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Coin counting machines justify trips to local bank branches

Coin counting machines justify trips to local bank branches

Coin counting machines offer financial institutions a low-cost solution for enhancing the customer experience at brick-and-mortar bank branches. Many of these establishments have experienced some of the same economic setbacks as businesses in other industries in the aftermath of one of the largest nationwide recessions in recent history. This has led many bank managers to look for new ways to create savings without having to sacrifice a reputation for high-quality service.

The key may be in the ability to offer a wider range of self-service conveniences. The Mercator Advisory Group recently released the fifth installment in a series of eight reports based on insights from the organization's "2013 Customer Monitor Survey," which measured preferences among bank customers throughout the U.S. One of the most notable findings was that a large majority of roughly 3,000 U.S. adults now primarily prefer to access self-service amenities to satisfy their financial needs. In the past, most individuals had no choice to but visit a teller at a local retail branch to complete certain tasks. The rapid growth of technology and online banking services has provided customers with several alternatives.

As a result, banks must be sure they are able to offer in-branch conveniences that individuals view was worthy of taking a short walk or drive to access. Self-service coin counters are an effective solution, as turning loose change into cash is one process that simply can't be completed with an online service. Research has shown that 80 percent of U.S. households hold on to coins they receive from cash transactions. Sixty-four percent of these coin savers seek out financial institutions as a first line of defense when redeeming this money in the form of cash. Information compiled by customer engage service Time Trade revealed that service is perhaps the most important ingredient in financial industry success. Branch managers can thus use self-service coin counters as a central element of their long-term growth strategies.

March 25, 2014