Financial institutions have much to gain from using self-service coin counters at their branches. They offer a service that benefits consumers by allowing them to convert their collected loose change into money that they can then deposit into their checking accounts. It creates savings they can use for special occasions or important life matters such as paying off debts and retirement. Tellers and representatives that staff the branches gain from these machines because they automate a task that was once associated with them, removing some tedious processes from their jobs. They can then become front-facing employees that help consumers get the most of out of their products and services.
The changing nature of financial institutions often centers on technology. The rise of online banking combined with the smartphone becoming a mainstream item in everyone's pockets has made the customer relationship with banks much different. Whereas people in the 1990s would have to undertake many tasks, such as withdrawing cash and making payments, through a teller, ATMs and mobile apps now take care of many these roles. It's a cause for banks to consider branch transformation.
However, this doesn't mean that banks will suddenly become completely virtual just yet. That's one of the insights gained from U.S. Bank in its infographic study, "The Balancing Act: U.S. Bank 2015 Outlook on People and Technology." It noted a rapid decline in the use of technologies such as writing a check, pointing out that 29 percent of millennials have never done so, compared to 13 percent of their baby boomer parents. Despite that, 63 percent of Americans believe that they will never make all of their transactions digital. Among the youngest generation, that number is even higher at 85 percent. It's the reason why 86 percent of them will likely visit a physical branch in the next five years.
Another reason that physical bank branches aren't going anywhere just yet is the personal element. Relationships with bankers matter because certain tasks simply can't happen without a little bit of help from a real person. Consider that 63 percent of individuals rely on bankers for support and guidance for buying a house, while 39 percent do so when they want to start a business. Finally, 19 percent of millennials bank at branches where they have a relationship with a representative they can trust. It only makes sense that nearly 8 out of 10 customers would rather work with a live representative over a virtual one.
How does that translate for financial institutions? For starters, it means that any branch transformation should have a focus on service first and foremost. Representatives and tellers should offer tools and services that make it easier for their customers to bank overall. One such machine is the self-service coin counter. It can make turning loose change and coinage into cash very quick and easy. That allows for a simple deposit into their checking accounts, which will only strengthen their relationship with banks in question.
February 2, 2016