JULY 31, 2012, MT. PROSPECT, IL – As today's credit unions continue to focus on growing their membership base and enhancing the member experience, lobby engagement tools have become a critical part of their technology solutions. Savvy credit unions must start to look beyond traditional tools to offer services such as self-service coin counters that not only involve members, but also set themselves apart from other local credit unions or banks.
Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how self-service coin counters can help credit unions build their membership base, increase loyalty among current members, streamline their operations and create a new revenue stream.
It's All About the Member Experience
While efficiency has long been a chief concern for credit unions, today's market is demanding an equal, if not greater, emphasis on creating an ideal member experience. It has been reported that poor customer service and unmet needs and expectations rank among the top three consumer pain points1.
Offering a self-service coin machine can greatly improve member satisfaction and help credit unions grow their membership base – and members are ready and willing to utilize self-service coin counters. In fact, 80 percent of consumers recently surveyed reported they would switch from a teller to a self-service coin machine and they believe their satisfaction would measurably increase as a result2.
With a self-service coin machine in the lobby, members no longer have to count and wrap their own coins. A self-service coin counter means members spend less time redeeming coins, avoid teller lines while holding heavy coin containers and have a faster, more meaningful exchange with the teller when they cash in their coin redemption receipt.
Additional Benefits of Self-Service Coin Counters
Offering self-service coin redemption is an ideal way to increase member and non-member awareness of other credit union offerings. Many of today's machines can be customized with features that make it more engaging; such as enabling members to make deposits directly into their checking or savings account or opt to get a portion back, while depositing the rest. Other functions, such as onscreen advertising features can serve as a simple, yet effective marketing tool that help members learn about new programs and services.
Self-service coin counters can also increase the amount of high-quality interaction between tellers and members, which creates valuable cross-selling opportunities. Members have the opportunity to ask tellers for more information about a promotion they've seen on the self-service coin machine when turning in their coin redemption receipt.
Coin redemption technology gives credit unions additional opportunity to generate revenue and realize cost savings. Charging a fee or offering a split-fee for coin redemption can be a profitable option for credit unions. Credit unions can also realize cost savings through reduced labor and increased operational efficiencies as tellers are no longer occupied with processing coins and can spend their time on high-quality, member-centric tasks.
As credit unions look for ways to set themselves apart from their competition and improve the member experience, self-service coin counters allow them to offer a new, value-added service to their members while helping build up their membership base.
To read more about self-service coin machines as a key credit union lobby engagement tool, visit http://www.cumminsallison.com/financial/self_service_coin.htm
What's Critical in the Vertical-Global Consumer Banking: CMO Council, 2011 | http://cmocouncil.org/global-banking-report/
Assessing the Opportunities for SSC Machines in the Financial Segment: BranMark Strategy Group, 2011
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125 year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries.
Carol Moore, Vice President Marketing
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