News & Events

News Hub

Coin counting machines help drive new branch traffic

Coin counting machines help drive new branch traffic

Almost everybody has a coin jar or basket they throw change into when cleaning out their pockets. When the container is filled, the question becomes how to count it all up and turn it into bills. Self-service coin counters have been deployed in many credit unions as a service to customers, and managers consistently find them to be valuable tools. A credit union based in Sharon, Massachusetts deployed coin counting machines as a marketing strategy that has proven to be dynamic and boost foot traffic to the facility, but the counters also contribute much more. The company installed coin counters in all of its branches, and officials said it was an effective strategy for them

Coin counters do much more
Deploying coin counters can boost both employee and customer satisfaction, according to the story. It can also contribute to hikes in fee income and core deposit programs as well as new customer acquisition opportunities for the CU. The machines also promote efficiency by freeing up employees who formerly had to hand count coins brought in by customers. Now they are able to focus on other disciplines, and cross-selling has become on of those areas of focus.

An innovative way of increasing foot traffic is if the CU dovetails its coin counters with external sign promotion. Printed and even digital signage can promote the machines and their efficient operation. Coin counting machines can also help to change the branch from a hub of operations into a destination venue attracting customers and generating revenue. 

For CU's looking to drive traffic, increase revenue and optimize their cross-selling opportunities, deploying coin counters is a cost-effective and accurate way to forge a solid bond with consumers in their communities and positively impact the bottom line, as well.

September 3, 2014