Post offices should consider self-service coin counters
New banks often benefit from self-service coin counters, which can provide customers with better service. By presenting an avenue to convert loose change into money that can then be immediately deposited, financial institutions have an incentive to provide customer service in various different ways. These machines help make banking of all kinds a one-stop operation for consumers, making them loyal to the institution overall. This sort of service can also help organizations that are looking to expand into banking. These include businesses that haven't traditionally been involved in banking but need to expand their operations.
The Postal Service considers banking; self-service coin counters can help
In the face of declining mail revenue, the U.S. Postal Service, a government agency that gets no funding from the government, is looking for new ways to expand its operations to stay afloat. One of these is the recent addition of Sunday package deliveries in conjunction with online retail giant Amazon.com. But there are limits to what it can do in terms of shipping and fulfillment, so it is looking to other businesses, including banking. According to Housing Wire, the USPS Office of the Inspector General initially wrote a report suggesting it enter the financial services sector.
Now, the OIG has released a white paper outlining all the potential directions that the USPS could take. The first is simply expanding upon existing services, which include money orders. Other options include working with a big bank to provide service, partnering with several different banks to the same effect, or serving as a financial services marketplace by being a destination for different institutions.
The final option is to become an actual licensed bank itself. This option is not unprecedented in the global business of mail: In the United Kingdom and various countries in Europe, the mailing services offer some degree of financial services to the point of being banks themselves. According to the OIG, this would lead to the greatest amount of profits, in part due to the current reach of the USPS in comparison to major banks. However, it would also face serious regulatory hurdles. If it does consider this path, self-service coin counters can be a great service to offer, especially in small towns whose only business is the post office. By giving consumers a way to convert their coins into cash, opportunities for customer loyalty surface in many places.