6 ways lobby coin counting can pay off in cross selling

Coin redemption through the use of self-service machines is on the rise. Many financial institutions sensitive to customer needs have cashed in on self-service coin processing to create high-quality lobby engagement activities and increase face-to-face selling opportunities for business and personal accountholders, says Cummins-Allison, a provider of coin and currency handling solutions.

Financial institutions achieving success from their self-service machines can attribute it to a number of factors including: certainty of customer usage; confidence in customer-facing cross selling; and understanding how to best drive business to their coin redemption machines. These institutions have also mastered the art of improving coin-handling efficiencies while promoting ease of use for coin-intensive commercial patrons.

 

 

Cummins-Allison outlined how financial institutions can attract and retain customers, while improving profits, with self-service coin redemption:

• Tap into your customers’ thrifty habits. Coin-intensive commercial patrons are often frequent lobby visitors. Their account activity and service use is easy to monitor through relationship services. The habits of noncommercial, coin-counting accountholders, however, may be more difficult to measure. Seventy percent of U.S. households report that one or more people living in that home saves loose change by habit. Financial institutions can tap into this regular part of customers’ saving behaviors by placing a self-service coin machine in the lobby, providing a convenient way for customers to cash in coins.

 

 

• Take advantage of the traffic. A high-quality (effective and efficient) lobby engagement activity, coin redemption ensures face-to-face, cross-selling opportunities with each transaction. Tellers are focused on customer interactions, instead of processing containers of loose change. Consider low-cost awareness building techniques, such as coin-collecting partnerships with local charitable organizations or schools, ATM promotional messages, or online promotional programs.

 

 

• Make coin redemption a convenient extension of banking experiences. Nearly two-thirds of U.S. consumers visit a bank or credit union for coin-counting. Often this process is time-consuming or requires a delayed access to funds. Investing in a self-service coin machine—located conveniently in the lobby—improves teller–line efficiency, frees staff from time-consuming coin processing, and enhances customer satisfaction. Since coins are accurately counted in seconds, business and personal accountholders appreciate the convenience of self service.

 

 

• Check out special features. When selecting a self-service coin redemption machine, it is important to keep the accountholder experience top-of-mind. Kiosks which make the process easier, faster, and simpler for customers are critical to maximizing cross-sell opportunities and true ROI. Consider the following self-service features: high-speed processing, suspect coin detection, and advanced debris management. Also, look for a machine that can be customized—including language options, video capabilities, custom screen displays, variable fees for non-accountholders, and branded transaction receipts.

 

 

• Capture revenue-growth opportunity. Self-service coin machines are a profitability tool—with or without a coin-redemption fee. First and foremost, self-service coin redemption provides a positive relationship for customer engagement activities. In addition, coin redemption fees for nonaccountholders can help offset processing costs. But more important, nonaccountholder fees can open a dialogue for new accounts by highlighting the tangible benefits of a banking relationship.

 

• Maintain awareness of self-service coin redemption services. Coin redemption is often an intermittent activity—most personal-banking customers save coins for more than a year. So building service awareness requires patience. Self-service coin machines must be placed in high-visibility, high-traffic areas. And, because customers are on very different coin-redemption cycles, banks and credit unions should invest in low-cost awareness building techniques that are frequent and reoccurring.