Banks can attract budgeting families with self-service coin counters
Banks can help young families moving into new neighborhoods save money by providing services such as self-service coin counters. It's widely known that young mothers and fathers will spend large amounts of money when moving to a new neighborhood or school district to help their children grow. Upon arrival, they will need assistance for the next few weeks paying for groceries and small household items forgotten during the move. Self-service coin counters can provide useful cash for necessities or on-the-go meals when parents are too busy unpacking to cook dinner. It also gives the bank a new stream of revenue by giving users the opportunity to sign up for additional accounts.
Coin counters and family costs
According to CNN, the average cost of raising a child in the United States until age 18 was $245,000 in 2014. In 2016, this price is expected to rise due to inflation rates and increased salaries of families. This cost is tacked on top of already expensive moving costs for families eager to begin their lives. According to U.S. News & World Report, the average cost of moving within a state is $1,170, while moving between states or cross-country can cost $5,630 on the highest end of costs.
Families that pinch pennies will find self-service coin counters useful at banks. Before a big move, families can deposit all of their available change to cover tips for movers and meals throughout the move. Once a family is within the new community, banks can capitalize on these newcomers by talking about services.
Why invest in a self-service coin counter?
Self-service coin counters are popular at banks for a variety of reasons. First, they create an additional service for banks to offer patrons. These additional services can help bring in customers that did not previously consider the bank. Second, they give financial institutions an opportunity to provide classes centered around the product and incentives for those who use it. This creates customer loyalty between the bank and the consumer. Finally, young families will feel compelled to use the coin counters for personal savings reasons, teaching their children better financial habits and opening up new bank accounts for family members. With self-service coin counters, banks can create new opportunities for community families and valuable revenue streams.