We’re moving into a digital age, and so are banks and credit unions. With the help of fintech firms and third-party solution providers, financial institutions are improving their customer experience, cost, and efficiency. In its report about financial institutions innovating through partnerships, the Federal Reserve outlined three main types of collaborations: 

• Operational technology partnerships: Third-party technology is implemented in banks and credit unions to optimize their existing processes. 
• Customer-oriented partnerships: These partnerships are dedicated to improving customer experience, and third-party providers help provide more personalized and convenient banking solutions.  
• Front-end banking partnerships: In collaboration with fintech technology developers, banks use third-party technology to interact directly with end customers. This is the least common partnership option but is being increasingly adopted to test banking-as-a-service (BaaS) options. 

Keeping the Human Touch in Banking  

Customer-oriented partnerships in banking can be a win-win for both banks and their partners, as they allow each party to leverage their strengths and resources to create more value for customers. By focusing on the needs and preferences of their customers, banks can build stronger relationships and improve their bottom line in the long run. These partnerships can yield new payment solutions, loyalty programs, or expanded digital services provided by fintech developers. 

Customer-oriented partnerships have become increasingly popular in recent years as banks have recognized the importance of meeting the evolving needs and expectations of their customers. By partnering with other companies, banks can leverage the expertise, resources, and customer base of their partners to offer more innovative and personalized banking products and services.  

For example, a bank may partner with a popular online retailer to offer co-branded credit cards that provide customers with exclusive discounts or rewards for their purchases. This can help the bank to attract new customers who are loyal to the retailer, while also providing existing customers with a valuable incentive to continue using the bank’s products and services. 

Similarly, a bank may partner with a fintech company to develop a mobile banking app that incorporates advanced features such as biometric authentication, AI-powered financial advice, and real-time transaction tracking. This can help the bank to differentiate itself from competitors and provide customers with a more convenient and secure banking experience. 

Coin and Cash Automation for Customer Convenience 

While many customer-oriented partnerships focus on digital currency, what about coin and cash? Coinstar for Financial is dedicated to automating coin management both inside and outside of your branch, but partnering with us gives you benefits beyond coin and keeps your customers at the forefront of your operation.  

Coinstar for Financial’s in-branch solutions are dedicated to making it easy for customers to conveniently deposit coins into their bank accounts. However, our in-branch programs also make it possible for tellers to spend more time with customers and less time on operational tasks such as coin sorting, handling coin bags, and coin deposits. Beyond the simple deposit option, giving your customers a convenient way to donate their spare change or turn loose coins into NO FEE eGift Cards can inspire their loyalty to your organization. 

Our off-site programs use retail kiosks to expand the reach of banks and financial institutions, providing the exceptional customer service that their customers rely on and the services they require in places they visit in their day-to-day routines. With Retail Remote Transfer, your customers can transfer both coins and cash to their checking account while out for their weekly grocery trip, growing your footprint without added branch locations. 

Looking for your next step to improving customer experience in your institution? Connect with a Coinstar for Financial expert today and find the perfect program to give your customers the best experience possible, both in and out of the branch.