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Self-service coin counters keep banks valuable

Self-service coin counters keep banks valuable

Self-service coin counters are one of the many perks brick-and-mortar banks have traditionally offered consumers. However, mobile banking has become the new norm in the past decade, changing the bank-customer relationship. In fact, The Federal Reserve found between 2014 and 2015, the number of bank account-holders who had smart phones and accessed financial services through their mobile devices increased 51 percent. As a result, many banks have begun to eliminate a variety of in-person services they once offered.

As The Daily Herald pointed out, many banks have begun eliminating coin handling, notary services, money counting and other desirable services. Despite consumers' tendencies toward digital banking, financial institutions still need to find ways to maintain foot traffic to their physical locations.

Stay relevant with self-service coin counters

While mobile banking adds a high level of convenience to consumers' financial management, they still value the customer service and other features available in person. Mobile banking apps allow customers to easily transfer money between accounts, transfer balances, make payments and even deposit checks.

However, banks have always been an important part of our society and consumers still value the services they provide. In fact, The Daily Herald added that while some banks are eliminating traditional services, others hope to stay competitive in a rapidly changing market by continuing to offer coin counting services for free and advertising this feature to consumers through various campaigns.

Of course, coin counting can be expensive and time consuming, often taking away from more important customer service opportunities in the bank and increasing lines. One way banks can stay valuable in a mobile world while still saving money and remaining efficient is by investing in self-service coin counters. Banks that offer this technology to customers give them the opportunity to easily count and convert their excess coins to paper money. By investing in this technology, financial institutions can achieve the following:

  • Increased customer traffic: Consumers are more likely to visit a bank's physical location if it offers coin counting services. Increased foot traffic translates to greater brand awareness and more opportunities to sell additional services to clients.
  • Enhanced customer loyalty: With so many banks eliminating essential services, even the most digital-oriented customers will choose institutions that offer added features in their physical locations.
  • Improved operational efficiency: Banks that offer manual coin counting services can use their staff's time more efficiently by investing in technology that automates the process.

While mobile banking remains important to consumers, they still value the services brick-and-mortar banks provide. Self-service coin counters are an effective tool for staying relevant in the digital age.

February 26, 2016