The Role of Digital Signage in Transforming Retail Banking in Singapore: Trends, Benefits, and Future Outlook
by Scala Team
The Role of Digital Signage in Transforming Retail Banking in Singapore: Trends, Benefits, and Future Outlook
by Scala Team
Understanding Digital Signage for Banks in Singapore
Digital signages are electronic displays that show information, advertisements, or other visually appealing content using digital technology. Think of it as your very own billboard in your banking space. In a retail banking environment, these digital signages can be seen around their branches and mostly at customer touchpoints. As an example, once entering a bank you will see a digital kiosk for queuing and a screen that displays what number is being served, this helps manage the expectation of the customer and the wait times.
Current Retail Banking Trends in Singapore
The retail banking industry in Singapore has been at the forefront of revolutionising the way they do business by using digital signages, here are several key trends today:
Heightened Focus on the Customer Experience: Customer experience is key in getting and retaining new clients. Today’s banks are prioritising customer focused strategies to improve the service delivery and digital signage for banks in Singapore plays a crucial role by providing real-time information, getting instant feedback and showcasing engaging content that enhances customer experience and interactions.
Integration of Smart Banking Solutions: The increase of advanced technologies such as digital signages continue to rise due to the demand of smart banking solutions. These solutions such as personalised services, targeted promotions based on customer preferences and data-driven insights help make their customers feel more important. Imagine ads being shown based on customer demographics? For example, a woman in her mid-30s is shown an exclusive shopping discount guide with great promos exclusive to their bank cardholders? This will encourage the client to use her credit card and even share the news to her friends which can lead them to also getting the same credit card just to avail of the exciting promos. This kind of personalised smart banking solution will help banks grow their customer base and increased loyalty.
Adoption of Interactive Displays: Interactive displays for banking are increasingly popular in retail banking environments. These digital screens allow customers to engage with content on their own with a more immersive experience. An example of this would be self-service kiosks where customers can navigate on their own and do transactions using an interactive screen.
Emphasis on Digital Transformation in Banking: Several banks who have not yet started on their digital transformation are left behind by the digital-savy bank who prioritised their digital transformation initiative. The banking sector in Singapore and the world continue to invest in technologies that streamline operations and enhance communication through digital signages. From mobile apps, interactive displays, self-service kiosks, & real-time updates which are helpful for FOREX rates, there are several digital solutions that banks should already be offering to jumpstart their digital transformation.
Benefits of Digital Signage in Banking
Banks that are looking to improve their customer experience, customer engagement and daily operations should realise the numerous benefits of implementing digital signage. Here are some of the key benefits:
Cost-Effective Marketing: As compared with the traditional ways of marketing such as print advertising and printing out costly flyers and brochures, digital signages in banking helps to remove these costs of printing and distribution. Aside from reducing costs, it also allows quicker updated and changes with just a click using an effective CMS such as Scala’s.
Improved Operational Efficiency: Free up more time for your staff by simply automating communication materials through digital signages in banking. Your staff can focus on enhancing customer service and interaction more with improved efficiency.
Data-Driven Insights: Many digital signage solutions have the capability to gather data and are equipped with analytics tools that provide insights into customer behaviour. This can help banks tailor their strategies/offers more effectively.
Enhanced Customer Engagement: Fostering engagement with customers can be done easily through digital signages. With the right dynamic visuals and interactive content, customers will be driven to interact with the bank.
Interactive Displays for Banking
Interactive displays are a key tool in transforming how customers engage or interact with banking services. Without the need of human intervention, customers can access information, and complete transactions through a touch screen interface. This self-service offer enhances customer satisfaction and optimises bank operations with the reduction of wait times.
Banking Technology Trends in Singapore
As Singapore continues to position itself as a global financial hub, there are several technology trends that are shaping the future of digital signage for retail banking:
Artificial Intelligence (AI): AI is being integrated into banking systems for personalised customer service and predictive analytics.
Mobile Banking Solutions: The propagation of smartphones has led to an increase in mobile banking applications that complement digital signage efforts by providing seamless access to banking services.
Blockchain Technology: Banks are exploring blockchain for secure transactions and transparent record-keeping.
Omni-Channel Banking: Customers expect a seamless experience across all channels—online, mobile, and in-branch—enforcing banks to integrate their services effectively.
Future of Digital Signage in Banking
As retail banking continues to evolve, the future of digital signage looks very promising. Here are some of the future trends of digital signage in banking that you should watch out for:
Increased Personalisation: Personalisation is key in getting the attention of customers. The future of digital signages solutions will maximise the use of machine learning algorithms and AI to deliver targeted personalised content according to an individual’s customer profile, behaviour and preferences.
Mobile Application Integration: As banks enhance their mobile apps and offers, being able to integrate their digital signages and the interactive experience with mobile apps will allow a more cohesive customer experience across online or offline platforms.
Augmented Reality (AR) Experiences: Creating an immersive experience that can educate and entertain customers about complex financial products can be done through AR technology. This can help customers understand complicated finance related services through an experiential experience.
Sustainability Focus: Digital signage solutions can address growing environmental concerns, if banks adapt these eco-friendly tools, it can help them reduce energy consumption while maintaining high-quality displays.
As banks continue to embrace digital transformation initiatives and smart banking solutions, the role of digital signages for banking in Singapore will become more significant. Banks can start and continue to leverage on interactive displays for banking and real-time digital displays to create memorable experiences that customers can relate to while driving business success.
To learn more about digital signages for banking and how Scala can help you implement effective digital signage solutions that are tailored to your bank’s needs, visit scala.com/sg.
About the Author:
Scala digital signage experts share their experience and thoughts in our blog to provide practical tips and advice for real-world applications. Our team aims to offer interesting content through a variety of formats including long form articles, video logs, interviews and infographics.
