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How banks can differentiate themselves from the competition

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A self-service coin counter can give your bank a competitive edge

These days, it's all hands on deck in the finance world. Leveraging and solidifying your financial institution's position in the marketplace has never been more critical, especially when competition is coming not only from the other guy's branch down the street, but from unlikely sources like fintech startups.

Banks need to differentiate themselves from the competition, and one of the most powerful ways to do that is by offering stellar customer service and giving your customers something the competition either can't, or won't, offer.

It's a delicate dance, because everyone from major worldwide banking giants to smaller community banks needs to do more with less. That means maximizing your tellers' time. This is leading banks to cut some of the services tellers had performed for customers in the past, and one of those is coin counting.

Back in the day when a customer would come in with a bag of coins that needed to be counted and sorted, a teller would take that bag and go into the back room to process those coins. And we're not talking about just an average account holder with a piggy bank. Imagine the time it would take around the holidays to process the coins in Salvation Army kettles or the tills of other businesses that rely heavily on coin.

It was a time- and labor-intensive process that led many banks, especially in recent years when it's vital to be lean and mean, to discontinue that service. When you're reducing the number of tellers, you need to keep them front and center to serve customers, not in the back room counting coins.

That is true, but it's also a catch-22 because it means you're taking a vital service away from your customers, who will then go elsewhere to get it.

The solution? A self-service coin counter.

An intuitive machine allows customers to use it without waiting in line for the teller, and the teller can stay in action serving other customers. Then, tellers chat with customers while they redeem their receipt, upselling them on other services the bank offers.

With so many ways banks can get a self-service coin counter into their branch, there's no reason not take advantage of this service.

It's a win-win, giving customers the services they need and the time and attention they expect from their bank interactions.

June 14, 2019