The Growing Importance of Financial Wellness in Branch Messaging
Through in-branch marketing and messaging, financial institutions have an opportunity to play a pivotal role in providing financial guidance and counseling, along with competitive and personalized products.
In fact, 69% of people who receive advice from their bank act on it, according to data from J.D. Power. Especially now, as nearly half of consumers report that financial wellness is their primary goal, banks and credit unions have an opportunity to deepen branch customer relationships and provide real value to those they serve.
“Behavioral science shows that when it comes to money, small changes can have a big effect,” according to behavioral researchers Richard Mathera and Lindsay Juarez in the Financial Brand article on helping consumers build savings. “When users see their savings account grow, their rates of default plummet, and their financial goals being met, you can bet they’ll be loyal to the bank or credit union that helped them get there.” Like Wells Fargo did with its partnership with Regina King, finding innovative ways to promote a financial wellness message is a true differentiator and a way to make banks or credit unions “sticky” to their customers.
With 44% of consumers self-described as living paycheck-to-paycheck reporting, they’re “extremely” interested in becoming more financially literate, banks and credit unions are perfectly positioned to deliver valuable financial education at the point of need. As consumers across the income spectrum seek trustworthy sources to help them better navigate their financial lives, one channel right inside the bank branch is often overlooked. While frequently found on websites, financial wellness messages also belong on digital screens in the branch environment, where the power of influence is felt the most.
While web and app-based financial planning tools are important for consumers to use on their own time, many retail banks fail to leverage one of their most readily consumed channels. Although most banks and credit unions use in-branch digital signage networks to promote products and services, they often underutilize those same tools to provide customers with what they say they want most: easy-to-understand financial education.
To learn more about how to optimize your banking digital signage content to meet the needs of consumers inside the branch, get in touch with the experts at Adrenaline.
Adrenaline is an end-to-end brand experience company serving the financial industry. We move brands and businesses ahead by delivering on every aspect of their experience across digital and physical channels, from strategy through implementation. Our multi-disciplinary team works with leadership to advise on purpose, position, culture, and retail growth strategies. We create brands people love and engage audiences from employees to customers with story-led design and insights-driven marketing; and we design and build transformative brand experiences across branch networks, leading the construction and implementation of physical spaces that drive business advantage and make the brand experience real.
