APRIL 2, 2013, Mt. Prospect, IL – Financial institutions (FIs) of all sizes have made it a priority to improve their customers’ banking experience, while also reducing operating costs. Cummins Allison, the leading innovator and provider of coin and currency handling solutions, explains how ownership of a self-service coin counter can deliver a service benefit customers appreciate – while helping to streamline internal operations and costs.
Increases Customer Traffic
Ownership of a self-service coin machine is not only a point of differentiation for an FI; it can drive traffic into the branch and result in a surge of new accounts. According to a recent study, after using a self-service coin machine just one time, 54 percent of customers would “definitely” use the machine for future coin redemption or coin counting needs(1).
This increased traffic creates an opportunity for new accounts; particularly when customers bring their receipt for counted coin to the teller window. While a simple transaction, it can lead to increased face time between tellers and customers.
Cash In On the Penny
A new survey revealed that Canadians have an average of $10.22 worth of pennies and the majority of them will be cashed in as the Royal Canadian Mint phases the coin out of circulation(2). With nearly half of those surveyed planning to cash in their coins at a bank(2), FIs can promote self-service coin redemption as an excellent option to put discontinued pennies to good use. Customers can either redeem their coins for cash or deposit them into a bank account.
In the month of February, customers in bank branches across Canada have used Cummins Allison self-service coin machines to process 12.4 million pennies; with one machine taking in over 772,000 or 1,800 kg of pennies. Since the announcement of the discontinuation of the penny the machines have processed over 100 million pennies; enough to stretch between Toronto and Halifax – with change to spare. Clearly, the elimination of the penny is an opportunity for FIs to attract customers to their self-service coin machines.
Improve Teller Efficiency
With a self-service coin counting machine in place, tellers are no longer occupied with processing coin in the back room – eliminating long wait times and additional teller windows. Coin counting machines that offer streamlined sorting, collection and storage can also lead to quantifiable time savings. Bin storage models eliminate the need for tellers to manage, move and store several bags of coin; they simply roll the bin into the vault and never touch the coin again. With this streamlined operation, tellers can focus on more high-quality tasks such as interacting with the customer and even cross-selling opportunities.
Expand Commercial Offerings
Self-service coin counting is also a value-added service to an FI’s commercial offering. The machines are an excellent way to more efficiently handle regular coin deposits, offering high-volume sorting in the lobby so that commercial deposits can be processed at the same high speeds as vaults and armored carriers.
For example, before installing a self-service coin counter, Rio Bank processed large volume deposits through its commercial, countertop coin sorter and wrapper. By switching to a self-service coin machine the bank saved nearly 100 teller hours, “The self-service coin machine was so convenient for everyone,” said Tatiana Bravo, personal banking associate for Rio Bank. “It was like having somebody extra on our staff; the machine was taking less than five minutes to do what was taking the tellers eight hours.”
To learn more about the ROI your financial institution can gain by owning a self-service coin machine, visit http://www.cumminsallison.com/us/en/products/coin-counting-machines/money-machine .
(1) Views and Experiences with Self Service Coin Counting Machines: BranMark Strategy Group, 2011
(2) Bank of Montreal Penny Survey: Pollara Strategic Insights, March 2013
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. For more information, contact Cummins Allison.
Carol Moore, Vice President Marketing
847 759 6403
Outlook Marketing Services, Inc.