MISSISSAUGA, Ontario--(BUSINESS WIRE)--The branch remains an important and valued method of conducting a wide variety of banking transactions, delivering a personal touch that other channels cannot.1 In fact, many Canadian financial institutions have expanded their branch networks; in 2014 alone they operated 6,348 branches, an increase of 127 from the year before.1 As credit unions invest in and transform their branches, self-service options can create opportunities for growth, differentiation and an improved member experience.
Cummins Allison, the leading innovator and provider of coin, currency and cheque processing technology explains how CUs can establish a competitive advantage, improve member satisfaction and build personal relationships with their members by implementing self-service coin redemption.
Establish a Competitive Advantage
Financial institutions are the first choice of 57 percent of Canadians when cashing in their coins.2 However, many financial institutions have never offered self-service coin counting within their branches and these individuals are turned away, forced to try to cash them in elsewhere. Those credit unions that do choose to offer the service have an opportunity to automate the handling and processing of member coin deposits and set themselves apart from their competition by offering this in-demand service.
Increase Member Satisfaction
Eighty percent of existing financial services members say they would not only switch from a teller to a self-service coin machine, but that their satisfaction would also increase as a result.3 That’s because they no longer have to wrap coins and they experience faster, more meaningful exchanges with tellers when cashing-in coin redemption receipts.
Build a Personal Relationship with Members
As credit unions act on their goals for branch transformation, connecting with members and building relationships is of critical importance. Although people may be using their branches differently today, one thing that will keep them coming back is a personalized experience. And for many members, that means including their families.
Children have taken part in the process of counting and depositing coins for years, as it helps build an understanding of money and establish an excitement for saving. When financial institutions do not offer self-service coin counting, this valuable experience is lost.
By offering self-service coin machines in their branches – particularly for free or at a low rate – credit unions can deliver an enjoyable, valuable family experience for their members. It’s a key differentiator that will improve member relationships and establish long-term loyalty.
Offering Self-service Coin Machines is More Feasible Now than Ever Before
Self-service coin machines make it possible for credit unions to offer a valuable service while also controlling costs. Selecting a provider that offers flexible procurement options, such as renting, leasing or owning the equipment, makes it easier and more cost-effective than ever to deploy this value-added service. Available coin management services can further take the hassle out of coin counting services by eliminating the need for tellers to handle coins.
For more information about how self-service coin machines can help credit unions achieve in-branch opportunities and for an ROI assessment, visit http://www.cumminsallison.ca/go-ca/traffic. Also visit Cummins Allison at booth #26 during the Central 1 2016 Conference and Trade Show, April 28-29, 2016.
Sources:
1 Canadian Bankers Association, “How Canadians Bank.” http://www.cba.ca/en/media-room/50-backgrounders-on-banking-issues/125-technology-and-banking.
2 BranMark Strategy Group. “Evaluating the Canadian Market Opportunities for Self-Service Coin Counting Machines.”
3 BranMark Strategy Group. “Top Six Drivers of Consumer Use of Self-Service Coin Machines.”
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.
