Background Music at Banks for Better In-Branch Experiences
Between the financial meltdown of the “Great Recession” a decade ago, to the more current just flat out bad publicity of the big banks due to shady business dealings, creating positive customer experiences is now high on the agenda for banks under pressure to reinvent how they operate. When you think of in-store overhead music, the first thought that comes to mind is probably retail stores or shopping malls. However overhead background music isn’t just for retail clothing stores.
If you think your bank or financial institution needs background music services, you’re probably right.
Whether or not we realize it on a conscious level, music directly affects our emotional state. It’s an important environmental tool that can have a positive effect on everyone that interacts with your bank. In fact, research shows that, when compared to silence, overhead background music in-branch helps to create a welcoming atmosphere and can energize those listening to it. Overhead music and messaging has more influence than you might realize.
Below we take a look at just a few of the ways that leveraging background music at your bank creates better in-branch customer experiences.
1. Reduces Perceived Wait Times
Music is a powerful emotional stimulus that changes our relationship with time. Numerous research has shown that when using the right in-store music clients will wait longer and more patiently when music is being played when compared to silence. As an additional benefit, business background music has shown to improve a client’s perception of service after they have been waiting. The reasoning is simple; the music actually transforms the boredom of waiting time to the engagement of experiential time, which customers find entertaining and positive.
Anyone that has ever waited in line at Disney will understand this concept. Disney has mastered the art of transforming waiting time into experiential time by presenting a constant stream of visual and auditory stimulus to the millions that wait in their lines each year. Hotels do the same by providing free coffee or snacks for guests waiting in line. The benefits of reducing perceived wait time and increasing the perception of customer service are easily within reach for any bank or financial institution.
2. Create Consistency in Brand Image and Client Experience
Multi-branch location banks work very hard to maintain a consistent customer experience and brand interaction across all customer touch points. From branch layout to interior design to signage, the environment encompasses everything that clients see, touch, and feel. But, what about what they hear?
With most of the the attention being paid to in-branch visual elements, most banks have not invested in the auditory elements of the in-branch experience. Stated another way, while the branches may all look the same, without an enterprise background music program, they certainly don’t sound the same. A client may hear anything from silence to radio to potentially offensive content from an employee’s playlist from their iPod as they move from branch to branch. This lack of auditory consistency confuses clients and works to diminish their perception of the bank’s brand credibility.
Implementing an enterprise background music program will correct this problem by playing consistent music across all locations. It provides for a pleasing auditory environment, affecting a positive brand perception among your beloved client base.
3. Enhances Your Branding
If your customers don’t feel like they can trust your bank or aren’t getting the care they need, then they might look to other institutions. The goal of in-branch background music is to set a tone for your institution’s brand. In the same way that customers expect mariachi music when they eat at a Mexican restaurant, your clients have certain expectations at your bank. By choosing an in-store music playlist based on your target audience, you can set the tone in your bank that appeals to customers.
Original On Hold’s in-store music system makes it easy to change the tempo and style of your music throughout the day.
In the morning, you might want to select positive, uptempo classical music when meeting with consumers or business customers who are looking for loans or want to change their investment portfolios. Then, in the afternoon when customers are in a rush, you could switch to something more calming to make people more patient while waiting in line.
4. Add Overhead Audio Messaging to Generate Revenues
Yes, you can go beyond just background music by adding in-branch audio messaging interspersed between your background music. Overhead audio messaging in banks is just as important for customer acquisition and retention as it is for entertainment.
As an alternative way to communicate with customers, overhead audio messaging in banks engages patrons and shares important updates, offers and events.
Additionally, overhead audio messaging allows financial organizations to up-sell their products and increase customer awareness of their options. Your customers might not have realized that taking out an IRA was an option or how their relationship with the bank can help them with home financing. With the right messages, your bank could increase sales to existing customers.
Final Thoughts….
When customers walk into your bank, what do they see? Are they greeted with a somber wall of self-service machines? Is there a single teller window open? Are bank employees hidden behind office doors? Is your bank sterile and practically painted in red tape? Remember, an estimated 40% of banking still requires an in-person visit.
You want that visit to be positive. Nay, stellar. You want to outperform your customers’ expectations. Outshine the competition. Wow them with your friendly service. Impress them with your relaxed, inviting atmosphere. Show them that they’re welcome, and that you’re there to serve.
As you can see, there are many good reasons to implement background music in your bank. If you’re ready to get started with overhead background music at your bank or credit union then contact Original On Hold. Our music designers will answer all of your questions, and we make the process of getting started simple and easy.
