News & Events

Cummins Allison Highlights How Ownership Of A Self-Service Coin Machine Can Deliver ROI To Credit Unions

 

 

January 15, 2013, Mt. Prospect, IL - With the start of the New Year, financial institutions (FIs) of all sizes have resolved to improve their customers' banking experience, while also reducing operating costs. Cummins Allison, the leading innovator and provider of coin, currency and check 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.

 

Self-Service Coin Counting 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. Home State Bank has seen a rise in the demand for coin counting since installing a self-service coin machine. In fact, coin volumes are up to about 15,000 to 20,000 coins per day. This increased traffic has created an opportunity for new accounts; particularly when customers bring their receipt for counted coin to the teller window. “It’s a very simple transaction but the more face time tellers have with customers, the better opportunity there is for the bank,” said Curt Foglesong, head teller.

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. The Salvation Army of Hidalgo County, Texas partners with Rio Bank to manage its commercial accounts, including coins collected from 47 of its Red Kettle Campaign locations during the holiday season.

Before installing a self-service coin counter, Rio Bank processed these large volume deposits through its commercial, countertop coin sorter and wrapper. By switching to a self-service coin machine Rio 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.”

 

Self-Service Coin Machines Improve Teller Efficiency & Reduce Costs

 

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.

 

In addition to time savings, costs associated with selling bags to the Federal Reserve are eliminated. Home State Bank no longer sells coins to the Federal Reserve; they simply use an armored carrier service that takes their coin bin – eliminating the need to prepare and ship multiple coin bags per week.

Offering Self-Service Coin Counting Makes a Difference to Your Customer

 

New service offerings that truly matter to customers can achieve a high return on investment. A recent study revealed that 80 percent of customers surveyed reported that they would switch from a teller to a self-service coin machine and they believe their satisfaction would measurably increase as a result, with many indicating they would use the machine “all the time”1.

 

With a self-service option in the lobby, customers no longer have to count and wrap their coins, they can avoid teller lines while holding heavy coin containers and they can have a faster, more meaningful exchange with the teller when they cash in their coin redemption receipt. And, customers that have a positive experience with their bank’s self-service coin machine are also more likely to spread the word to others in their community; leading to increased awareness of, and interest in, becoming a customer to the bank.
 

To learn more about the ROI your financial institution can gain by owning a self-service coin machine, visit www.cumminsallison.com/MoneyMachine.

 

 

1 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. For more information, visit www.cumminsallison.com.

 

Contacts

Carol Moore, Vice President Marketing

Cummins Allison

847 759 6403

moorec@cumminsallison.com

 

Andrea Davis

Outlook Marketing Services, Inc.

740 920 4440

andrea@outlookmarketingsrv.com