Self-service coin counters are an effective way for bank branches to encourage higher levels of traffic and provide better customer service. Many financial institutions have been struggling to maintain productivity and foot traffic as the popularity of online banking grows. Coin counters provide an additional service to customers, which can lead them to conduct more of their banking needs from a physical location.
Many bank branches are grappling with the appropriate staffing numbers to meet current needs, according to American Banker. Some financial institutions are overstaffing because managers believe the short wait times amount to high-quality customer service. While individuals will appreciate the short lines, this strategy does not give bank branches a competitive advantage, and it can contribute to increased operating costs.
The personal banking industry is dramatically changing
Financial institutions need to optimize on the branch level, but finding the right combination of staff numbers and new services can be difficult. Consumers expect a higher number of digital options from banks, The Financial Brand stated. While branches need to consider these availabilities, it is still important to meet the needs of customers who visit physical locations.
The article pointed out that many bank branches are giving employees tablets to use to interact with customers, but this is not the only approach managers can take. American Banker suggested branches assess the non-technology initiatives they can employ to engage with clients. This process can also help managers identify ways in which employees can improve their performance.
One of the most important ways banks can boost branch productivity is by investing in new front-office systems. American Banker pointed out that there is usually room for improvement when it comes to these crucial components of branch strategy, and it can make a big difference in traffic and productivity. Customers increasingly are expressing a preference for self-service channels, which means that financial institutions can benefit from coin counting machines. These systems give clients an incentive to visit a physical bank branch, and employees can proactively engage with them to inform them of other essential services. Because sorting and cashing change is something that can't be done online, these machines will encourage people to visit an actual bank branch.
July 15, 2014