Banks should make changes to how they function in the face of a changing industry, and self-service coin counters offer them an opportunity to do so. These machines provide a great and unique service unique to banking customers. People still like to save loose change, especially smaller coins. With this sort of machinery in place, tellers and other bankers can receive these coins and turn them into cash without having to hassle people by using paper rolls and finicky personal counters. In this way, banks can diversify their services in ways that benefit the community as a whole.
Banks are changing drastically in the face of emergent technology that benefits consumers. U.S. News recently reported that Fifth Third Bank changed its banking strategy because of the number of consumers adopting new, less-branch based methods of banking.
"Consumer demographics and our customers' preferred channels of banking are undergoing significant changes," said Fifth Third CEO Kevin Kabat in a statement. "Technology continues to impact our service delivery and revenue generation tactics and strategies."
The key factor is the rise of mobile devices. People's smartphones can perform many tasks, including adjusting balances, paying bills and depositing checks through remote deposit capture. On top of that, ATMs gain more functions by the day.
With this in mind, banks expect much change in the future. Branches are closing down or transforming to different offices all together. There will likely be changes in the way banks sell services to consumers. Instead of just offering single products, banks will incorporate bundles that offer multiple related items that may impact regular customers. U.S. News cited USAA, which serves military personnel and their families, as an example of the direction of change financial institutions can take. Not only is the organization offering regular banking services, but it also provides a site to find out the best deals on new and used cars.
Providing additional services to customers is a great way for them to better interact with banks and establish lasting relationships. A self-service coin counting machine inside the branch is one method of extending service. Loose change is a common problem among many Americans. By collecting all that coinage and converting it into cash consumers can deposit later, banks present a reason to visit a local branch, improving their overall business and reputation for customer service.
October 29, 2015