We might be known for processing coin, and it might be in our name, but we’re much more than a coin-counting company. Our kiosks allow your customers to transfer both their coin and cash directly to their debit-enabled checking accounts from any participating location within our 17,000+ network, and this new capability couldn’t come at a better time. The FDIC stated that, as of the third quarter of 2022, “Deposits totaled $19.4 trillion, down 1.1 percent from the level reported in the second quarter. While this reduction slightly offsets the unprecedented growth in deposits reported during the pandemic, total deposits are still well above pre-pandemic levels. ”
Retail Remote Transfer and Cash Automation
With cash deposits continuing to surpass pre-pandemic levels, we’ve implemented a new program to help meet the needs of customers where they are, helping you boost customer retention in the process. With this added capability, Retail Remote Transfer supports your goals and your customer’s experience in a few different ways.
- Increase Account Usage
According to a recent report by Mercatory Advisory Group, the convenience of locations and ATMs significantly impacts a customer’s decision on where they open their primary checking account. Retail Remote Transfer provides customers with the financial services they need in locations they already visit in their daily routines, enabling them to transfer into their checking accounts more frequently with less hassle. It’s a win-win; your customers get a more convenient option for banking, and you get more customer engagement.
- Drive Customer Loyalty
It has become common knowledge that customer experience drives loyalty, and now, 76% of customers expect an omnichannel experience from their bank or credit union. Retail Remote Transfer helps your financial institution integrate with your customers’ lives by making it easy to send their coin and cash to their checking account. According to Franklin Madison, “By retaining consumers for 63% longer, revenue increases for the company without having to spend the additional amount to attract new consumers.” With the convenience of Retail Remote Transfer, you can inspire loyalty in your customers, driving new accounts and increasing your revenue.
- Serve Cash-Preferred Customers
With Retail Remote Transfer, you can provide your customers with a convenient option for transacting with cash, making it easier for cash-preferred customers to participate in digital banking. By making it easier for these customers to engage with your products and services, you’ll be more likely to win their business when they are choosing a financial institution.
- Prioritize Safety
Coinstar retail kiosks are located in populated, well-lit retailers with secure technology. Your customers will feel confident using technology from a brand they know (Coinstar) and the financial services from the team they trust (your institution).
- Serve Banking Deserts
Did you know that 92% of people live within 5 miles of a Coinstar kiosk? Off-site services such as Retail Remote Transfer allow your institution to serve unbanked and underbanked individuals, estimated to be about 18.6% of the U.S. population as of 2021. Retail Remote Transfer makes it easier for underserved customers to access your bank or credit union’s services. You are able to give them the option to transfer both coin and cash into bank accounts, which creates a better customer experience that is likely to build their loyalty to your institution.
Enhance Your Cash and Coin Automation
With minimal effort, expanded reach, and the ability to capitalize on higher-value opportunities, Retail Remote Transfer allows your organization to meet the needs of your customers no matter where they are. Learn more about Retail Remote Transfer and how it can improve your organization and inspire greater customer loyalty. We’re always building new technology to support the growth goals of the financial institutions we partner with, so make sure to follow Coinstar for Financial on LinkedIn to stay up to date.