5 best reasons for banks to add
self-service coin machines in 2020
Contrary to some banks' decision to either discontinue or not offer the service, use of self-service coin counting has grown steadily since the practice became popular in the 1990’s. Discover the reasons why.
Most consumers saving coin prefer to redeem it at their financial institution. Having this coin service brings in both account holders and non-account holders, helping you grow revenue and increase customer satisfaction and loyalty and improve teller efficiency.
Benefits your bank and your customers
Self-service machines are a great solution for your bank and the consumer. The bank benefits because time-consuming coin redemption is removed from the teller line. Consumers benefit due to not waiting in long lines. Cummins Allison’s machines are the fastest on the market so even large deposits are processed quickly.
Self-service coin machines are a competitive differentiator. Most of the largest banks have discontinued offering this service, giving other banks an opportunity to provide a highly-desired customer service. One mid-sized bank saw as many as 250 coin-redemption customers per month at a single branch. That’s a tremendous opportunity for engagement, relationship building and sales!
Simplifies your operation
Adding direct deposit simplifies the operation even further. Consumers can complete the entire transaction without any teller assistance, freeing up personnel for other customer-facing activities. Direct deposit can also lower your operational costs, boosting the bottom line.
Cummins Allison offers multiple ways to add coin redemption services to your organization. Buy, lease or rent machines, depending on your financial model. If you prefer not to handle coin, we can manage it all for you, so your tellers never touch the coin. There are affordable options for any organization.
When choosing a self-service coin machine, don’t underestimate the importance of machine quality, accuracy and dependability.
With more than 28,000 coin counters in operation, Cummins Allison has a proven track record and has been a trusted partner to the banking industry for decades.
“One of the great things about having a coin machine in the branch is it brings in customers that we’ve never met before.”
Cyndi Silver, Assistant Manager, Canandaigua National Bank