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Cummins Allison Highlights How Ownership Of A Self-Service Coin Machine Can Deliver ROI To Credit Unions
JANUARY 18, 2013, MT. PROSPECT, IL – With the start of the New Year, credit unions (CUs) of all sizes have resolved to improve their members’ banking experience, while also reducing their own costs. Cummins Allison, the leading innovator and provider of coin, currency and check handling solutions, explains how ownership of a self-service coin counter can deliver a service benefit members will appreciate – while helping to streamline internal operations and costs.
Self-Service Coin Counting Increases Member Traffic
Ownership of a self-service coin machine is not only a point of differentiation for a CU; it can drive traffic into the branch and result in a surge of new accounts. Towpath Credit Union used high-speed coin counting to participate in a citywide campaign which promoted coin savings. During the four-day “Roll Your Change Week” event Towpath Credit Union opened 188 new accounts and accepted 833 separate coin deposit transactions totaling $266,000.
Self-service coin counting is also a value-added service to a CU’s commercial offering. The machines are an excellent way to more efficiently handle regular coin deposits, offering high-volume sorting in the lobby so that commercial deposits can be processed at the same high speeds as vaults and armored carriers.
Since installing the self-service coin counters, Hopewell Federal Credit Union has turned a lobby engagement activity into an opportunity to build new member accounts. The credit union promotes the kiosks as a value-added service to both business and personal accounts as a feature that can help all account holders better handle their money, and one which most competitors simply don’t offer.
Self-Service Coin Machines Improve Teller Efficiency & Reduce Costs
With a self-service coin counting machine in place, tellers are no longer occupied with processing coin in the back room – eliminating long wait times and additional teller windows. Coin counting machines that offer streamlined sorting, collection and storage can also lead to quantifiable time savings. Bin storage models eliminate the need for tellers to manage, move and store several bags of coin; they simply roll the bin into the vault and never touch the coin again. With this streamlined operation, tellers can focus on more high-quality tasks such as interacting with members and even cross-selling opportunities.
“Before we installed the self-service coin machines, coin handling was overwhelming. Tellers had to unroll member coin deposits, store and ship the coins, which was time-consuming, bulky and inconvenient. There were coin bags stored in several different places. Now members can use the self-service coin counter and simply hand their receipt to the teller,” said Amy Landis, teller supervisor, Hopewell Federal Credit Union. “This dramatically cuts down on handling time and the steps necessary to process each transaction. The machine houses the coins until shipment. It’s a win-win for members and tellers.”
Offering Self-Service Coin Counting Makes a Difference to Your Members
New service offerings that truly matter to members can achieve a high return on investment. A recent study revealed that 80 percent of those surveyed reported that they would switch from a teller to a self-service coin machine and they believe their satisfaction would measurably increase as a result, with many indicating they would use the machine “all the time”1.
With a self-service option in the lobby, members no longer have to count and wrap their coins, they can avoid teller lines while holding heavy coin containers and they can have a faster, more meaningful exchange with the teller when they cash in their coin redemption receipt. Members that have a positive experience with their credit union’s self-service coin machine are also more likely to spread the word to others in their community; leading to increased awareness of, and interest in, the credit union among non-members.
To learn more about the ROI your credit union can gain by owning a self-service coin machine, visit cumminsallison.com/MoneyMachine.
1 Assessing the Opportunities for SSC Machines in the Financial Segment: BranMark Strategy Group, 2011
About Cummins Allison
Cummins Allison is a global leader in developing technologies which count, sort and authenticate currency. The U.S.-based company has a 125 year heritage of leadership in technology and product innovation and currently serves the majority of financial institutions worldwide, as well as leading organizations in retail, casinos, law enforcement and government. The company holds more than 350 U.S. patents and has ongoing research and development (R&D) investments double the industry average. Cummins Allison is headquartered near Chicago, IL with R&D centers near San Diego, CA and Philadelphia, PA and wholly owned subsidiaries in Canada, the United Kingdom, Ireland, Germany and France. The company also has an extensive sales and service network with more than 50 offices in North America and is represented in over 70 countries. For more information, visit www.cumminsallison.com.