Bank managers have a lot to contend with right now, with hesitant consumers returning to in-person shopping and retail experiences. Leadership has to arm branch staff with as many tools as possible to ensure that those in-person branch visits aren’t just satisfying, but also comforting and reassuring.
Pre-pandemic, consumers widely relied on the branch for high-touch experiences. There will never be a real substitute for advice and conversation. In fact, the convergence of digital adoption and the post-COVID environment necessitates freeing up internal resources as much as possible for valuable, consultative services.
This isn’t exactly new, but right now, that dynamic has intensified. However, as recently as 2018, the trade publication American Banking Journal advised that banks provide “small, hyper-efficient transaction zones—dedicated to high volume, digitally-oriented activity.” Those hyper-efficient zones can, and should, include streamlined, digital coin deposit programs.
Why Coin Counting Programs For Banks Now?
Post-pandemic, many corporate banking offices and branches alike are managing a remote work-from-home model for many of their staffers, putting even more strain on staff that’s servicing customers in real time. Digital transformation is another big topic in the post-COVID era, with leaders reeling from the impact of social distancing, coin shortages, and managing all of the above while consumers still have high expectations of their in-person banking experiences.
Digital adoption should not be seen as a replacement for in-person services. While some consolidation of services is inevitable, and digital payments are undoubtedly popular, the public is still using coins at high volumes. Case in point, as recently as May of 2021, the Federal Reserve was still addressing an increased demand for coin, due largely to a spike in early April. When the Fed makes an announcement about improving and streamlining coin allocation, that’s a sign that all branch managers and leadership should follow.
With coin allocation addressing the availability of quarters and dimes, that could mean small businesses and consumers alike could be inundated with pennies and nickels. With consumers literally carrying around more weight in coins, that likely also means increased demand for coin counting and coin programs, putting the burden on staff to keep up with increased foot traffic.
In-Branch Coin Counting Can Make or Break Branch Staff
Attracting and retaining accounts has always been the job of the bank branch. Early in the pandemic, strategic consulting firm McKinsey advised that banks invest in resources that improved experience “in ways that also address efficiency.” The study further advises that banks invest in resources that enable their staff to deliver more empathetic and consultative experiences. McKinsey cited that “23 publicly traded US banks found that the half with a high customer-satisfaction score delivered 55 percent higher returns to shareholders from 2009 to 2019.”
Customer satisfaction is a literal investment in a bank’s bottom line. To increase customer loyalty, banks need immediate cost-effective and strategic methods to respond to the inundation of coin exchanges and support compassionate and consultative customer support environment. Turnkey coin kiosk programs:
- Mitigate risk with free trials and no or low member customer fees
- Include additional flexibility for consumer coin transactions (coin-to-deposit programs, gift cards, contributions, etc.)
- Include upgrades, field support, and preventive maintenance
- Include pickup and processing that reduce workers comp claims
- Reintroduce coins for circulation into the economy faster to reduce burdens on small businesses
Coin Counting Programs Minimize Up-Front Investments and Maximize Profits
A bank’s footprint matters. Most consumers decide about where to open a bank account based solely on branch proximity to work or home. That footprint is, however, quite costly even for large banking operations. With branches, according to Reuters, costing anywhere from $200,000 to $400,000 to operate annually, bank managers are always under pressure to increase service offerings and make those offerings as profitable as possible. Customers (according to that same Reuters article) “still expect contact with staff,” despite the proliferation of bank ATMs and digital services.
Bank managers should look to services that require low-to-no upfront cost and, as discussed above, increase service offerings that also reduce burden on tellers and staff. Third-party kiosk programs often increase your bank’s ROI by reducing the amount of time your staff needs to count and cash out coins.
Attract Non-Customer Foot Traffic
Foot traffic is gold to any bank branch. The minute a consumer enters, the entire experience should be as frictionless as possible. It’s up to your entire team to support that experience with as many friendly engagements and as many personalized services as possible. Coin kiosks offer some critical differentiators in that ongoing battle for foot traffic.
Because of the increasing cost of bank branch operations, more banks are refusing to convert coins for non-customers. Automated coin counting machines can address the needs of current and potential account holders. The presence of a coin kiosk in your branch attracts online search traffic and responds to those consumers in real time without introducing new costs to your branch. Once they’re in the branch, communicating the value to account holders (including no-fee coin exchanges), further entices them to open an account on site or in the future.
Real-Time Reports and Responsive Technology
Every bank needs better and more timely data and informatics to determine profitability, cash flow, and ROI. Cloud-managed reports keep your branch informed of real-time information without having to adjust your physical inventory.
In other words, a digitized coin program doesn’t just serve your customers. It supports your staff by reducing physical strain and frees up their time to focus on more critical functions.
Our managed coin kiosk programs ensure your branch is ready for the future of banking, wireless connectivity, proactive technical support, and customized financial reports that give your management the insights it needs.
For more information about how our coin counting programs facilitate better consumer engagements and increase your branch’s ROI, contact us today.