McAllen, Texas-based Rio Bank demonstrates the power of self-service coin counters in providing banks with a competitive advantage while partnering with the charitable organization. During the holiday season, the Salvation Army works hard to collect money for its philanthropic initiatives, and much of the money comes in as coins. Rio Bank serves a banking population where the Salvation Army has 47 collection locations, which bring in upwards of 25 coin bags on a daily basis.This was just the tip of the iceberg, as weekend tallies reached as many as 100 bags.
Unfortunately, Rio Bank had just one person dedicated to handling coin deposits and rolling them, which really caused issues in terms of streamlining workflows. In short, the tellers were overwhelmed by the sheer volume of coins, and the partnership between the Salvation Army and Rio Bank quickly began to hit a snag.
By installing Cummins Allison self-service coin counters, the financial institution was able to save roughly 100 staff hours among its tellers during the month-long Salvation Army drive. Because members of the charitable group no longer had to bring coins to tellers for sorting, they also had a more convenient experience.
This information is important considering the Salvation Army is undertaking initiatives aimed at increasing fundraising participation. According to MLive, the local Kent County chapter of the Salvation Army in Michigan established a matching donation totaling $30,000 on Dec. 2. Any donations made online, through the mail or at kettle locations will be matched by the Grand Rapids Advisory Board.
As a result, there's likely to be a greater volume of coin contributions, which may put a strain on financial institutions in the region. Rio Bank's experience with self-service coin counters clearly shows how much of an impact the equipment can have in improving operations and relationships with charitable organizations.
December 4, 2014