News & Events

News Hub

Technology is critical in the move toward customer-centric banking

self service coin counter machine banks customer service experience technology

How self-service coin counters can increase customer service in your bank

Anyone in the financial industry knows that banking is going through a seismic shift, all because fintech (financial technology) startups have changed banking as we know it in a short period of time. Similarly to the way ATMs shifted banking customers away from the teller line toward self service deposits and withdrawals, fintech options, like remote deposit capture, which allows customers to snap a photo of their check, press a button and have that money deposited instantly, have shifted people away from the branch. But that doesn't mean they don't still visit their local branches.

Studies show that while financial customers like the convenience of being able to deposit and transfer money from their mobile phones, they are not willing to give up visiting their local branch. In fact, in a recent Accenture study, nearly 78% of respondents said they planned to visit their local branch as often — or even more often — five years from today.

Online and self-service technology is increasingly important in serving customers as well. In fact, more than 80% of the financial institutions Cummins Allison surveyed ranked self-service customer options as “very important” or “extremely important” customer touchpoints.

When focusing on the in-branch experience, it's crucial to have the right technology for customers. That includes up-to-date, full-featured ATMs and self-service coin counters.

Financial institutions are the trusted source for counting coins, and people who save coins make several special trips each year to the bank to redeem them. From a recent study:

  • 64% of people who redeem coin do so at a financial institution
  • 70% of coin savers redeem three or more times each year
  • 80% of customers prefer self-service

By giving customers self-service options, it decreases time in the teller line, allowing your tellers to give better service to the people who need their help. It all works together to enhance the in-branch experience.

April 5, 2019