5 best reasons for credit unions to add self-service coin machines in 2020
Contrary to some credit unions' 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 members and non-members, helping you grow revenue and increase member satisfaction and loyalty and improve teller efficiency.
Benefits your bank and your customers
Self-service machines are a great solution for your credit union and the members. The credit union benefits because time-consuming coin redemption is removed from the teller line. Members 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 credit unions an opportunity to provide a highly-desired customer service. One mid-sized financial institution 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. Members can complete the entire transaction without any teller assistance, freeing up personnel for other member-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.
“We’ve definitely seen an improvement in how our members view their wait time in the branch. Those surveyed are giving us better scores, particularly in the branches that have self-service coin machines.”
Traci Kendall, Vice President Branch Operations, Maps Credit Union