Credit unions large and small must continually look for new ways to generate revenu, particularly in a difficult economyAt the same time, credit union members are looking for ways to stretch their earnings. Expanded options for cashing in may be prompting coin-saving members to redeem rainy daycaches of loose change more frequently than in the past.
Through a careful analysis of member behaviors, attitudes, experiences, and preferences with regard to coin redemption, a recent study clearly establishes the value of self-service coin counters. Eighty percent of users surveyed by BranMark Strategy Groupsay they would switch from a teller to a self-service coin machine if the option was available, and that their satisfaction would measurably increase as a result.
Customer Satisfaction Averages 10-20% Increase
Customer satisfaction has, in fact, increased for individuals whose financial institution employs a self-service coin machine, according to the survey. Respondents who switched from a fee-for-service machine or from wrapped and loose coins brought toa teller rated their overall satisfaction an average of one to two full points higher on a scale of 1 to 10 an increase of 10 to 20%. In addition, 67% of consumers who currently redeem coins at a retail location said if their financial institutioninstalled a no-fee, self-service coin redemption option, they would change their rating to 10 for extremely satisfied This reinforces the message that self-service solutions are in fact relevant to customers.
The secure feeling members associate with their credit union contributes to their desire to process their coins using a self-service option in that environment. Other reasons cited for thispreference include:
- Friendly, responsive staff
- Feelings of greater accountability imparted by business ownership of the coin counting machine
- Improved experience with higher quality counting machines
- Enjoy watching coins being counted
- Self-service machines are faster
- Avoid counting and wrapping coins
- No lines while holding heavy coin containers
- No holding up other customers who are waiting in line
Empowerment Provides Opportunity For Engagement
Self-service machines empower members to process coins themselves, while creating opportunities for face-to-face engagement, cross-selling, and prospecting new accounts. BranMark found that 40% of savers redeemed their coins two to three times per yearand 60% of those that used a self-service coin counter made a special trip to the financial institution for that purpose. That uptick in foot traffic allows credit unions to apply a more effective marketing strategy as well as improve overall customersatisfaction ratings.
For the full report, including the potential for converting members to a self-service coin option, download the white paper from Cummins Allison. As the number one providerof 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.
