Self-service coin counters help credit unions connect with millennials
Credit unions should invest in self-service coin counters to better serve millennial customers. Millennials, also known as Generation Y, are young adults born between 1980 and the mid-2000s. This demographic is looking to credit unions more today than their parents did for a variety of reasons, and coin counting machines can provide one extra convenience onsite to increase millennial member retention.
Why do millennials enjoy credit unions?
The millennial generation is often on the move. MainStreet, a money management website, noted that credit unions are available in just about every city in the U.S., and the only requirement to become a member is residency in that city. This appeals to young adults who are more mobile than previous generations. The site also reported that according to the Credit Union National Association, 2 million millennials joined credit unions between 2013 and 2014.
Millennials enjoy the swiftness and expertise offered by credit unions. In a world where managing finances is possible through smartphone and tablet technology, immediacy is important. Many financial applications work well with credit unions, offering bargain-hunting millennials an opportunity to personalize their money management. Plus, Gen Y finds their questions are answered in a timely manner when dealing with credit unions. These institutions can build on such conveniences by offering access to self-service coin counters onsite, providing millennial members with yet another reason to come in and maximize their savings.
The Financial Brand advised credit unions to develop a company culture that attracts the Gen Y population. One step toward making these financial institutions millennial-friendly is investing in self-service coin counters. These machines can process up to 4,100 coins per minute with over 99 percent accuracy. Self-service coin counters provide millennials with the efficiency, and independence, they seek. This is a wise investment for any credit union looking to appeal to an ever-growing portion of the U.S. population.