Is Your Rate Board Compliant?

Aug 21, 2017
 

Traditional rate board signage typically involves magnetic strips or interchangeable letters. Both require manual labor time to update. They are the byproduct of a time when competition between financial institutions was less global and first impressions were made with a handshake.

The problem with manual rate boards that must be updated from branch location to branch location is that they are only as accurate as the individuals making the changes. One misplaced decimal or transposed digit and you risk non-compliance with the Truth in Lending Act.

If you manage rate boards across multiple branches and have had concerns about their accuracy, consider digital signage.

Digital rate boards are easy to update and can even be controlled centrally with software. But there’s a lot more digital signage can do for your financial institution.

Get more than accuracy

Today, if your lobby experience doesn’t communicate to your customers (or potential customers) that you are forward-thinking with modern technical trends, then you risk losing vast portions of some generations as they look to the future for their financial needs.

With digital signage, you can display more than just rate information with professional polish.

  • Display information instantly
  • Fix mistakes, make changes and updated information in moments
  • Include dynamic information such as animation, video, sound, scrolling text, etc.

Not just for posting interest rates

Other traditional signage typically involves design and print time to create static posters that then require additional time to distribute and display. If a change is needed, or a mistake is found, the only recourse is to redesign, reprint and redistribute – taking even more time and money.

With digital signage, you can personalize your business to your customers:

  • Promote additional services
  • Occupy waiting customers with RSS feeds of news and weather
  • Share community events
  • Spotlight small business customers
  • Call out exceptional employees

Want to learn more? Read "Getting Started with Digital Signage: What You Need To Know to be Successful"

What types of content can be displayed with digital signage?

  • Static and crawling copy
  • Photos
  • Pre-recorded video
  • Live streamed video
  • Animation
  • Flash files
  • RSS feeds including social media updates, weather, news, etc.
  • And so much more.

Conclusion

Rate boards tend to be the most common place to start your digital signage journey. Upgrading yours can give you a taste of what it's like to have central control of what displays in your lobbies. The possibilities are endless when it comes to what you can display with a digital signage solution.

Your journey does not need to be daunting. We are happy to provide guidance or answer questions.