Banks have a unique opportunity to use coin counting machines to put themselves at the center of a growing trend among younger generations who are leaving physical money behind.
It's hard to blame people who grew up with computers, tablets and smartphones for not knowing what to do with all the loose change that piles up in their pockets on the rare occasions they use cash. Keith Darnay wrote in an op-ed for The Bismarck Tribune about how the recent explosion of digital payment methods led many young people to quite literally leave money on the table - in the form of quarters, dimes, nickels and pennies.
Few retail goods are cheap enough to pay for easily in change. With the ability to put everything on a smartphone, it's no wonder why most people no longer bother collecting change in coin jars or taking it with them in their purses or pockets.
That shift in behavior is where financial institutions have a unique opportunity to give young people a better reason to hold onto their loose change - at least temporarily. Sure, there are plenty of alternatives to cash these days, but that doesn't mean people no longer appreciate having spending money in their pockets. By offering access to self-service coin counters, bank branches can leverage a growing disinterest in carrying around coins and turn it into a win-win situation for both the financial institution and its patrons. Customers enjoy the convenience of turning change into more user-friendly cash, and banks earn more foot traffic, which ultimately leads to a greater interest in the services the branch provides.
Think about what most people end up doing with their loose change: It rarely involves a transaction. Smithsonian Magazine cited a report from the BBC revealing that city officials in Rome find the equivalent of up to $4,000 each day tossed into the local landmark Trevi Fountain.
Throwing a penny into a fountain for a wish may have a value of its own, but coins still provide young people with an important lesson in saving money. With self-service coin counters available in the branch lobby, banks can take the lead in their communities by encouraging young people to hold onto those pesky nickels and dimes and turn them into real spending money at a later date.
June 16, 2016