News
Cyprus' Co-op banks reaches rural customers with digital signage
September 2, 2009
Scala partner Eyecatching Media of Cyprus has created a retail banking and community digital signage network that provides Cyprus' Co-operative Central Bank customers in rural branches with information about the latest financial products and services, interest rates, exchange rates and local business messaging. The network is powered by Scala.
Founded in 1937, the Co-operative Central Bank, also know as Co-op, provides banking services to rural communities across Cyprus. Through 160 societies and 470 branches, the bank operates as a centralized nonprofit facility.
The following Co-Op banks have adopted the digital signage:Limassol Co-operative Savings Bank, Nicosia Co-operative Savings Bank, Aradippou-Dromolaxias Co-operative Bank, Konteas Co-operative Bank, Strovolou Co-operative Bank, Kato Varwsion New Co-operative Savings Bank, Pylas Co-operative Bank and Daliou Co-operative Bank.
According to a news release issued by Scala, the banks turned to digital signage to address three business challenges:
With branches geographically dispersed, reaching customers quickly and effectively was difficult, as was communicating accurate, up-to-the-minute, time-critical information. Each bank marketed itself differently, so customers were presented with a variety of different brands and visual treatments. The banks wanted to generate additional revenue for stakeholders through the creation of an advertising mechanism for non-competitive advertisers in the local community.
The banks' adoption of digital signage began in 2002, when Limassol Co-operative Savings Bank and Nicosia Co-operative Savings Bank partnered with Eyecatching Media.
Theo Leonidou, chief executive of Eyecatching Media, says the digital signage networks are helping the banks innovate:
What we found particularly rewarding was their intention to use the network to provide a genuinely enhanced service for rural customers and to support key brand values by helping the local community however it could.
Each bank branch uses one or two 40-inch LCD screen(s) located near customer service counters, allowing waiting customers to view content that runs approximately 20 minutes — meeting the needs of the branch customer's average wait time of between 10 and 20 minutes.
In a typical Co-op branch, a program consists of:
- A branded channel identity
- Key Co-op or affiliate products and services
- News of the Co-op's corporate social responsibility efforts
- Relevant corporate news, announcements and customer invitations
- Real-time information, with editorial and promotional content
- Community and commercial messages from local advertisers
The network uses 25 connected Scala players to manage distribution, playout and auditing for compliance purposes.
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