July 30, 2013, Mt. Prospect, IL—Coin production has been steadily rising since 2009 and credit unions (CUs) have taken notice. In fact, many are taking advantage of this trend to help attract new members, differentiate themselves from the competition and increase customer satisfaction. Cummins Allison, the leading innovator and provider of currency, coin and check handling solutions, recently partnered with independent research firm, Branmark Strategy Group, to conduct a survey on “Coin Counting Practices within the Credit Union Industry” to learn more about CUs’ coin counting practices.
Survey results reveal valuable insight around the benefits self-service coin services provide, as well as a trend toward more coin processing automation for mid- and large-size CUs.
Key highlights of the survey include:
Credit unions tend to have more coin counters in their lobbies than banks, possibly as much as 25 percent more.
Approximately 80 percent of the CUs surveyed purchase their coin machine, and 57 percent are satisfied with their current coin processing solution.
75 percent of credit unions offer free coin counting services to their members, while the remaining 25 percent charge a fee as a way to offset costs or to be competitive.
Interestingly, 25 percent of CUs require their members to wrap their coins for redemption – a practice that should be discontinued given members dislike it and the increase in workload it adds for tellers.
Top benefits CUs cite from providing a coin processing service include: Adding a value-added service (89 percent), followed by a competitive advantage (25 percent), improved efficiency (22 percent), improved lobby traffic (18 percent), revenue from fees (7 percent) and 10 percent selected ‘Other’.
For more information on how CUs can take advantage of self-service coin machines and the flexible programs available for your branch, visit http://www.cumminsallison.com/us/en/products/coin-counting-machines.
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. With a heritage of leadership in technology and product innovation spanning more than 125 years, Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers recommend our products and services. CA holds more than 350 U.S. patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 4 wholly-owned subsidiaries in Europe and is represented in more than 70 countries around the world. For more information, visit cumminsallison.com.
Carol Moore – Vice President Marketing
Cummins Allison Corp.
Outlook Marketing Services, Inc.