MT. PROSPECT, Ill.–Cummins Allison, a provider of coin, currency and check processing technology as well as ATMs, has announced a new rental program that it said makes it easier than ever to add self-service coin redemption services to bank and credit union branches.
While most financial institutions (FIs) choose to buy self-service coin machines outright, some prefer the flexibility to rent and preserve their capital, the company noted. Cummins Allison said it offers both options, plus the ability to manage coin pick up and processing so that tellers can maximize the time they spend with consumers.
“Cummins Allison offers several, flexible programs for FIs to deploy self-service coin redemption within their branches. This new rental program, which is available immediately, offers FIs that choose to rent their machines a cost-effective option that also delivers flexibility in terms of product and lease terms,” said Jim Weaks, vice president, Cummins Allison.
Cummins Allison said its proprietary research has found 80% of U.S. households save coin and 65% of those who redeem coin prefer to do so at an FI. Self-service coin redemption creates an opportunity for banks and credit unions to directly interact with a considerable number of their consumers, according to the company.
“Cummins Allison has seen an increase in the number of FIs adding coin redemption services to their branches as a way to increase foot traffic and customer satisfaction levels,” added Weaks. “Consumers who redeem coin visit a branch an average of three times per year, and coin redemption tends to peak during summer and holiday seasons.”
For info: cumminsallison.com/rent