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4 reasons why the next-gen branch needs self-service coin counting

FIs that consider the service unnecessary could be overlooking benefits that go to the very heart of their branch transformation strategy.

February 9, 2016

contributed by Cummins Allison

Despite evolving models in today’s financial institutions, the branch still stands as an important channel for many customers.

In fact, 62 percent of bank customers say branches are their primary banking method. Deploying self-service coin within a transformed branch can contribute to an environment that not only presents opportunities for efficiencies and growth, but also promotes market differentiation and accommodates customer demands for an improved experience.

Here are four reasons why financial institutions need to consider self-service coin redemption as an integral component of their branch transformation strategy:

Competitive advantage

Nearly two-thirds (64 percent) of people who redeem coins prefer to cash them in at their FI. However, some FIs no longer offering the service. Their customers are turned away and obliged to try to cash in their coins elsewhere.

FIs that do continue to offer this basic service have an opportunity not only to automate the handling of customer coin deposits, saving time and money, but also to distinguish the institution as a customer-centered financial services provider.

Customer satisfaction

The vast majority (80 percent) of financial services customers say they would be more than willing — pleased, even — to switch from a teller to a self-service coin machine and would expect greater customer satisfaction as a result.

There are several reasons for this: 1) customers are spared the hassle of having to wrap their coins; and 2) they experience a faster, simpler exchange with the teller who cashes their coin redemption receipt.

In fact, in cases where coin machines offer direct deposit into the customer’s account, they might not have to wait for a teller at all.

Personal relationships

One of the most important goals of branch transformation is to enable the institution to connect in more meaningful ways with customers, in order to build longer-term relationships.

Consumers might be using their branches differently today, but one thing that can keep them coming back is a personalized experience.

For many customers, this experience can even involve the family.

For years, children have enjoyed taking part in the process of counting and depositing coins. This activity helps build an understanding of money and establishes an excitement for saving. When banks no longer accept coins, this experience is lost. 

By offering self-service coin machines in their branches — particularly for free or at a low rate — the institution can create an enjoyable and valued family experience for customers.

Such an experience can serve to improve customer relationships and establish long-term loyalty.

Flexible deployment options

Self-service coin machines make it possible for FIs to offer a valuable service while also controlling costs. And today's flexible procurement options — including equipment rental, lease or ownership — can make it amazingly simple to deploy a customer service that not only adds value for the customer, but also presents a cost-saving opportunity for the FI.

Cummins Allison is a provider of check, currency and coin handling solutions, as well as full-function ATMs; the company's sales and service network operates locally and internationally.

photo istock