- Long queues in branches also a major complaint
- Staff fail to effectively promote additional services
Banks are not doing enough to make their branches welcoming and are failing to effectively inform their customers of products and services, according to a study released today by leading in-store media specialist, Mood Media Corporation (TSX:MM/ LSE AIM:MM).
The company specialises in helping financial institutions around the world to improve their in-branch atmospheres using audio, visual and scent solutions, and is now introducing its services to banks in the UK.
The online study compiled by YouGov1 revealed only 9% of bank customers like the ‘ambiance’ in their branch. The most frequently cited complaint amongst adults against branches was long queues, which made up over a quarter of all complaints at 28% of all respondents’ complaints2.
Less than half of all customers at 44% feel their bank effectively promotes additional services to them when they visit their branches, which means the vast majority are not getting the advice they require and, in turn, banks are missing out on the opportunity to cross-sell their products.
The effect is the majority of adults surveyed at 63% prefer to bank online than in branches, according to the online study.
Claude Nahon, President of Mood Media Europe, said: ‘Banks are losing out on a valuable opportunity by not doing more to keep their customers in branches. Face-to-face advice leads to greater customer satisfaction and the bank also profits from selling them the products that they need.
‘Key to this is helping financial institutions to throw off their tired image and stop the flow of customers away from the High Street to the internet. In fact the best solution is to communicate across the branch network and online, ensuring the messages complement one another. This is more important than ever given the current economic climate and banks’ low customer satisfaction rates. Banks used to be an integral part of the community and they can be again.’
Mood Media works with Dutch bank ING to promote their services in-branch, reduce perceived waiting times while queuing through in-store media and to train staff pre and post opening hours via the screen network. An initial pilot of the communications strategy promoted car insurance product on the digital screens in-store. As a result, sales of the
product increased by 42% over a 15-week period. Mood Media also installed interactive touch-points in branches, to inform and educate customers in a fun and unobtrusive way.
Music can also play an important role in the retail banking industry: playing the right type of audio in branches not only relaxes customers but masks confidential conversations between customers and staff.
Lorne Abony, CEO of Mood Media Corporation, said: “The need for banks to be seen as welcoming is more important than ever. Our clients are ahead of the curve and are showing how the financial world needs to do more to reconnect with their customers.”
– ENDS –
About Mood Media Corporation
Mood Media Corporation (TSX:MM/ LSE AIM:MM) is a leading in-store media specialist that uses a mix of music, visual and scent media to help its clients communicate with consumers with a view to driving incremental sales at the point-of-purchase.
Operating through its two principal divisions; In-Store Media and Retail Point-of-Purchase, Mood Media Corporation works with over 470,000 commercial locations in over 39 countries throughout North America, Europe, Asia and Australia.
Through its subsidiaries Mood Media, Muzak, Touch and Mood Entertainment, Mood Media Corporation’s products and services reach 100 million people every day.
Mood Media Corporation operates an international in-store media and music retail business with an extensive geographic footprint and a broad client base including more than 850 U.S. and international brands in diverse market sectors that include: retail, from fashion to financial services; hospitality, from hotels to health spas; and food retail, including restaurants, bars, quick-serve and fast casual dining.
For more information on Mood Media Corporation visit www.moodmedia.com or contact:
Tel: +44 (0)20 7395 7049
E-mail: megan.rex [at] fleishmaneurope.com
Source: Mood Media Corporation