Pennies, nickels, dimes, and quarters might not seem like big money, but how you handle coin in your branch network has major implications for your bottom line. We’ve identified five key ways that coin might be costing you more than it should.

#1 – It takes time to process coin

No matter how you accept it—be it through an owned coin counting machine or rolled coin at the counter—your employees likely spend a few hours every week dedicated to coin. Rolled coin has to be counted and verified by tellers and back office staff. If you have owned coin machines in your branches, your team members are responsible for emptying them throughout their shifts and preparing the coin for shipment. Also, if you own machines, your team most likely spends time performing routine maintenance and troubleshooting if issues arise.

#2 – Machine maintenance & downtime

Speaking of machine maintenance, coin machines are a lot like cars—they need regular servicing, especially as they age. If you’ve purchased a coin machine, you already know that once you own the machine, you’re responsible for either servicing it yourself or finding a third party contractor to perform repairs. 

Also like cars, older coin machines tend to get jammed or break down after they’re exposed to years of wear and tear. This means that if you can’t fix a problem yourself, you’ll need to find someone who can—a service which you’ll pay for on top of the depreciation of your machine. And in some cases, you may be stuck with a down machine while waiting for replacement parts to be sourced, fabricated, and shipped.

#3 – Consumer satisfaction

If your machine goes down, consumers who come to the branch to use it will be frustrated when upon arrival, they find out that they’ve wasted a trip. According to consumer behavior studies, a poor branch experience is the second most common reason that people switch financial institutions (the most common is high fees). At Coinstar for Financial, we even worked with a credit union whose members would call the branch in advance to see if their previous machine was up and running because it was down more often than not. 

Also, many more important conversations are happening in your branch about big financial decisions, and the task of managing coin can distract team members from providing top-notch service.

#4 – Missed cross-sell opportunities

Which activity is more valuable: counting coins or having  meaningful conversations with members or customers? We know you know the answer! A labor-intensive coin program drains your resources and taxes team members’ time, leaving them less capable of thoughtfully engaging with consumers about their specific financial needs. If you set benchmarks for your team on cross-selling initiatives, removing the hassle of managing coin will better equip them to successfully meet their targets. To learn more about how coin impacts cross-selling in financial branches, read our recent white paper.

#5 – Coin supplies

It may not seem like much, but managing coin yourself requires consumable materials that you’re responsible for purchasing. But since we’re already on the topic of pennies and nickels…

Bags for owned machines, bags to ship coins, and coin rolling supplies aren’t expensive, but we wouldn’t call ourselves financial experts without acknowledging that every penny counts! 

We can help!

You guessed it—Coinstar for Financial’s tailored coin programs, equipped with the state-of-the-art Anthony kiosk can help you refocus your team and drive more dollars to the bottom line. Our programs and the Anthony kiosk are fully managed and maintained by a dedicated team of experts, from implementation to maintenance to cash logistics. To learn more about how we help financial branches succeed, visit our Meet Anthony page!