News & Events

How Self-Service Coin Redemption Assists FIs in Their Branch Transformation Goals

FEBRUARY 2, 2016, MT. PROSPECT, IL – Despite evolving changes in today’s financial institutions (FIs), the branch still remains an important channel for many customers. In fact, 62 percent of bank customers say branches are their primary banking method1. As FIs transform their branches, deploying self-service coin within the branch can create an environment that not only presents opportunities for efficiencies and growth, but also helps FIs achieve market differentiation and accommodate customers’ demands for an improved experience.

Cummins Allison, the leading innovator and provider of coin, currency and check processing technology as well as ATMs, explains how FIs can establish a competitive advantage, improve customer satisfaction and build personal relationships with their customers by implementing self-service coin redemption.

Establish Competitive Advantage

Sixty-four percent of people who redeem coins prefer to cash them in at their FI2. However, some FIs are no longer offering the service and these individuals are turned away, forced to try to cash them in elsewhere. Those FIs that do choose to continue to offer the service have an opportunity to automate the handling and processing of customer coin deposits. Self-service coin redemption not only saves time and money, but with fewer FIs accepting coin, it also sets apart branches that offer this in-demand service.

Increase Customer Satisfaction

Eighty percent of existing financial services customers say they would not only switch from a teller to a self-service coin machine, but that their satisfaction would also increase as a result3. That’s because they no longer have to wrap coins and they experience faster, more meaningful exchanges with tellers when cashing-in coin redemption receipts. And because some self-service coin machines offer direct deposit into the customer’s account, they may not have to wait for a teller at all.

Build a Personal Relationship with Customers

As FIs act on their goals for branch transformation, connecting with customers and building relationships is of critical importance. Although people may be using their branches differently today, one thing that will keep them coming back is a personalized experience. For many customers, that means including their families.

Children have taken part in the process of counting and depositing coins for years, as it helps build an understanding of money and establish an excitement for saving. When banks no longer accept coins, this valuable experience is lost.

By offering self-service coin machines in their branches - particularly for free or at a low rate – FIs can deliver an enjoyable, valuable family experience for their customers. It’s a key differentiator that will improve customer relationships and establish long-term loyalty.

Offering Self-service Coin Machines is More Feasible Now than Ever Before

Self-service coin machines make it possible for FIs to offer a valuable service while also controlling costs. Selecting a provider that offers flexible procurement options, such as renting, leasing or owning the equipment, makes it easier and more cost-effective than ever to deploy this value-added service. Available coin management services can further take the hassle out of coin counting services by eliminating the need for tellers to handle coins.

For more information about how self-service coin machines can help FIs achieve in-branch opportunities, visit http://www.cumminsallison.com/go/change/.

 

Sources:

1Courier-Jounrnal.com, “Bank Branches Still Remain Popular”, http://archive.courier-journal.com/VideoNetwork/3965377811001/Bank-Branches-Still-Remain-Popular-RateWatch-Survey-Says

2 BranMark Strategy Group, “Assessing the Opportunities for SSC Machines in the Financial Segment”

3 Branmark Strategy Group, “Top Six Drivers of Consumer Use of Self-Service Coin Machines”

 

About Cummins Allison

Cummins Allison is the leading innovator and provider of check, currency and coin handling solutions, as well as full-function ATMs. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visitwww.cumminsallison.com.