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Credit unions use coin counting machines to find a happy medium in member service

Credit unions use coin counting machines to find a happy medium in member service

Credit unions can use coin counting machines to strike a more effective balance in member service at their brick-and-mortar establishments.

A recent report from the research firm Forrester and Ricoh, a global imaging and electronics company, found there is often a major disparity between managers and consumer-based employees in how their organizations can improve customer service to full effect. For example, 43 percent of managers surveyed believed their companies communicated well with consumers on a regular basis. However, only 17 percent of employees whose daily responsibilities include interacting with customers agreed. The authors of the report attributed this gap to the fact that employees are more likely to experience firsthand the effects of poor service, such as someone communicating a complaint. Management, on the other hand, may only feel the cumulative effects of these events in the long run.

These findings have unique implications for credit unions. A report from the industry publication Credit Union Insight argued that member retention strategies should be a priority for these organizations, as they often lead to significant profit increases. Financial institutions have a major opportunity to create a more loyal member base by offering convenient resources such as self-service coin counters on company property. Individuals who visit credit unions often appreciate a welcoming atmosphere, but they also don't like to be overwhelmed with too much service. Offering members the chance to turn the loose change they have saved up into cash without the help from a teller or employee will give them a reason to keep coming back in the future. These machines can serve as an introduction to the wide variety of services available to credit union members. They will also provide a happy medium for both managers and employees who may have differing opinions about how best to improve the in-branch experience.

February 14, 2014