BankNews Feb. 2015

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Self-Service Coin Deposit Can Assist Banks in Meeting Branch Transformation Goals

By Curtis Hallowell

March 27 – Branch transformation is a concept that is still in flux, and the future of the branch is constantly evolving. Today, bank customers 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. As banks begin their transformation journey, improvements to self-service options within the branch can help create an environment that encourages customer engagement and presents opportunities for efficiencies.

An Overlooked Key to Branch Transformation: Self-Service Coin Redemption

A well-executed branch transformation strategy includes the integration of self-service solutions with your customers, your employees and your processes. As banks approach transformation they should consider the following goals:

  • Increase customer engagement
  • Increase branch operational efficiencies
  • Lower branch costs
  • Create an omnichannel experience
  • Move lower value transactions away from the teller

An important self-service solution to consider is one that automates the handling and processing of customer coin deposits in the branch. Coin processing and management is typically an expensive and time-consuming process for both banks and customers. 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 check 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

Consider this: financial institutions are the first choice for 56 percent of savers cashing in coins and, of those who use self-service coin machines, forty percent do so at a banks.1 Self-service coin machines have clearly become a welcome addition to branches and their customers, providing retail and even commercial customers with a convenient and cost effective method of depositing their coin.

Self-service coin deposit supports multiple branch transformation strategy objectives, such as:

  • Increasing customer satisfaction by providing a convenient and easy-to-use self-service option that appeals to a wide range of customers.
  • 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 customer to engage in higher value transactions.
  • Increasing revenue by providing the opportunity to generate service fee income from non-customer or promoting interest in additional services via onscreen advertising options.

Fuel Branch Transformation and Customer Satisfaction

In addition to paralleling your branch transformation goals, self-service coin deposit also provides benefits to your customers. In a recent study, eighty 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.1

A self-service coin option in the lobby eliminates the need for customers 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 customer base.

Leverage Technology to Meet Transformation Goals

As banks determine their branch transformation plan, technology investment should be a critical part of the decision-making process. Self-service coin deposit solutions can help ensure the branch remains a relevant and profitable part of a bank’s strategy.

Sources:

1 Top Six Drivers of Consumer Use of Self-Service Coin Machines by Branmark Strategy

Huntington Bank Named One of Nation’s Best for Treasury Management

March 27 – The financial research firm Greenwich Associates has once again named Ohio-based Huntington Bank as one of the top middle-market banks nationally and regionally, Huntington announced today. It is the third time in as many years that Greenwich has recognized Huntington.

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Rise in “Mobile-Only” Users Will Require Rethinking Mobile Banking Says Fiserv White Paper

March 27 – Serving the small but growing number of “mobile-only” users will require a different perspective on mobile banking functionality says a new white paper from Fiserv, Inc., a leading global provider of financial services technology solutions.

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Carl Marks Banking Consultant Makes ‘People to Watch’ List

March 25 – Carl Marks Advisors, a leading consulting and investment banking advisor to middle market companies,  announced that Charles Boguslaski has been named one of the “People to Watch — 2015,” according to Turnarounds & Workouts‘ latest special report.  The report recognizes business professionals for their outstanding achievements in working on bankruptcies, corporate renewals, financings, turnarounds, and restructurings. Continue reading “Carl Marks Banking Consultant Makes ‘People to Watch’ List” »

New Regional Bank Coalition to Support Risk-Based Financial Regulation

March 23 – A group of regional banks has launched the Regional Bank Coalition, a new organization that supports regulation based on a risk and business model to assure bank safety and soundness.

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Consumers Credit Union Unveils New Digital Banking Experience from Digital Insight

March 23 – NCR Corporation, a global leader in consumer transaction technologies, has announced that Consumers Credit Union, headquartered in Kalamazoo, Mich, recently unveiled a new online and mobile experience powered by Digital Insight, an NCR company.

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Hancock Bank, Whitney Bank Once Again Receive Greenwich Excellence Awards

March 23 – Hancock Holding Company’s banking subsidiary — operating as Hancock Bank in Mississippi, Alabama, and Florida and Whitney Bank in Louisiana and Texas — has earned six national and regional 2014 Greenwich Excellence Awards for small business banking. Only 34 of more than 750 banks received 2014 recognition for distinctive quality in small business banking, placing Hancock and Whitney among the top five percent of all banks considered for the awards.

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Indiana Banks Merging

March 23 – Northwest Indiana Bancorp (the “Bancorp”), the holding company for Peoples Bank, announced today that its bank subsidiary, Peoples Bank SB (“Peoples”) has signed a definitive agreement to acquire Liberty Savings Bank, FSB (“Liberty”), a federal mutual savings bank headquartered in Whiting, Indiana, by merger. A copy of the definitive agreement is available as Exhibit 10.1 to the Bancorp’s 8-K filed with the Securities Exchange Commission.

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SNL Financial Announces Top 100 Best Performing Community Banks for 2014

March 23 – SNL Financial has released its annual ranking of 2014’s top 100 best performing banks in two categories: community banks with assets between $500M and $5B and community banks with assets less than $500M. Of the companies with assets between $500M and $5 B, Dallas-based State Bank of Texas earned the top place. This is the first time the bank has made it to SNL’s top 100 list. Coming in as first and second runners-up, respectively, were Biscayne Bank of Coconut Grove, Florida and St. Martin Bank and Trust Company, of Saint Martinville, Louisiana.

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Wells Fargo Offers Spanish Language Mobile Banking Experience

March 23 – Wells Fargo & Company has announced a new update to its mobile banking phone app that provides customers with the option of selecting Spanish as their preferred language. With nearly three in four Latinos owning smartphones according to Nielsen, close to 10 percent higher than the national average, this new feature on the Wells Fargo app provides Spanish-speaking customers with an easier, more convenient way to view account balances, transfer funds between accounts, deposit checks and access other key banking functions. The upgraded app is available for Apple iPhone, Android and Windows phones.

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