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Banks could counter financial struggles with coin counting machines

Banks could counter financial struggles with coin counting machines

Banks looking to take a more aggressive approach to their business growth strategies will find a valuable resource in coin counting machines. With many financial institutions looking for ways to limit operational spending while simultaneously generating larger profit margins, self-service tools that customers can access without the help of tellers or other employees will have a positive impact on the bottom line.

The online publication Bank Systems and Technology cited a recent report from KPMG that found the entire financial services industry is experiencing a major period of transformation. Focusing on developing high-quality products and services will be an essential ingredient for success as branches across the U.S. make efforts to lift themselves out of the fiscal problems created in the aftermath of the Great Recession. The study argued that making strong connections with customers has the potential to lead to long-term growth.

In fact, adding a self-service coin counter in the lobby of a local establishment is an effective way to make the in-branch experience more inviting and accessible to individuals. Households all over the country are looking for productive methods for managing their money. The convenience of collecting loose change and then visiting a local bank to turn it all into cash after a certain amount of time will likely go a long way in establishing more customer loyalty in the financial services industry.

Even businesses and nonprofit organizations can benefit from access to these machines. WEAU, an NBC affiliate based in E​au Claire, Wisc., recently reported that employees at a local financial establishment raised more than $1,200 in spare change for the nearby Wisconsin Veterans of Foreign Wars District 9, as well as the VFW post in Saint Paul, Minn. Groups that receive similar donations will be able to capitalize on their earnings sooner than later by utilizing a self-service coin counter at a local bank. At the same time, individual branches can use these tools to get more potential customers through the door. 

February 20, 2014