Credit unions with coin counting machines prioritize people
Credit unions that offer self-service coin counters put their customers first. As CUinsight pointed out, the most successful credit unions of the future will prioritize people. By keeping their customers' needs in mind, credit unions have a greater chance of attracting and retaining them to their locations in the first place. In fact, research from Walker found by 2020, customer experience will be more important than price or brand as a key differentiator. Further, offering convenient services that are rapidly disappearing through other channels is one way to stand out among the competition and earn loyalty. The increased focus on people by credit unions is perhaps one of the driving forces behind why these financial institutions continue to lead the way in providing automated coin counting technology.
The case for self-service coin counters
Investing in a coin counting machine is a wise decision for credit unions because it is indicative of their focus on the audiences they serve. According to CoinNews, U.S. coin production is the highest it has been since 2006, totalling over $1.7 billion as of November 2015. Despite this trend, many financial institutions are eliminating this technology from their local blankets, operating under the assumption the need to convert coins is obsolete.
The reality is that self-service coin counters generate valuable foot traffic, help credit unions stay relevant in their communities and send the message that customers' needs are a top priority. By focusing on what people want and need, credit unions can earn both their loyalty and trust. In fact, 90 percent of coin savers said they would redeem their coins at a local credit union if a free coin counting machine were available.
The benefits of coin counting machines go both ways
While coin counting machines first and foremost send a strong message about a credit union's devotion to this customers, the investment has reciprocal benefits. Among credit unions who offer this technology, 80 percent are satisfied with their investment because the technology:
- Attracts new customers.
- Retains existing customers.
- Increases foot traffic and marketing opportunities.
- Reduces manual labor required of employees who count and exchange rolled coins.
Despite the emergence of digital technologies and banking, certain services credit unions offer in their brick-and-mortar locations remain important. Self-service coin counters are an important feature these institutions should offer to keep customer satisfaction high and maintain an noticeable presence in their communities.
March 9, 2016