If the COVID-19 pandemic proved anything, it’s that consumers still need—and use—coins. Among the many issues and narratives that caught consumers’ eyes, and wallets, throughout 2020 was the ongoing supply chain issues for coins. How bad did it get? The CEO of a regional coin-based laundromat drove to a neighboring state to buy $8,000 worth of quarters to keep his change machines full. According to the same Washington Post story, a Chick-fil-A location in South Carolina was inviting customers to bring in coins in exchange for free food. 

Clearly, there is still a strong relationship between coins, consumers, and where and how they spend them. The role of banking centers in coin operations and coin machines continues to offer a positive consumer experience, especially as we move out of the pandemic and back into normal patterns of spending and business engagements.

The lingering question for branches is: How can you continue to streamline your approach to coin management? Look for low-cost, high-touch coin machines that improve the in-branch experiences for consumers, and ease bottom-line issues for your staff.

Coin Machines Bolster Foot Traffic

How many times a day does one of your customers, or a potential customer, enter the search term “coin counting machine near me”? Having a coin machine in the branch helps draw foot traffic that may not otherwise have stopped by. Showing up in those local searches for a utility like a coin kiosk is an easy and cost-effective way to get more of those nearby potential customers in your door.

It also signals to those potential customers that your bank is prepared to make ongoing investments in technology, increasing the likelihood they will trust you with their business in the long term. Put another way: Your customers don’t want to stand in a long line and deal with a person if all they want to do is exchange their coins. The more your branch can serve as a fast and easy utility in your customers’ lives, the more likely they are to remain loyal. 

Coin Machines Increase Touchless, Contact-Free Branch Services

Branch team members know that consumers are easily frustrated by long waiting times. Digital interactions will only further add to customers’ expectations for speed and touch-free transactions.

The COVID pandemic has accelerated the transformation to digital, and every consumer-facing business needs to respond to that reality as quickly as possible. And that’s not just us saying it. In a report from late 2020, research firm McKinsey concluded that the pandemic achieved three years’ worth of digital adoption in just six months during the pandemic. 

Working with a managed coin program provider that offers low-to-no upfront investments for digital services doesn’t just reduce costs. It also offers a future-proof standard that is keeping pace with your customers’ expectations for seamless, fast, automated transactions. 

Fully Managed Coin Programs Reduce Physical and Mental Strain on Branch Staff

As more and more coins start circulating in our economy, that means more and more heavy bags for your staff to move, and more trips back and forth to the vault to secure them. 

Turnkey coin solutions reduce both physical and mental strain for those employees. What’s more, utilizing a managed coin program includes facilitation for training and physical fulfillment of both coin management and machine maintenance, further driving down costs and increasing employee satisfaction.

The upsides of utilizing a managed coin program are pretty straightforward:

• Little-to-no machine down-time
• Managed training programs 
• Physical coin management 
• Internal staff freed up to focus on more cost-sensitive or profitable tasks

Reduce Bank Operational Costs

The cost of managing your coin ecosystem—from coin sourcing and storage and coin rolling equipment to the bags themselves—adds up quickly in a low-margin business. Banks and credit unions need all the help they can get in pushing those costs off to managed providers that completely remove those burdens from your inventory. 

A fully managed coin program also further bolsters banking institutions against the encroachment of fintech. In this Forbes article, it was estimated in 2019 that banks lagging behind the convenience, speed, and competitive pricing of digital payments and account solutions stood to lose over $88 billion in revenues.

In addition to the conveniences that coin machines offer your customers, it’s a proven methodology to increase profitability in every branch.

Coinstar for Financial is Here to Help

Experts are predicting a “return to normal” by the end of summer. Consumers who are eager to get back to the world will appreciate the familiarity and security of seamless, frictionless banking services. 

Financial institutions can help facilitate a return to in-person shopping and dining by ensuring that their coin programs are set to go. If you’re ready to consult with us about how our coin management programs can help your branch strategy, please connect with us to get started today.