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Banks find cost-effective service improvements through coin counting machines

Banks find cost-effective service improvements through coin counting machines

Bank managers can use coin counting machines as an efficient, low-cost addition to their in-branch customer service strategies.

Businesses in the financial services industry have witnessed an increase in competition over the last couple of years. A recent article in BankNews reported on the growing number of mergers and acquisitions among community banking establishments. For instance, there were 228 purchase deals for banks in 2013, which is the third consecutive year that number has climbed at a steady pace. This year alone has already seen 19 different industry acquisitions.

Rick Maroney, co-manager of the consulting firm Austin Associates, told the publication that this recent spike in mergers is a direct result of new, costly regulations imposed in the wake of the Great Recession. Part of the problem also has to do with declining revenues over time. Greater Wilmington Business Journal, a news source based in Wilmington, N.C., indicated that the growing consolidation of local banking establishments is simply one way for stakeholders in this industry to introduce more stability into the market.

Branch managers have additional options for generating more revenue. In fact, improving customer service is a smart way to develop a positive reputation among community residents. One of the easiest ways to do this is to add conveniences such as self-service coin counters on location. A cost-effective, reliable machine like this will offer individuals yet another reason to visit a brick-and-mortar banking establishment to take advantage of its many resources. The fact that customers can access these tools without the help of tellers or other employees also makes it possible to improve overall efficiency at the branch. With growing industry competition, eliminating wasteful practices and the need to overwork employees is always a step in the right direction. 

February 6, 2014