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By Cummins Allison
Members consider their local credit union branches a top method for carrying out their financial business, despite the growing influence of other channels. Members like visiting branches for face-to-face interactions and to assure they will receive the highest service quality possible. Cashing in coins is a natural extension of other in-branch activities and redeeming the coins on-site allows members to conveniently deposit some or all of the cash they receive, effectively building toward their savings goals.
Used as a lobby engagement tool, self-service coin counters can increase branch visits, create more opportunities for face-to-face engagement or cross-sell, and aid in the prospecting of new accounts.
According to a 2011 BranMark Strategy Group study, 40% of savers redeem their coins two to three times per year and 60% of people redeeming coins make a special trip to do so. This means that persuading coin savers to come into your local credit union may be as simple as making them aware that an easy on-site option exists. Members may even step up the frequency of their visits when they know how quick and simple the process can be.
Strong promotion and high visibility for the machines will increase a credit union’s ability to draw members and non-members alike into the lobby, so it’s important to compliment this investment with a corresponding marketing strategy. Additional benefits derived from this traffic depend on how actively and creatively interactions are leveraged by staff, so train member service representatives to get the most from these conversations. Also consider placing self-service coin counters in multiple locations and in areas of natural foot traffic for both staff and visitors.
An uptick in traffic creates new opportunities, but for tellers, periods of high traffic could also create pressure to cut their conversations short. Best of breed self-service coin counters will print out a receipt that the member simply hands to a teller to complete the transaction, freeing the front line from bulk coin transactions that take too long to process. Even in high-traffic scenarios, tellers will have more time for quality conversations and will be more effective at cross-selling to members.
The Branmark survey also found that households with annual incomes exceeding $75,000 have a much higher propensity to save spare change than those with incomes below $25,000. These wealthy coin savers are an ideal audience to target for advanced products and services like certificates, investments, mortgages, and more.
For the full report on these opportunities, including more information about the potential for increased foot traffic, download the white paper from Cummins Allison.
As the number one provider of high-speed coin processing equipment, Cummins Allison gives customers tremendous value and unmatched performance, including coin counters which are preferred over a leading competitor by 100% of focus group participants in hands-on comparisons.
This sponsored content article is provided to the credit union community for shared insights and knowledge from a recognized solutions provider in the industry. Please note that the views and opinions offered here do not reflect those of Callahan & Associates, and Callahan does not endorse vendors or the solutions they offer.
If you are interested in contributing an article on CreditUnions.com, please contact our Callahan Media team at email@example.com or 1-800-446-7453.
May 21, 2012
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