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Self-service coin counters can help midsize banks boost customer satisfaction

Self-service coin counters can help midsize banks boost customer satisfaction

New research shows how self-service coin counters can help banks improve service and satisfaction for consumers.

Customer satisfaction should always be a priority for financial institutions, and data shows that bank and credit union strategies are paying off in this regard.

However, global market research company J.D. Power states that midsize banks are falling behind in some areas.

"Midsize banks are falling behind in meeting the needs of the fastest growing demographic groups, millennials and minorities, especially in online, mobile and problem resolution," Jim Miller, director of banking services at J.D. Power, said in a media release. "If midsize banks don't change their focus to adjust to demographic shifts, they are extremely vulnerable and risk losing market share to competitors and becoming irrelevant."

Of customers who switched banks during a 12-month period, 28 percent cited poor customer service as the primary reason.

With this in mind, it makes sense for financial institutions to explore different ways of attracting business and improving customer service. In this way, installing self-service coin counters can be a positive move on two fronts.

Increasing traffic, enhancing service
Data shows that 64 percent of coin savers cash in their coins at financial institutions. This illustrates that there's a clear market for these individuals, and banks that invest in self-service coin counters will have a better chance of attracting them.

Secondly, a self-service option means bank employees won't be tied up with increased workload for coins, giving them more time to focus on customer interaction and services. In turn, this can reduce wait times at branches and lead to better customer service.

As an additional boon to banks, the increased foot traffic could also lead to consumers exploring other products while there on the premises, making it easier to market for services such as checking and savings accounts.

September 15, 2014