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Self-service coin counters help credit unions serve families

Providing access to coin counting machines in credit union lobbies is a reliable way to establish secure, long-term relationships with members and their families.

The global economy may be facing new threats of uncertainty, it being an election year in the U.S. The recent shakeup to the European economy in the aftermath of the United Kingdom's vote to leave the European Union has added another layer of doubt. However, a report from the Credit Union National Association found little reason to believe credit unions in the U.S. should be worried about their future outlook.

According to the organization, experts anticipate double-digit growth in the number of loans taken out at credit unions across the country by the end of 2016. In fact, many of the uncertainties elsewhere in the world could actually bode well for financial markets in the U.S.

That positive forecast doesn't mean credit unions should ignore opportunities to keep members satisfied and attract new ones. Economic conditions are always subject to volatility and rapid change.

Self-service coin counters serve families, provide stability

Protecting a branch from unexpected shifts has a lot to do with fortifying the types of services available to members. One consistent way to fill an important niche in the community is to provide access to self-service coin counters in the branch lobby. These machines satisfy two critical aspects of consumer finance:

  • They give members the opportunity to turn loose change into cash that's ready to spend.
  • They allow families to expose their young children to important financial lessons early on in life.

An article from Today highlighted the fact that it's never too soon to set a positive example of money management for children. The publication said kids often develop an understanding for the concept of money as early as age two. Encouraging youngsters to save money in coin jars that can then be converted to cash at a later date is a great way to teach them the fundamentals of incremental savings and long-term payoffs.

Credit unions that invest in coin counting machines can get out in front of this opportunity by encouraging members to involve their children in basic financial lessons. The result is a stronger relationship with the local community and a more diversified portfolio of services that can withstand sudden changes to the economy.

07/14/2016