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