MISSISSAUGA, Ontario--(BUSINESS WIRE)--In today’s era of branch transformation, credit unions must increase member satisfaction and meet members’ self-service expectations. These demands must also be balanced with credit unions’ goals to increase teller efficiency and share of wallet.
Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, explains how the addition of a self-service coin redemption program can enable credit unions to achieve these objectives, while adding the convenience of a new service offering in the branch.
Increase Branch Traffic and Cross-Selling Opportunities
Despite the growing influence of alternative banking methods, members still consider the credit union branch a primary channel for conducting their banking needs. Members continue to value the face-to-face interaction and quality of service that can only be delivered via brick-and-mortar branches. The addition of a self-service coin counter in the branch increases member visits to those locations, creating opportunities for face-to-face engagement, cross-selling and prospecting new accounts.
Improve Member Satisfaction
Eighty-nine percent of credit unions cited adding a value-added service to their branches as the top reason they offer self-service coin redemption1. Achieving high levels of overall member satisfaction has a strong positive effect on member loyalty and commitment, as well as share of wallet.
A self-service coin option in the lobby eliminates the need for members to count and wrap their coins; they can avoid long teller lines while holding heavy coin containers and they can have a faster, more meaningful exchange with the teller when cashing in their coin redemption receipt. Additionally, a no-fee coin counting option and waiving fees for non-account holders who chose to open an account can increase member loyalty.
Maximize Teller Efficiency
Financial institutions today are under enormous pressure to improve service quality and reduce costs; inefficient processes are frustrating to members and decrease the ability to generate more sales and provide better quality of service.3 Coin redemption can help credit unions achieve better efficiency in the branch, as well as cost savings.
Self-service coin machines free tellers from time-consuming coin counting – reducing the cost of labour inherent in providing this service. In a recent use case, branch locations with self-service coin counters in place were able to maximize efficiency by redirecting workloads and reallocating tellers to more cost-effective tasks. In fact, more than 40 teller hours on average were gained each month in branches where members process their coins without teller assistance.
Vendor and Product Selection Matter
The success of a self-service coin program is largely dependent upon the accuracy, speed and quality of the equipment – as well as the service and support provided by the vendor. Credit unions should look for durable equipment with features that matter most to members, such as: fast, efficient coin processing, coin counting accuracy and worry-free operations. Likewise, credit unions should seek out a vendor that makes it easy to add and manage self-service coin redemption services. For example, flexible procurement options and multiple coin management programs give credit unions the opportunity to select what’s best for their specific branch needs.
To obtain your free cost analysis and learn more about how your credit union can increase member satisfaction and share of wallet, visit www.cumminsallison.ca/traffic
Sources:
1 Coin Counting Practices within the Credit Union Industry; BranMark Strategy Group, 2013
2 Evaluating the Canadian Market Opportunities for Self-Service Coin Opportunities; BranMark Strategy Group, 2013
3 JD Power & Associates Reports: Customer Satisfaction with Retail Banks in Canada as Industry Strengthens Following Global Financial Crisis
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.