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Importance of Bank Customer Experience

Technological innovations like mobile apps and online banking, have made everyday banking transactions faster and more convenient. As consumers welcome this shift, brick-and-mortar banks and financial services institutions are forced to adjust.

Banks are no longer transactional hubs — they're relationship-driven spaces that offer more personal, in-depth financial services. That, plus the ease and accessibility of larger cash transactions, means bank branches are here to stay.

The question: How do you make these physical spaces more inviting and comfortable?

The answer: Background music for banks

Background music puts banking customers in a mindset to engage, not rush through the experience. It can also reduce stress and ease tension, two very common reactions to complex financial transactions.

The right music can make a significant difference in your bank’s customer experience.

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Business Benefits of Background Music for Banks

Incorporating background music into your bank's environment isn't just about filling silence. It’s a strategic business move that can supplement even the best bank customer experience strategies.

Reducing Perceived Wait Times & Improving Customer Comfort

Waiting in line can be discouraging, but background music has the uncanny ability to make time seem to pass more quickly.

Music can significantly reduce perceived wait times, making customers feel more at ease during their visit. Customers who are more at ease will stay longer, be more open to upsells and crossells, and ultimately spend more with your business.

Brand Identity Reinforcement: Aligning Music with Bank Brand Messaging

Music is also a powerful tool for expressing your bank's brand identity.

By selecting playlists that reflect your brand's values and image, you can create a cohesive experience that resonates with customers. This alignment can enhance brand recognition and loyalty, as clients associate the pleasant auditory experience with your bank.

Dying to get more 5-star reviews? Customers need to know, love, and remember your brand. Reinforcing your bank’s brand with music is a great place to start.

Boosting Employee Morale and Staff Productivity

A positive bank environment benefits more than your customers. Background music also influences employees and staff.

Background music can improve mood, increase motivation, and enhance overall productivity among staff. A positive workplace atmosphere leads to more engaged employees, and engaged employees provide better customer experiences. It’s a win-win!

The Science Behind Background Music in Banks

Let’s explore the science behind using music to enhance your financial services.

Human Behavior: Reducing Stress and Promoting Relaxation

In banking environments, customers regularly feel anxious about financial matters. Who doesn’t?

Thankfully, studies have shown listening to music can lower cortisol levels — the hormone associated with stress. Playing soothing background music can help alleviate stress and promote relaxation and emotional well-being.

Background Music as a Trust Signal

The best bank background music should signal to customers that you’re attentive to their comfort, fostering deeper trust and loyalty. It can also enhance mood, increase feelings of safety.

So whether they know it or not, good music can make customers feel good about working with you.

Designing Your Bank Branch’s Music Strategy

Convinced background music can elevate your bank’s customer experience? It’s time to fine-tune your in-branch onsite music strategy.

Factors to Consider: Volume, Genre, & Tempo

Regardless of the specific songs or artists you prefer to play, there are a few important factors to consider when choosing the best music for financial services.

Volume: Keep the music at a gentle level. Loud tunes can distract customers and make conversations with staff difficult. Soft background music enhances the environment without being intrusive.
Genre: Opt for genres that reflect professionalism and calmness, such as classical, jazz, or soft instrumental tracks. These genres can make your bank feel more sophisticated and trustworthy.
Tempo: Slow to medium-paced music creates a relaxed atmosphere, helping customers feel comfortable during their visit. Fast-tempo music can increase arousal (even agitation and anxiety) which definitely aren’t suitable for a banking environment.

Matching Music to Time of Day or Customer Flow

Adjusting your playlists based on the time of day can also enhance the banking experience. At Pandora CloudCover, we call this automated scheduling based on time of day dayparting.

Some dayparting ideas for banks:

Morning: Start the day with upbeat (yet still lower volume) tunes to energize both customers and staff.
Afternoon: Transition to mellow tracks to maintain a calm environment during peak hours.
Evening: Wind down with soothing melodies as the day concludes, helping everyone feel relaxed.

Tailoring music to the day's rhythm shows attention to detail and enhances customer satisfaction.

Compliance Considerations: Licensing Music for Financial Institutions

Like all business background music, playing music in your bank requires proper licensing.

Unfortunately, music played on personal streaming apps is not licensed for business use. Publicly playing copyrighted music necessitates obtaining licenses from performing rights organizations (PROs) like ASCAP, BMI, or SESAC. These licenses grant permission to use a vast library of songs legally.

But obtaining licenses from various PROs can be time-consuming and costly. Consider partnering with a music service provider like Pandora CloudCover. We handle licensing agreements for you, ensuring compliance and offering curated playlists tailored to your bank's needs.

Start using Pandora CloudCover today. Try dayparting for yourself, and explore various playlists to enhance your bank’s customer experience with background music. Terms and conditions apply.