Streamlined coin processing and handling helps credit unions be more competitive and productive, as employees are freed up to focus on other areas of member service.
In order to increase empolyee productivity, credit unions must first tackle an inefficiency in their coin handling strategy, reducing the number of times coins are transferred from deposit to storage or armored carrier.
For example, Hopewell Federal Credit Union ($74.3M, Heath, OH), recently installed self-service coin counters in its branches to reduce the burden of coin processing for tellers and provide an effective lobby engagement tool for its members.
“Before we installed the coin counters, coin handling was overwhelming,” says Amy Landis, teller supervisor for Hopewell. “Tellers had to unroll member coin deposits as well as store and ship the coins, which was time-consuming, bulky, and inconvenient. There were coin bags stored in several different places.”
Self-service coin counters also quantifiably increase member visits and coin deposits, a critical advantage to their implementation. In a study of a single Midwestern financial institution, as many as 250 coin-related visits per location, per month were documented over a period of 13 months. The addition of a self-service coin counter greatly boosted the amount of lobby visits the institution experienced and — despite the significant increase in coin volume — saved more than 41 teller hours.
“The coin machine dramatically cut down on handling time and the steps necessary to process each transaction,” Landis says. "Now customers can use the self-service coin counter and simply hand their receipt to the teller. The machine houses the coins until shipment. It’s a win-win for customers and tellers."
Self-service coin counters also directly impact member value by drawing more members and non-members into locations for cross-selling and new business opportunities. They also provide value-added services that enhance loyalty, while driving additional cost savings from increased operational efficiency and reduced labor.
“We promote the coin processing machine as a value-added service to both our business and personal accounts – it’s a feature that can help all accounts better handle their money, and one which most competitors simply don’t offer,” Landis says.
For Towpath Credit Union ($114M, Fairlawn, OH) the number of new accounts and deposits by existing members during their annual coin drive exceeded expectations. Over the course of the four-day drive, Towpath CU opened 188 new accounts and accepted 833 separate coin deposits, totaling $266,000.
“People nowadays are able to have their paychecks deposited automatically, pay their bills on the Internet and use our ATM or drive-up window for cash withdrawals or other necessary transactions,” says Pam Bonner, operations manager for the credit union. Many depositors during the drive had not been inside the branch in years.
“Face-to-face contact not only helps us reassure our members that their money is safe, they also now know about loan programs and alternative savings plans that they hadn’t thought about. That’s an added plus,” Bonner says.
To learn more about how Hopewell FCU and Towpath CU improved productivity and increased branch traffic through Cummins Allison self-service coin counters, download their stories at financial.cumminsallison.com.
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.