RETAIL ANALYTICS & BEHAVIOR SENSING TECHNOLOGY IN BANKING

Aug 29, 2019 2:40:48 PM

Banking Analytics

The rapidly evolving field of digital technology is reshaping nearly every aspect of how banks and other financial institutions do business. From operations to customer management, compliance, and marketing and sales, banks are racing to implement these technologies to stay ahead of the curve—and the competition. With the power of retail analytics applied to the banking industry, digital signage content can uncover powerful data that helps drive an increase in sales and new customers.

Behavior sensing technology is an exciting element of the digital transformation all industries are going through. It has the power to:

  • Connect banks with customers to better meet their needs.
  • Help banks understand customer pain points.
  • Encourage customer loyalty.

While “going digital” is a great way to attract and serve Millennials, customers of all ages are demanding a more personalized experience from the institutions they bank with.

 

INCREASE SALES AND CAPTURE NEW CUSTOMER LEADS

Big data, the collection and categorizing of information from various sources, can be incredibly helpful in every facet of modern banking. Behavior sensing technology combined with data-driven digital signage allows banks to create personalized marketing messages and engaging content.

At its highest level, intelligent digital signage enables banks to:

  • Collect real-time, anonymized customer data.
  • Recognize and interact with a customer’s mobile device.
  • Integrate multiple sources of data.

Ultimately, the aggregated data can be used to generate key business intelligence on customer behavior that’s then used to create personalized experiences and selling strategies.

 

TARGETED DIGITAL SIGNAGE TO INCREASE BANK SALES 

The type of data a bank chooses to collect depends on numerous factors including the targeted audience and the products and services the bank seeks to promote. Targeted content is then created to deliver distinct marketing messages to specific viewers based on demographics such as gender, age, investment profile, and more. For example, checking accounts may be promoted to recent grads, student loans to those entering college, or retirement funds to older customers.

Today, the digital screen is typically a customer’s first touchpoint in their journey which makes collecting data fairly easy. Knowing what to do with that data means the difference between merely eye-catching or valuable customer-landing content.

There is no exact science to creating the perfect digital customer experience, but automation is making the process of integrating big data into digital signage that converts more predictable. The data collected can include:

  • Customer response time.
  • How long a customer interacts with a sign, interactive or not.
  • What content a customer responded to.
  • Whether the customer became a lead or conversion.

While there’s no foolproof way of collecting the “right” data through digital signage, there’s no question it must be done. It is up to individual banks to determine which data matters to them and can be used to attract the right customers to their institution. Done correctly, smart content on intelligent screens can lead to the highest brand impact your bank can obtain in the current digital marketing world.

 

FINAL THOUGHTS

Nexsign

Along with other new and innovative technologies like Samsung SDS Nexsign that allows customers to authenticate sessions with biometrics, behavior sensing is quickly becoming the standard for the banking sector.

Customers increasingly want in-branch digital banking services that enrich their entire banking experience. Banks who fail to adapt to this new normal may soon find themselves left behind. To learn more, contact PTG today.

Topics: Analytics

Katelyn Kazanowski

Written by Katelyn Kazanowski

Katelyn is a top salesperson with the company, having been involved with large scale commercial technology projects of every nature for several years. Katelyn's got a ton of knowledge and experience to share about the business, is a prolific user of exclamation points, and is an earnest believer that great engagement goals drive great execution in this business.

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