VR): AR and VR can create immersive banking experiences for clients, such as virtual branches and financial education tools. VR can also be used for training bank employees in various scenarios.
• 5G Technology: 5G networks enable faster and more reliable mobile banking experiences. It also makes way for real-time services and enhances the ability to offer real-time financial services and transactions.
• Digital Signage: Digital signage is a versatile modern technology for banking establishments. Effective digital signage can inform and educate the audience, disseminate crucial information, help with navigation inside the bank, and more.

 

Benefits of using digital signage for banks

While digital signage seems like a simple technology, it offers numerous benefits for banks. They can be underutilized by businesses, but when maximized, digital signage can enhance both the customer experience and operational efficiency in banks. They can be used in lobbies and waiting areas, service counters, ATMs, meeting rooms and offices, and even branch windows of banking establishments. 

Here are some key benefits of digital signage in the banking sector:

 

Enhanced customer experience
Digital signage can act as informative displays, providing real-time information on interest rates, loan options, financial products, navigation, and services. They can also display content for customers to reduce perceived wait times. This is because entertaining and informative content can make waiting times seem shorter for customers.

 

Increased engagement and communication
Digital signage for banks can also display dynamic content. Engaging visuals and videos can capture customer attention more effectively than static posters. They can also show tailored messages and promotions based on time of day, customer demographics, or specific events. This can help engage customers and communicate the right messages to them.

 

Operational efficiency
Digital signage with centralized management platforms can allow bank employees to easily update and manage content across a branch from a central location. Digital signage can also aid in the daily operations of the bank,  displaying the number of queues and ushering customers to the appropriate tellers and services based on their needs. Of course, having digital signage for banks also reduces the need for printed materials and the associated costs of printing and distribution.

 

Improved marketing and sales
Digital signage can be used to promote specific products and services to different customer segments. They can also be used for cross-selling opportunities. These signage can highlight complementary products and services, such as credit card offers alongside mortgage information.

 

Enhanced branding
Digital signage for banks can contribute to consistent brand messaging. They ensure uniformity in brand messaging across all branches. Of course, digital signage also creates a modern and professional appearance for banking establishments. This creates a contemporary and tech-savvy image for the bank that will attract tech-savvy and forward-thinking customers.

 

SOLUM Professional Display as digital signage for banks

Those who are looking for digital signage for banks can find the right solution with SOLUM Professional Display. SOLUM Group delivers impactful displays that can be used in modern establishments, including banks.

SOLUM Professional Display is a digital signage solution known for its high-definition visuals, a wide range of high-performance advertising screens (from 43” to 86” screens), and a 32” FHD digital bulletin board. With this kind of digital signage for banks, banking employees can enhance information dissemination, event promotion, daily operations, marketing strategies, and customer engagement. This uncomplicated modern technology can bring a lot of opportunities and competitive advantages to banking professionals.

Transform banks into modernized establishments with digital signage now. Talk to SOLUM experts today and find out how SOLUM Professional Display can elevate your banking operations.