News & Events

News Hub

Some banks may look to optimize service with free options and reduced fees

While there are some banks that have taken the opportunity to provide their customers with free services such as a self-service coin counting machine, others haven't yet realized the benefits these services provide consumers and have not implemented the technology.

Optimal service can aid client retention efforts 
Many banks go out of their way to provide customers with the best experiences possible, but there are some that may still employ practices consumers aren't content with. Sometimes inconvenient services leave customers looking for new and improved options, and many banks are trying to enhance their offerings to please clients. 

NBC News reported that about 8 percent of American households currently don't have a checking or savings account, and this number rises among those with lower household incomes. According to the report, most of the individuals who are without bank accounts have had them in the past, which could indicate they are looking for a financial institution that suits their needs and offers the best service. 

Giving customers more reasons to keep their accounts
Even though the number of individuals without any form of bank account is significant, plenty may be eager to build a relationship with a financial institution that offers the best services. In fact, many consumers have strong ties to their local branch and enjoy strong service and client-oriented options.

Some banks looking to encourage past customers to return or gain new consumers may choose to enhance service and boost their reputation by eliminating or reducing fees associated with accounts, but others may have a more nontraditional approach. Financial institutions can draw potential clients by offering them the chance to use a free coin counting machine rather than wait in line with a heavy jar of change or pay to convert their coins into cash elsewhere. This nontraditional approach to customer service helps individuals looking to get rid of extra change do so quickly and speeds up lines for clients in need of other services, enhancing service for all of those who drop in. This seemingly small gesture can prove to be a hit with consumers, making self-service coin counter machines a valuable customer service tool for financial institutions.

04/25/2013