The Banking World Steps Into Digital Merchandising by: Bruce Leach

Digital merchandising has made great strides in both the retail and hospitality industries, but a new service industry is stepping up to take advantage of going digital. The financial services industry has discovered what other industries have been boasting for a while now: a method of speaking directly to your audience, information provided with entertainment, quick and effective promotions of new products, and an increase in revenues. All ways to take money to the bank!

Digital Merchandising Prompts Bank Customers

Banks, like any other business, want to reach out to their customers and educate them about banking products and services. Digital merchandising has proven itself as a medium that can provide a bridge between retailers and consumers. Banks are using it to educate their customers about banking transactions and prompting them to inquire about the products and services that are available.

Between traditional paper-based marketing, website marketing, and digital merchandising, banks are working to integrate all of their marketing methods to provide more educated and satisfied customers. Retail markets have shown that these digital promotions aid in overall customer approval and drive up repeat business, which the financial services industry is also interested in attaining for their own customers.

Benefits of Digital Merchandising

As traditional marketing methods are replaced by digital technology, the financial services industry has discovered some of the benefits of digital merchandising.

• Dynamic graphics and messages replace lone, static messages
• Dramatic increase in sales by using targeted advertising
• Increased results by using time, location, and demographics information to target advertising messages
• Effective branding techniques by using catchy messages and brilliant graphics
• Stylish flat screen panels enhance bank décor
• Entertainment combined with information makes wait times seem smaller and increases attention to the advertising by not overloading the client with too much information at once
• Integrating marketing campaigns that are used in contact centers, branch sales, telemarketing, and websites

Problems and Solutions in Digital Merchandising

Other industries can learn from the problems financial services industry has encountered when implementing digital marketing options. Each problem has borne a solution that can be applicable elsewhere in the retail world.

• Bank customers tend to return regularly to the same branch, resulting in a need to switch up content regularly for the customer, in order to maintain interest
• A mix of advertising and other relevant data, like news stories, sports information, and weather, relieves boredom for customers and prompts them to read and remember the advertising that is presented
• Splitting screens to provide advertising on one side and other entertainment on the other side also can retain customer interest in the advertising aspect of electronic merchandising
• Providing different visual keys to point out certain information can drive up interest in that information, one financial company uses scrolling messages at the bottom of the screen to display local stocks or stocks of particular interest to their clients

According to the Strategy Institute of Toronto, digital signage gets 10 times more eye contact than static signage, increases sales of new products by more than 30 percent, and increases sales for products that are promoted by more than 30 percent. Banking can benefit from the advantages of digital merchandising to increase their businesses too.

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