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Brick-and-mortar banks attract more customers with coin counting machines

Small banks interested in finding ways to maintain a competitive edge in an increasingly high-tech financial services industry may want to consider introducing coin counting machines into the in-store environment.

As 2014 kicks into gear, many retail banks are focusing on developing robust strategies to increase long-term customer retention rates in the face of growing competition from larger institutions. In fact, recent advancements in mobile technology have led many traditional brick-and-mortar establishment to find new ways to attract more people on a daily basis. According to a recent article published in Forbes, 2014 may ultimately be the year in which a so-called "mobile-first" approach has a noticeable impact on the in-person retail banking industry. These days, most consumers can access basic financial services from their smartphones and tablets. For example, Forbes said tools such as remote deposit capture make it easier for people to put money in their accounts without ever leaving the house.

Americans value convenience over anything else
Embracing new technology is important for businesses in any industry. However, mobile isn't necessarily the only option that can help banks retain customers in the long run. James DeBello, CEO and president of the remote deposit capture company Mitek told Forbes that 90 million Americans have attempted to enroll at a bank through online channels in recent years, but 25 percent of those individuals ended up abandoning the process because it was too complicated.

In other words, most banking customers ultimately place a much higher value on simplicity and convenience. Local financial institutions still have a variety of opportunities to meet these demands through their brick-and-mortar storefronts. By allowing visitors the access to self-service coin counters, people can find new value in the presence of a neighborhood banking establishment. Mobile technology has its benefits, but if financial institutions truly want to be competitive in today's business environment, they may want to consider taking a more dynamic approach to customer service. 

01/17/2014