While there is no single component of a financial services organization that will solve all customer pain points, convenience and customer service certainly play a significant role in determining whether patrons will be happy with their financial institutions (FIs).
Cummins Allison, the leading innovator and provider of coin, currency and cheque handling solutions, explains how value-added products at the branch, personal interactions with bank representatives and the ease of conducting business using technology all play an instrumental role in customer satisfaction.
Coin Counters Add Customer Convenience
According to a recent study by J.D. Power¹, satisfaction among Canadian retail banking customers is driven by the range of banking products available at their branch and the convenience of the bank’s facilities. Customers continue to value the convenience of local branches, and satisfaction with facilities determines 16 percent of overall satisfaction scores. This makes it all the more critical for FIs to constantly strive to offer value-added services that enhance the customer experience at the branch.
Self-service coin counters represent one of the most expedient and accessible resources for bank customers. FIs can place these machines in their lobbies to increase traffic and potentially improve customer acquisition figures. Additionally, many of today’s machines can be customized with features that make them even more engaging; such as enabling customers to make deposits directly into their chequing or savings account or opt to get a portion back, while depositing the rest.
As an added bonus, when customers visit their local bank or credit union branch to take advantage of coin counters, it becomes more likely that they will be receptive to other financial services – and the most satisfied customers are twice as likely to remain loyal and refer someone else to the financial institution.²
Increase Employee Productivity for a Better Customer Experience
Quality customer service also plays a major role in how customers perceive an FI’s performance – in fact, according to the J.D. Power study, customer satisfaction with personal service determines 19 percent of overall satisfaction.
Outdated currency scanning and counting technology can slow down simple tasks and stymie productivity in the highest volume areas and at the teller window, taking away quality time better spent interacting with the customer. By using new, highly reliable technology, virtually any branch can now add value to the customer experience and process large quantities of currency in less time than ever before.
Staff tasks become faster with quicker currency scanning speeds, while accuracy remains high as the currency processing equipment ensures incorrect notes are instantly identified and counterfeit notes are detected. Utilizing these technologies does more than just boost customer service – FIs can enjoy the added benefit of saving valuable staff time and resources.
As FIs earmark funds for technology spending, it’s imperative that they evaluate where these dollars will have the most impact, and technology solutions that increase employee productivity, drive traffic into the branch, and improve the customer experience should be a high priority.
For more information on how your financial institution can benefit from advanced currency and coin processing solutions, visit www.cumminsallison.ca.
¹⁻² J.D. Power 2014 Canadian Retail Banking Customer Satisfaction Study. http://www.jdpower.com/press-releases/2014-canadian-retail-banking-customer-satisfaction-study
About Cummins Allison
Cummins Allison is the leading innovator and provider of cheque, currency and coin handling solutions. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, 6 wholly-owned subsidiaries and is represented in more than 70 countries around the world. For more information about our award-winning solutions, visit www.cumminsallison.ca.
