Financial institutions are hungry for innovations that allow individual branches to better serve their members. Technology has advanced rapidly in the banking industry in recent years, as the growing popularity of mobile devices creates entirely new ways of performing daily operations. However, as these developments continue, small and medium-sized banks around the country may still want to look to self-service coin counting machines as reliable sources of innovation within brick-and-mortar establishments.
A recent article from the financial services education organization Bankers Hub highlighted the many challenges branch managers face when keeping up with the latest industry trends. The institution cited data from McKinsey Quarterly that found 57 percent of financial service groups believe the concept of innovation is extremely or very important to long-term business success. In fact, many industry professionals believe improving daily operations will have a positive impact on overall revenue for the next several years. Despite the recognized importance of transforming current practices to reflect better member service, 40 percent of respondents in the McKinsey Quarterly survey claimed their organizations have no concrete efforts in place to address such challenges.
Part of the reason so many financial institutions are interested in updating their business models is because recent efforts on the federal level to restructure the banking industry have caused many branch owners to be quick on their feet in adapting to changes. According to The New York Times, retail bank executives are constantly looking for ways to reduce overhead costs without compromising the quality of service members experience when they visit such an establishment in person.
Industry innovations must emphasize convenience
Improving daily operations at financial institutions doesn't have to be so complicated. While much of the focus in the industry revolves around online banking tools, these organizations can also leverage technology to provide members with expanded service options when they visit brick-and-mortar branches. For example, installing self-service coin counter technology at local establishments can serve as a unique instigator of growth. Not only will these machines attract members who are interested in transforming all of the coins they have saved into cash, but individuals who use utilize these services will also be exposed to the variety of other options available from their local bank. The more convenient it is for members to satisfy their own financial needs, the more likely they will be to continue visiting their bank in the future.
December 3, 2013