In case you missed the recent webinar, “Digital Signage in Retail Financial Services,” we have produced a book with highlights and quotes from the panel discussion. Just click below for your own copy.
Slides
Below are the slides presented by Bob Steele, vice chairman of John Ryan, as well as a transcript of his presentation.
Transcript
[1] Thank you for attending “Digital Signage in Retail Financial Services.” I’m Don and I’ll be working behind the scenes to keep the webinar running smoothly. Please know that you can use the Webinar software to submit questions for our panelists. Now I’d like to introduce Bob Steele, Vice Chairman of John Ryan.
[2] Hi, I’m Bob Steele and I’d like to thank you for attending today’s webinar. I’d also like to introduce our two special guests:
- Paco Underhill, Envirosell founder and CEO, and best-selling author of “Why We Buy: The Science of Shopping”
- Mike Hiatt, Former Director of In-Store Media Networks at Wal-Mart
[3] Today we’ll begin by summarizing the results of John Ryan’s international survey, which highlights recent developments in the use of digital signage in banking. Then, after some intial thoughts from Paco and Mike, we hope to provide you with some valuable ideas to help you champion and implement digital signage in your bank.
[4] John Ryan recently conducted an in-depth survey of marketing and retail executives, asking them detailed questions on range of subjects, including:
- How are you using P.O.S. techniques today?
- What’s the role of digital marketing in your bank?
- What’s working for you?
- What’s not working?
[5] We cast a wide net, covering leading banks throughout Europe and South Africa. Together, these banks represent over 44,000 branches across 23 countries.
[6] If your bank is still evaluating its digital signage options, you have an opportunity to learn from the early adopters in our survey, who provided insights regarding:
- Adoption rates
- Content creation, and
- Management tools
[7] The survey showed that digital signage is skyrocketing, with 90% of the banks interviewed having already deployed or planning to deploy soon. 80% of the respondents told us that they believe the use of digital signage will continue to grow rapidly over the next 3-5 years throughout the banking industry.
In fact, 50% described digital signage as a “utility” rather than a differentiator – a response that seems to indicate that digital signage is already considered a basic component of in-branch communications. No surprise then, that nearly 90% of the banks surveyed have already tested some form of digital signage. Of those, two-thirds expect to rollout a full digital signage program.
[8] The banks interviewed are using digital signage to fulfill many communications needs, with a third already taking advantage of its unique ability to “localize”—or show locally relevant messages in different branches. In addition, more than 10 percent of the banks are using digital signage for “staff-directed communications.”
[9] Moreover, every indication is that even more banks would be using digital signage to fine-tune messaging if they could find an easy way to do so. Almost two-thirds of our survey respondents told us that keeping content fresh with relevant and local messaging constituted their greatest management challenge.
[10] Why is localization so challenging? In part, respondents blame lack of appropriate content management tools. In other cases, respondents were frustrated by the fact that management systems were not web-accessible.
Other challenges include an inability to produce sufficient volumes of content affordably, a lack of internal work-flow systems, and a general lack of awareness about how to manage this new medium.
[11] In summary, early adopters are facing real challenges in creating, localizing, and managing content. Realizing the enormous promise of this new medium – which is the ability to target messages to specific branches and screens – has turned out to be far more laborious than anyone expected.
[12] So, what can a bank do to meet the digital signage challenge?
We suggest that you consider three factors, or as we call them, the Three Cs:
- Confidence
- Context, and
- Content
[13] First, confidence. We encourage you to have confidence. After all, digital signage is simply a turbo-charged form of the P.O.S. marketing discipline you have already mastered.
Its value lies less in technology than in its power to vary messages by branch, time of day, or day of week….giving you the opportunity to put your marketing analytics to work in the branch for the first time.
[14] At Caja Mediterraneo, no two branches play the same content.
Messages are displayed in any one of 8 different languages, depending on branch location. A roster of neighborhood, provincial, regional and national sponsorships forms part of an “electronic” bulletin board. Real estate portfolio announcements show details about properties in the catchment area of each branch, and product-focused messaging is based on each individual branch’s sales results for the prior week.
Believe it or not, there are literally millions and millions of playlist permutations at work under the management of less than one fulltime employee. And most importantly, narrowcasting has its revenue rewards: At a press conference last month, the bank announced that the 500 branches with the digital signage system have experienced average sales increases of 14%.
[15] Context. As revolutionary as digital signage, is, it should be seen basically as another tool to implement your established strategy. Start with your core objectives, and then determine if the unique power of digital signage can help.
[16] This Malaysian Bank, for example, needed to address exceptionally long queue lengths in excess of 1 hour. The solution: a combination of staff efficiency and incentives to migrate customers to self-service.
The result? On the left, a “queuing tree” is used as a user-friendly way to measure and show queue length for both the staff and customers. As more customers take a queue number, the tree populates with leaves. The longer the wait, the redder the leaf becomes. The branch manager and staff keep an eye on the tree, and “it’s all hands on deck” when queue lengths reaches a certain length.
Screens in other parts of the branch help, too, by shifting content to more entertainment-oriented messaging in deference to clients’ long wait. To encourage migration, the bank pledges to give a percentage of its savings on transaction costs to charity when customers use self service. The digital thermometer shows the mounting contribution and an interactive kiosk at right lets customers vote for the charity they would like to see the proceeds go to.
[17] Content. Content is king…but only when it’s relevant That means putting in place the right tools to author, target, and assemble messages affordably.
[18] In this unique example at Toyota Financial Services’ flagship in Japan, targeted female shoppers are encouraged to use the red “listening posts” to provide their views on family finances. Results of surveys are dynamically posted on the large 12-screen media wall behind. Thus, the site’s content is automatically generated by users.
[19] Other ways to automatically generate content:
- Link to the web so that updates to the web automatically update screens, as in the picture shown here
- Develop a “hopper” of product campaigns and use weekly sales results to automatically determine which appear at specific slots in the messaging in each branch location
- Provide portals for segment managers to use to populate templates related to their segments. Let centrally determined business rules establish which segment messages can be played at which branches—and when.
- Use external news sources, such as market information and weather—but be sure to visually render these in your brand format.
[20] I’d now like to turn to Mike Hiatt for some of his thoughts on the survey.
[Please see webinar highlights]
[21] Thank you, Mike. Let’s now turn to Paco.
[Please see webinar highlights]
[22] I’d like to thank you for attending today’s webinar.
[23] That concludes our webinar. I’d like to thank everyone again for attending and want to note that we’ll be providing everyone with a link to a recording of the webinar in the near future.
If you have additional questions or comments about today’s webinar, please feel free to contact us directly…or to leave us a comment at www.johnryanblog.com.
