Coin counting machines, in addition to other dynamic services, can help credit unions make the most of future growth forecasts.
According to Credit Unions Online, thousands of Americans have enlisted as members in these alternative financial institutions over the last several years. In Nebraska, for example, credit union member bases grew a total of 2.1 percent in the past year alone. Minnesota reached a record 1.6 million members in December. The website said members are increasingly seeking a more diverse array of services from these organizations as well.
Credit unions benefit from offering a variety of high-quality amenities
The Bank Marketing Strategy blog connected recent growth in the financial services industry in the U.S. with the need to keep products and services up to date with evolving member preferences. For instance, a one-size-fits-all approach to banking may be initially effective. However, as more organizations compete for this larger share of members, personalizing the experience to suit the unique needs of individuals is ultimately the most effective strategy. The blog post explained that the current generational dynamic in the U.S. is such that nearly everyone is interested in more robust advice and support from their financial institutions.
Specifically, offering a self-service coin counter on site is a smart way to attract people who are interested in turning the change they've collected over the years into useable cash. Credit unions have the opportunity to boost membership numbers even further by reinforcing their services in other aspects of the operation as well. In other words, the coin counting machine is simply the introduction into a vast catalog of amenities that a potential member would otherwise have missed if he or she hadn't come into the brick-and-mortar establishment in the first place.
January 24, 2014