How do I use banner you buy from merchants?

[CreatureComfort]

I have a bloodied banner or something, which tells you to drag it from your character sheet to your hotbar. When I try to use it I don't see anything changing. I'm in a guild, so I assumed it would show my guild banner. Is there something that's supposed to happen, or what?

[Collateral]

Only certain members in a guild can carry banners - standard bearers. Also the guild has to be of a specific rank to have a standard bearer iirc. But at this point, banners don't work yet as they did on live. You can still use them on characters, but they don't have any effects.