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Regional and local banks are banking on digital signage

Mobile and online banking are shaking up the retail banking world, but as many smaller and medium-sized banks and financial institutions move to smaller branches, digital signage could be the beneficiary.

August 15, 2014 by Christopher Hall — w, t

Mobile and online banking are shaking up the retail banking world, but as many smaller and medium-sized banks and financial institutions move to smaller branches, digital signage could be the beneficiary.

In fact, a recent study suggests almost half could be readying to expand their branch footprint, while making the footprint of the branch itself smaller – and most of them plan to use digital signage to help make it work.

Our friends and Louisville, Ky., neighbors over at digital signage and technology company Codigo have released a new report looking at emerging branch transformation and technology trends rumbling throughout the financial industry. And the results are promising, very promising, for the digital signage sector.

Codigo collected survey data from more than 150 regional and local financial institutions across the country, inquiring about plans for retail banking centers this year and into 2015.

"Numerous institutions and design-build firms have contacted us for ideas and consultation on technology solutions for new branch and remodel projects," Codigo President and CEO Brian Nutt said in an announcement of the survey report. "While we have experience with these initiatives, we found customers were seeking broader statistics focused on banks and credit unions that represent a more regional and local scope, rather than an a big, national bank. That was the intention of this survey."

According to Codigo, the spotlight has been on larger institutions to see which way they'll turn next as financial institutions adapt branch strategies to stay relevant in a more mobile economy. "Our report is a little different than what's typically reported in the press," said Matt Deaton, the firm's marketing manager. "All of the respondents were from institutions with no more than 250 branch locations, which actually represents the vast majority of banks and credit unions nationwide."

In addition to the physical banking center, the report also discusses emerging trends amongst branch personnel. "We've worked with many institutions that are building or remodeling locations that are either cashless or have a focus as a sales tool rather than a transaction-based model," Nutt said. "The technology being implemented, mentality of branch staff and the design of the branches are all working together to create a modern retail experience without sacrificing the day-to-day needs of a customer."

According to the survey, digital signage is overwhelmingly the top choice for a technology solution to make that happen.

You can read the free-but-registration-required report over at Codigo's website at www.gocodigo.com/forms/branch-transformation-report.html.

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