Financial institutions can use coin counting machines to enhance customer service
Financial institutions can implement self-service coin counters in their lobbies to boost the experience for their customers. These machines offer added convenience to banking customers and credit union members, which can improve overall satisfaction levels with financial institutions.
Citing data from CreditUnions.com, Jim Weaks wrote that approximately 80 percent of people save spare change and redeem it for cash at their banks or credit unions. However, exchanging loose change can be time-consuming for individuals because they need to sort, count and wrap coins themselves. Smart financial institutions are competitively serving customers and members by offering coin counting machines.
Banks and credit unions need solutions to increase branch traffic
Eighty percent of customer interactions with their financial institutions occur through self-service channels like online banking, according to Forbes, citing statistics from Wells Fargo. This may seem problematic to banks and credit unions, but a majority have visited a physical branch within the past six months.
However, these numbers are more complex than they immediately appear. Even though banking customers and credit union members want self-service omnichannel offerings, branches still play a role in the experience. Individuals visit branches to seek financial advice and apply for mortgages or other loans, and they want to have face-to-face interactions with other people when they do. Implementing an additional services, like a self-service coin counter, gives financial institutions another way to enhance customer or member experiences.
How financial institutions and individuals can benefit from coin counting machines
According to CreditUnions.com, 64 percent of the people who save loose change want to redeem it at their financial institutions so they can immediately deposit the funds into their accounts or receive cash. Additionally, 90 percent of credit union members would redeem their coins at their local credit union branches if a self-service machine was available. Financial institutions that implement coin counters could increase traffic.
While banks and credit unions may not have the funds to invest in the purchase of a self-service coin counter, there are multiple options these organizations can consider, Weaks stated. Financial institutions can rent or lease these machines, which allows them to raise profitability. Because customers and members want this service, ownership can have a high return on investment.
As banks and credit unions search for new ways to maintain or increase branch traffic, self-service coin counters offer a new convenience for customers and members, which is beneficial for long-term profitability.