Credit unions large and small must continually look for new ways to generate revenue, particularly in a difficult economy. At the same time, credit union members are looking for ways to stretch their earnings. Expanded options for cashing in may be prompting coin-saving members to redeem rainy day caches of loose change more frequently than in the past.
Through a careful analysis of member behaviors, attitudes, experiences, and preferences with regard to coin redemption, a recent study clearly establishes the value of self-service coin counters. Eighty percent of users surveyed by BranMark Strategy Group say they would switch from a teller to a self-service coin machine if the option was available, and that their satisfaction would measurably increase as a result.
Customer Satisfaction Averages 10-20% Increase
Customer satisfaction has, in fact, increased for individuals whose financial institution employs a self-service coin machine, according to the survey. Respondents who switched from a fee-for-service machine or from wrapped and loose coins brought to a teller rated their overall satisfaction an average of one to two full points higher on a scale of 1 to 10 – an increase of 10 to 20%. In addition, 67% of consumers who currently redeem coins at a retail location said if their financial institution installed a no-fee, self-service coin redemption option, they would change their rating to “10” for “extremely satisfied.” This reinforces the message that self-service solutions are in fact relevant to customers.
The secure feeling members associate with their credit union contributes to their desire to process their coins using a self-service option in that environment. Other reasons cited for this preference include:
Friendly, responsive staff
Feelings of greater accountability imparted by business ownership of the coin counting machine
Improved experience with higher quality counting machines
Enjoy watching coins being counted
Self-service machines are faster
Avoid counting and wrapping coins
No lines while holding heavy coin containers
No holding up other customers who are waiting in line
Empowerment Provides Opportunity For Engagement
Self-service machines empower members to process coins themselves, while creating opportunities for face-to-face engagement, cross-selling, and prospecting new accounts. BranMark found that 40% of savers redeemed their coins two to three times per year and 60% of those that used a self-service coin counter made a special trip to the financial institution for that purpose. That uptick in foot traffic allows credit unions to apply a more effective marketing strategy as well as improve overall customer satisfaction ratings.
For the full report, including the potential for converting members to a self-service coin option, 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.