Evidence supporting an increase in member traffic and teller savings from self-service coin machines is difficult to assess without specific procedures in place to measure engagement. However, a case study from one Midwestern financial institution revealed interesting insights about the value of this investment.
In this example, the addition of self-service coin counters directly impacted client value by:
Drawing more prospects into locations for cross selling and new business opportunities
Providing value-added services that enhance loyalty
Creating cost savings from increased operational efficiency and reduced labor
The addition of a self-service coin option boosted the amount of lobby visits this institution experienced by roughly 250 per location, per month, adding up to millions of processed coins every month. And despite this significant increase in coin volume, the institution still saved more than 41 teller hours through the efficiencies of the self-service option.
Coin Counters Deliver New Users For Cross-Selling Opportunities
With hundreds of visitors redeeming their coins in the branch each month, this service presented the financial institution with an invaluable opportunity to connect with prospective members. Each interaction was a chance to exceed expectations and introduce new services.
Opening the door for face-to-face prospect engagement via self-service coin counters laid the foundation for relationships, which was key to building trust and winning a larger share of members’ financial business.
The study also demonstrated how managers who effectively promoted the self-service coin counter experience saw an increase in the use of the equipment, in employee productivity, and in member loyalty ─ once more demonstrating how coin counting machines are an important means of providing better branch service.
Teller Time Savings Substantiated
More efficient coin redemption using self-service coin counters encouraged users to view branch locations as a more convenient place to cash in coins, as well as a more affordable option than other alternatives.
A 2011 study from Branmark Strategy Group dove deep into the perspectives of individuals who had been using a fee-for-service machine, such as those found in retail stores. Many reported they would happily use a self-service coin machine at a convenient local financial institution if they could significantly reduce or eliminate the fee they currently pay.
The success of the self-service coin machines implemented in this study proves that these machines provide a service that members want ─ as well as benefit the financial institution’s bottom line by connecting branch staff with new member prospects.
For the full report, including information about increased foot traffic and improved teller efficiency, download the study from Cummins Allison.
As a leading provider of high-speed coin processing equipment, Cummins Allison gives customers tremendous value and unmatched performance.
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 firstname.lastname@example.org or 1-800-446-7453.