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Coin counters lead to a better in-store experience at local banks

The ability to visit a local bank and use a coin counting machine to turn loose change into cash is a smart way for financial institutions to create a more inviting in-store experience for their customers. In fact, doing so may lead to greater in-store traffic in the long run.

Customers not as interested in switching banks as they let on 
According to the online financial news website The Street, a recent study from Carlisle and Gallagher Consulting Group found some American consumers could be happier with the quality of service they receive from neighborhood bank branches. The ability to provide a wide variety of in-store amenities is an important issue in the financial services industry. Despite these findings, an article in the Columbus Dispatch said many Americans may let on that they would readily change banks at any moment's notice when in reality, they may be more hesitant to do so. Citing data compiled by the online resource MoneyRates.com, the newspaper said nearly half of banking customers surveyed said they have changed providers at least once in the past five years. However, approximately two-thirds of individuals said they mostly plan to stay put in the future.

Regardless, it has become increasingly important for banks to focus on offering a high-quality customer experience at each brick-and-mortar location. Recent developments in online tools have made it easier for individuals to access basic financial resources from the comfort of their own homes. As a result, most people now have higher service expectations for instances in which they do have to visit a local bank in person.

Convenience is a valuable characteristic of any retail environment. Banks can utilize tools such as self-service coin counters to not only increase the variety of in-store options available for customers, but to also get more people through the door to increase overall business activity.

01/13/2014