MISSISSAUGA, Ontario--(BUSINESS WIRE)--Branch transformation is a concept that is still in flux, and the future of the branch is constantly evolving. Today, credit union members are increasingly demanding anywhere, anytime banking and the branch will continue to be a critical service point and an important part of any omnichannel strategy.
Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, explains how improvements to self-service options within the branch can help credit unions create an environment that encourages member engagement and presents opportunities for efficiencies as they begin their branch transformation journey.
An Overlooked Key to Branch Transformation: Self-Service Coin Redemption
A well-executed branch transformation strategy includes the integration of self-service solutions with a credit union’s members, employees and processes. An important self-service solution to consider is one that automates the handling and processing of member coin deposits in the branch.
Coin processing and management is typically an expensive and time consuming process for both credit unions and members. Yet, when considering self-service options as part of branch transformation strategies, coin is sometimes overlooked. Deposit automation within the self-service channel often provides improvements to the ATM around cash and cheque deposits, but rarely includes coin. And so, coin continues to find its way back to the teller line.
Self-Service Coin Deposit is a Valuable Part of Branch Transformation
In a recent survey, 89 percent of credit unions cited adding a value-added service to their branches as the top reason they offer self-service coin redemption.1 Self-service coin deposit supports multiple branch transformation objectives, such as:
- Increasing member satisfaction by providing a convenient and easy-to-use self-service option that appeals to a wide range of members.
- Improving branch operational efficiencies by simplifying coin processing and streamlining the process from deposit to storage or armored carrier.
- Lowering branch costs by eliminating employee time spent manually managing and balancing coin deposits.
- Moving lower value transactions away from the teller and allowing tellers to better focus on the member to engage in higher value transactions.
- Increasing revenue by providing the opportunity to generate service fee income from non-members or promoting interest in additional services via onscreen advertising options.
Fuel Branch Transformation and Member Satisfaction
In addition to paralleling your branch transformation goals, self-service coin deposit also provides benefits to your members. In a recent study, 80 percent of existing financial services customers said they would switch from a teller to a self-service coin machine and believe their satisfaction would measurably increase as a result.2
A self-service coin option in the lobby eliminates the need for members to count and wrap their coins; they can avoid long teller lines while holding heavy coin containers and they can have a faster, more meaningful exchange with the teller when cashing in their coin redemption receipt. Additionally, a no-fee coin counting option and waiving fees for non-account holders who chose to open an account can increase your member base.
Leverage Technology to Meet Transformation Goals
As credit unions determine their branch transformation plan, technology investment should be a critical part of the decision-making process. For more information on how self-service coin deposit solutions can help ensure your credit union branches remain relevant and profitable, visit www.cumminsallison.ca/.
1 Coin Counting Practices within the Credit Union Industry; BranMark Strategy Group, 2013
2 Assessing the Opportunities for SSC Machines in the Financial Segment: BranMark Strategy Group, 2011
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.