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Coin counting machines revive importance of bank branches

Introducing coin counting machines at local bank branches helps foster a level of convenience that keeps these organizations running smoothly in an unpredictable industry.

Financial institutions in the U.S. can benefit from rethinking their approach to delivering quality customer service. According to a recent article in The Wall Street Journal, many banks have taken major steps toward focusing on providing innovative mobile solutions. The newspaper cited data from SNL Financial that said these trends have resulted in 1,487 branch closings throughout the country in the past year alone. The number of brick-and-mortar banks in the U.S. has actually experienced a slow decline since 2009, largely due to the negative effects of the Great Recession.

Keep branches open with varied services
Even though mobile tools offer an unprecedented level of convenience, not every financial institution can afford to abandon its physical presence in cities and neighborhoods. Elizabeth Whalen, a contributing author for the industry publication BankNews, said there are still plenty of opportunities for banks to revive their branches. The most effective solution, she explained, is to focus on customer service and relationship building. Whalen said many community organizations have experienced relative success despite the challenges presented from the recent mediocre performance of the economy. She argued that the common theme holding these institutions together is flexibility.

When banks are able to offer quality customer service at the personal level, they may ultimately be more attuned to various preferences and needs. For example, if branch visitors appreciate the ability to access both in-person consultations but also wish to access a way to easily convert the change they have saved up in jars into cash, self-service coin counting machines are an effective solution. Variety is often a fundamental element of flexibility in the financial industry. The more services a bank branch provides, the more likely it is the institution will be able to retain customers, no matter what goes on in the economy.

Closing branches doesn't have to be the first line of defense when business is struggling. Even as Americans become increasingly interested in the convenience of mobile devices such as smartphones and tablets, many people still appreciate the ability to visit a bank for specific purposes. A self-service coin counting machine is a great way for financial institutions to get more people through the door to experience the high level of personalized service available. 

January 31, 2014