MISSISSAUGA, Ontario--(BUSINESS WIRE)--For Canadian financial institutions (FIs), both convenience and a high level of customer service play a significant role in determining whether patrons will be happy with their bank branch. With the ever-growing expansion of digital channels molding and changing bank operations, advanced technology in brick-and-mortar branches has become a critical aspect of customer satisfaction and service.
Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, explains how value-added technology at the branch, including self-service coin and currency deposit solutions, can be used to create a more customer-centric and efficient banking experience.
Critical Value-Added Technology for Bank Branches
Currently, Canadians can access a multitude of banking services at approximately 10,000 brick-and-mortar branches. And despite the fact that the geography of the country does not naturally lend itself to large branch networks, Canada has a branch density of over 280 branches per million inhabitants, which is significantly higher than the worldwide average of around 200.¹ This continued proliferation of the bank branch makes it all the more critical for FIs to constantly strive to offer value-added services that enhance the customer experience.
Self-service coin counters represent one of the most expedient and accessible resources for customers coming into the bank branch. FIs can place these machines in their lobbies to increase traffic and boost customer service. And many of today’s coin redemption machines can also be customized with features that make them even more engaging; such as enabling customers to make deposits directly into their chequing or savings account or opt to get a portion back, while depositing the rest.
A whopping 90 percent of Canadians believe that new technology has made banking more convenient, and 77 percent assert that new innovations allow them to save time and bank more quickly.² With the continued rise of online and mobile banking channels, self-service options provide an added motivational factor to draw new customers into the branch and keep regular customers coming back.
Enhanced Efficiency Leads to a Better Customer Experience
Quality service also plays a major role in how customers perceive an FI’s performance – and this satisfaction has become more and more of a focus for FIs. In fact, in 2013, 81 percent of residents had a favourable impression of Canadian banks, compared to only 59 percent in 2001.³
By using new, highly reliable technology, virtually any branch can process large quantities of currency in less time than ever before while simultaneously adding value to the customer experience. With updated currency scanning and counting technology, staff tasks become faster and more efficient, giving back quality time that is able to be spent interacting with customers. With quicker currency scanning speeds, accuracy remains high as the currency processing equipment ensures that any counterfeit notes are instantly detected.
Technology solutions that increase employee productivity, drive traffic into the branch and improve the customer experience are becoming all the more critical for Canadian FIs. For more information on how your branch can benefit from advanced currency and coin processing solutions, visit www.cumminsallison.ca/traffic.
¹⁻³ RBR Banking Automation Bulletin. Issue 334. March 2015.
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.