Credit unions must emphasize convenience to attract new members
By investing in self-service coin counter technology, credit unions across the U.S. can attract new members and expand long-term business operations. Advancements in technology have provided Americans with a variety of financial service options. For example, the ability to easily perform certain money management tasks online often trumps the desire to seek in-person consultation from a credit union employee.
However, recent consumer trends suggest financial institutions can easily adapt to this changing environment by incorporating more opportunities for convenience into brick-and-mortar establishments. Gina Bleedorn, executive director of the Atlanta-based advertising agency Adrenaline, wrote in Credit Union Times about the unique options available for targeting younger members. According to Bleedorn, Generation Y behaviors have had a profound influence on the ways many businesses update their operations to reflect new market trends. She said credit unions can follow the lead and update their services to appeal more directly to adults born between 1977 and 2000. Even though the Internet has made it easier to access high-quality financial information, 84 percent of Generation Y individuals still prefer to seek face-to-face consultation.
Self-service coin counters and the growing importance of convenience
The big challenge for credit unions is finding reliable ways to get these people through the door. The Corporate Executive Board Company recently released its latest "Consumer Financial Monitor" survey and found many Americans are interested in making changes to their financial service providers. In fact, the report measured a 12 percentage point decrease in consumers' feelings about their own monetary situations. These trends are occurring across all age groups, CEB said in a press release.
Offering a self-service coin counting machine at a local credit union branch can have positive impacts on long-term membership numbers. A separate article from Credit Union Times said the increasing popularity of mobile technology has highlighted a unique opportunity for small financial institutions to translate convenience into the brick-and-mortar establishment. For instance, the article cited a recent presentation from Silicon Valley entrepreneur Trip Hawkins in which he claimed convenience often upstages performance when it comes to customer service.
By providing individuals the opportunity to enter a local credit union branch and access a self-service machine that quickly turns loose change into cash, these institutions have a better chance at exposing money-conscious Americans to the much wider variety of financial services available through full membership.
November 25, 2013