Approximately 80 percent of American households actively save loose change and look to their financial institution to count this saved coin, according to research by creditunions.com. Savvy FIs are catching on to this trend and many now offer coin-counting machines in the lobby. Here’s why:
It matters to the customer
Sixty-four percent of people who save coins redeem them for cash at financial institutions. Clearly, consumers are looking to their FIs to help them turn this “found money” into funds that can be deposited or used for other purposes.
According to CreditUnions.com, of the people who save their spare change, 90 percent would redeem their coins if a free coin counting machine were available at their local credit union.
A recent study revealed that after using a self-service coin machine just one time, 54 percent of credit union members would “definitely” use the machine for future coin redemption or coin counting needs, according to a BranMark Strategy Group study, “Views and Experiences with Self-Service Coin Counting Machines.”
With a self-service option in the lobby, customers no longer have to count and wrap their coins, they can avoid standing in a teller line while holding a heavy coin container and they can have a faster, more meaningful exchange with the teller when they cash in their coin redemption receipt.
It can benefit the Financial Institution
Self-service coin machines can drive branch traffic and attract new members or customers.
What’s more, consumers who have a positive experience with their FI’s self-service facilities are also more likely to spread the word to others in their community, leading to increased awareness of, and interest in, the institution.
In short, self-service coin machines can serve as a point of differentiation, giving your institution a competitive advantage.
Source: Jim Weaks