Digital Signage for Retail Banking
First Hope Bank - Andover, New Jersey
Background…
First Hope Bank is a family operated, full-service community bank founded in 1911. With six branches located in Northwestern New Jersey, First Hope Bank is a privately held institution that has grown to more than $283 million in total assets.
Challenge…
First Hope's customer base is typical of the banking industry, with 60% of its customers using the drive-up. First Hope understood it was not communicating effectively with the majority of its customers at its drive-up. Cindy Thiel, Vice President for Marketing at First Hope Bank, said they were also looking for a way to eliminate 'bank clutter', referring to the numerous tripod-supported posters and loaded brochure racks in their lobby.
Solution…
First Hope Bank recognized that dynamic signage would allow them to accomplish their objectives. They recently implemented indoor digital displays, and "taking that technology to the drive-up was a logical step in continuing our brand-building efforts as well as improving our image of technological sophistication," Thiel said.
A study conducted by BearingPoint (formerly KPMG) and Indiana University, found that over 70% of consumers make their purchase decision after arriving at the point-of-transaction, and 75% of consumers say they are influenced by what they see at the point-of-transaction. Furthermore, consumers are 5–10 times more likely to notice dynamic displays and 2–5 times more likely to recall its content at the point of transaction versus traditional static media.
Situation Analysis
- Customers unaware of many services & products
- Need for better customer communication
- Need to differentiate itself from other financial institutions
- Desire to enhance image as an innovative technology leader
VitalCASTSolution
- Increase product awareness & recall of products & services
- Digital signage guarantees more effective communication
- Direct communication with customers at point-of-transaction
- Enhance customer experience & improve bank's image
"Gone are the days of static and stale — we are now a premier, 21st century, technologically-savvy bank with fresh and dynamic displays.”
— Cindy Thiel, Vice President for Marketing
System Architecture
VitalCAST is available in either a stand-alone or enterprise-wide configuration.
First Hope Bank chose Texas Digital as its digital merchandising provider and implemented VitalCAST at its company headquarters in early July, 2004. First Hope installed units at each of its four drive-up lanes beside the pneumatic tubes, making it easy for customers to view the units while waiting for their transactions to be processed. VitalCAST can be controlled from one location and offers scalability based on the need to control content displayed at multiple branches.
Results…
First Hope Bank uses VitalCAST to focus on promoting underutilized as well as new product offerings. First Hope found that its overdraft protection and courier service offering that caters to small businesses have been well received. First Hope feels that perhaps the biggest payback has been the positive image ratings that customers have reported.
"Everyone here is delighted with the displays. They have eliminated between 80-90% of the clutter in our lobby, and they lend themselves to an air of efficiency and organization," said Amy Burke, Assistant Vice President and Manager of the Andover office. First Hope Bank is a firm believer in enhancing their customers' experience, and VitalCAST has delivered that to the bank's customers. First Hope Bank is excited about future deployments and has already made plans to retrofit the drive-up at each of their other five branch locations.
Benefits
- More effective communication
- Improve acquisition & retention of customers
- Increase profits by promoting high-margin products & services
- Enhance customers' experience
- Improve brand image & perception as a technology leader
Features
- Promotes products & services & other messaging during transaction process
- Schedule content at all branches from one central location
- Multi-language support for culturally diverse areas
- Supports multiple content formats