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Branch Transformation: Automated Coin Deposits
The phrase ‘Branch of the Future’ has been a hot topic in the banking industry for some time now – however, has it ever been clearly defined, or did it ever materialise?
Today we talk of ‘branch transformation’, as institutions seek ways to modernise branches and secure their future. There have been numerous studies and reports which emphasise the importance of the branch; so embracing a transformation strategy that increases efficiency and reduces costs whilst providing a multi-functional and engaging experience for the customer is paramount.
Paul Clay, National Account Manager for Banking and Security at Cummins Allison. talks to us about the importance of self-service coin solutions as part of a branch transformation programme.
What solutions does Cummins Allison offer for Branch Transformation?
In short, we offer a variety of cash management solutions to improve the operational efficiencies of the branch, as well as self-service devices. Our self-service coin deposit machine, the Money Machine 2®, has been installed in Financial Institutions (FIs) across the world and we would like to highlight its features in relation to a branch transformation strategy.
Tell us more about Money Machine 2
The Money Machine 2 offers FIs a fast, reliable and accurate way to automate customer coin deposits. It provides independent customers, small businesses and commercial accounts with a convenient, no-fee method of depositing their coin. Users can simply tip their uncounted mixed coin into the hopper and the device will either issue a ticket for redemption at the cashier, or deposit the funds directly into the users account.
As part of our continual R&D, we have learned from our FI customers that speed, uptime, corporate branding of the device and the ability to handle large quantities of bulk coin are the most important factors in automating customer coin management, especially to better serve their commercial accounts – the Money Machine 2 has been designed with these considerations very much in mind.
What are the benefits to the customer?
Improving customer satisfaction and customer engagement are key factors in most branch transformation strategies. The design of the Money Machine 2 offers a large bulk feeder for any volume of coin, the fastest counting speed of any coin device, a user-friendly graphical application with touch screen, plus it is fun to use. This enables the branch customer to quickly and easily deposit their bulk coin – no longer do they need to sort, count and pre-package their coin for deposit, or stand in the queue with large volume of coin waiting for a cashier.
Many customers have turned to
various retail and supermarket coin redemption machines to handle their coin, paying a fee to do so. However, the secure feeling customers associate with their FI contributes to their desire to process their coin in a banking rather than retail environment. A study by the CMO Council found that 67% of customers who currently redeem coin at a fee-charging retail location would increase their rating of their FI to ‘extremely satisfied’ if they installed a no-fee self-service coin machine 1. Introducing a self-service coin deposit machine makes the branch a more valued destination to the customer and improves their experience of depositing funds.
How does it address specific needs of today’s financial institutions?
Operational efficiency is a key aim for all FIs in the current climate of decreased branch traffic and increased branch costs. The Money Machine 2 offers FIs a proven method of increasing efficiency and reducing cost. Coin deposits and coin management processes are usually manual, expensive and time-consuming. By switching to self-service coin deposits, FIs can reduce transaction times and reduce queueing time at cashier windows, sometimes eliminating the need to open an extra cashier window. By moving these lower value transactions away from the cashier, it also frees up employees to focus on higher value transactions.
A recent case study 2 discovered that FIs with an average of 250 coin transactions per month that had installed a Money Machine saved more than 40 cashier hours per month. Further proof of the efficiency savings is shown by the fact that 80% of respondents in a BranMark Strategy Group study would switch from a cashier to a self-service coin machine, and they believe their satisfaction with the branch would measurably increase as a result 3. Increased satisfaction means increased retention, especially for commercial accounts.
Other benefits include the chance to increase the customer base, by allowing non-account holders to use the machine for no fee if the proceeds are used to open a new account. FIs can also build brand awareness and promote specific offers via the machine’s graphics and video display. In essence, the Money Machine 2 offers FIs a way to reach two of the main branch transformation goals – increased efficiency and increased customer satisfaction.
What are the next steps if an FI wants to consider offering an automated solution for handling their customer’s coin?
They should contact Cummins Allison as we offer not only a variety of machine options, but a variety of deployment options as well. For example, the FI can purchase the machines outright, or have Cummins Allison manage the machine completely, including scheduling coin pickups and processing – providing a completely hands off option for the FI branch personnel.