|By Business Wire||
|December 10, 2013 06:58 PM EST||
Approximately 70 percent of Canadian households actively save their loose change and they’re looking to their financial institutions to count this saved coin.1 Savvy credit unions are catching on to this trend and many now offer coin counting machines in their lobby. Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions explains why self-service coin machines are a smart investment for credit unions.
Self-Service Coin Machines Matter to Your Members
According to Creditunions.com, of the people who save their spare change, 90 percent would redeem their coins if a free coin counting machine was available at their local credit union. 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.
Self-service coin machines are also a valuable way to drive branch traffic and attract new members. 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, becoming a member. A recent study revealed that, after using a self-service coin machine just one time, 54 percent of members would “definitely” use the machine for future coin redemption or coin counting needs.2
Benefits of Self-Service Coin Machines by the Numbers
Sixty-four percent of people who save coins redeem them for cash at financial institutions. Clearly, consumers are looking to their credit unions to help them turn this “found money” into funds that can be deposited or used for future purposes. Credit unions that have realized this member demand are already experiencing the benefits: there is an 80 percent satisfaction rate for credit unions that have invested in coin machines. Self-service coin machines can also serve as a point of differentiation; which is likely why there are almost 25 percent more credit unions with coin counters vs. banks.2
Click here to view a trendagram on the benefits of coin counting machines.
Adding Self-Service Coin Counting Is Cost-Effective
Credit unions are trusted sources for counting coins, yet, not all credit unions can or want to purchase coin counting machines. Cummins Allison offers four options that enable credit unions can add this valued service to their branch.
- Own: Credit unions can maximize long-term profitability and return on investment (ROI) through self-service coin machine ownership.
- Lease: Frees lines of credit and provides retention of capital so credit unions can generate earnings while maximizing the profit of ownership.
- Rent: With a fixed monthly payment, credit unions can count on a fixed expense and the ability to set user fees and retain those profits.
- Placement: This hands-free option requires no investment, instead the Cummins Allison places the coin counter free of charge and manages the entire coin counting solution for the credit union. It eliminates the risk associated with employees handling heavy coin bags and provides a much needed service to members with no outlay of capital by the CU.
Enhancing the member experience is the number one priority for credit unions of all sizes. Investing in technology and services that will help them continue to meet this goal is critical. For more information on how your credit union can boost branch traffic and increase customer satisfaction with self-service coin solutions, visit http://www.cumminsallison.ca/coin-handling.
1 Evaluating the Canadian Market Opportunities for
Self Service Coin Counting Machines: BranMark Strategy Group
2 Views and Experiences with Self Service Coin Counting Machines: BranMark Strategy Group, 2011
About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, cheques and coin. Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit www.cumminsallison.ca.