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After decades of hypergrowth, the FinTech industry experienced a slowdown triggered by a market correction in 2022. This impact continues to be felt today as funding and deal activity have declined across the board.
To remain competitive, FinTechs must run at a slower, steadier pace, focusing on customer service in order to create and maintain sustainable, profitable growth.
Here, we will focus on enhancing customer interactions to maintain profitable growth for FinTech.
So how can FinTech companies improve interaction with their customers?
Given the number of players in the space, there’s fierce competition to keep and acquire new customers.
To stay relevant, companies must invest in digital solutions that can help them innovatively engage and interact with their audience, meet expectations, and create experiences that keep customers loyal to their brand.
This is where digital signage solutions play a vital role.
In this post, we will discuss how FinTech companies can leverage digital signage for enhanced customer interactions that guarantee profitability.
Overview of digital signage in inTech
Before discussing how digital signage can help FinTech companies enhance interactions with their audience, let’s talk about digital signage and its benefits for companies of all sizes.
On one level, digital signage is simply the display of video or multimedia content for informational or marketing purposes.
Digital signage technology has been in existence for a few years, but its integration into financial institutions like FinTech has only occurred recently.
It is a flexible solution that every business should explore. Here are some of the benefits it offers:
- Enhances brand Image by helping FinTech companies with their branding and marketing efforts
- Empowers FinTechs to deliver real-time information
- Enables FinTech companies to deliver personalised content based on customer profiles and preferences
- Provides FinTech companies with a platform to educate their customers on various financial products, services, and concepts
- Enhances the customer experience through it’s potential for customer engagement
Digital signage is a win-win for both FinTechs and their customers.
Using digital signage technology, FinTechs can easily communicate relevant information, engage with customers, and help them become familiar with their service.
With more engaged customers, analytics, and lowered costs, FinTechs will see a positive impact on their overall bottom line.
How to enhance customer interactions with digital signage in the FinTech industry
In FinTech, creating personalised and immersive customer experiences is crucial for building trust and loyalty. Digital signage presents numerous opportunities for FinTech businesses to do just that.
Let’s explore practical strategies to put that power into action:
Informing customers about products and services
Digital displays are versatile mediums for delivering important messages and announcements to customers.
For example, FinTech companies can position digital signage in locations where they know their target audience and customers will be heavily trafficked and share information about new services, updates, and community events.
An ideal location could be a shopping mall where you have a representative.
Leveraging signage to influence customer decision-making means the potential for cross-selling and upselling is enormous.
For example, if a customer recently opened a savings account, the signage might suggest a certificate of deposit or investment account.
Reminders about offers and promotions on prominent screens, combined with alerts from other marketing channels such as push notifications, emails, and texts, together create a solid omnichannel campaign.
Educating customers
As mentioned above, digital displays are versatile mediums for promoting your products and services. However, beyond product promotions, digital signage can serve as a platform for delivering educational content.
FinTech companies can create engaging videos or infographics to explain complex financial concepts in simple terms.
Educational content helps build trust and fosters a sense of financial empowerment, whether it’s teaching customers about the basics of investing, the benefits of diversification, or how to create a budget.
This is very useful in helping to enhance your interactions with your customers; now, you are one of the people they think of when they need financial literacy or advice.
Real-time financial data
Communication is key in any business, between staff and customers and between managers and employees. Digital signage for FinTech allows information to be updated easily and quickly in real-time.
This means your latest policies, guidelines, health and safety measures, and brand mission will reach the right people at the right time.
You can place the digital sign, which can include video walls and smart TVs, around your lobbies and waiting rooms, where your team and visitors can see it. You can also place a digital billboard around queues near ATMs, where potential customers can find it and familiarise themselves with your FinTech brand.
On these screens, you can showcase live stock market updates, gold rates, currency exchange rates, and interest rate changes. You can even append a stock market ticker underneath your digital signage screen to share quick facts.
Showcasing real-time updates on these screens is an excellent strategy for keeping your customers updated with meaningful information.
This real-time information keeps them informed and demonstrates your company’s commitment to transparency and relevance.
Personalisation with data-driven content
Data-driven content allows FinTech companies to tailor signage to individual customer preferences, creating a more engaging and relevant experience.
By analysing customer data and financial behaviour, FinTechs can use digital signage to display targeted promotions, financial advice, and services.
For instance, when a customer logs into your app or visits your office, the digital signage can display tailored offers based on their financial behaviour.
How about using digital signage tools, such as QR codes, to bridge the gap between physical signage and digital content and create a personalised fintech service experience? Or targeting content based on demographics, traffic patterns, etc.?
For instance, content for a young demographic may focus on student loans or mobile money apps, while content for an older demographic might emphasise retirement planning or fixed-rate mortgages.
That’s just one example. The possibilities of personalising content with digital signage are endless and can help drive a “wow experience” and build stronger customer relationships.
Conclusion
FinTech companies that are not deliberate about how they interact and engage with their customers are at risk of experiencing a dwindling user base. This could potentially lead to their customers being acquired by competitors and result in the loss of market share.
Thankfully, innovative tools like digital signage allow them to improve customer engagement and the experience with their services consistently.
Integrating it into your FinTech customer servicing operation can reshape customer interactions and create an unparalleled brand experience that inevitably improves your bottom line.
Given the many digital signage solutions on the market, choosing the right one is critical to your success.
Luna Screens is one digital signage solution that can help your FinTech business interact seamlessly with your user base. It has many editable templates you can use to create content that grabs attention, and what’s exciting about it is that it does not require you to be technologically savvy.
Ready to unlock the potential of digital signage for your FinTech business? Sign up for a free account on Luna Screens today!
