MT. PROSPECT, Ill.—Cummins Allison, the leading innovator of coin, currency and check processing technology, as well as ATMs, announced significant growth of its self-service coin product line within financial institutions (FIs). Installations of Cummins Allison Money Machine 2 self-service coin machines at FIs have tripled since 2010, the company said.
“The success of our self-service coin product line, specifically the Money Machine 2, is related to two clear needs in the FI market: the automation of functions historically performed by tellers and high-value service offerings that retain and grow branch clientele,” said William J. Jones, CEO, Cummins Allison, in a statement. “Our self-service coin programs help banks and credit unions achieve their branch transformation goal of creating a more efficient branch.”
“Investment in customer-centric self-service technology is no longer optional in today’s highly competitive financial services industry,” said Jones. “Customers understand this and have capitalized on the opportunity to offer an essential service to their clientele; one that some FIs are no longer offering.” In addition to differentiating their offerings, self-service coin machines can increase branch foot traffic by as much as 20 percent, providing sophisticated FIs with an opportunity to discuss other value-added services with customers when they visit the branch to make coin deposits.
As FIs act on their branch transformation goals, creating a more efficient, high-value branch experience is of critical importance. Financial institutions that choose to offer self-service coin redemption have an opportunity to automate the handling and processing of customer coin deposits via directly interfacing the Money Machine 2 to their core system. Alternatively, Cummins Allison offers turnkey solutions to pick up and process coin, eliminating potential liability for the FI.
As a recent FDIC report noted, customers continue to value the personal service and banking relationship that can only be delivered via in-person interactions.1 Strategic investments in self-service solutions, such as coin redemption, means branch staff can be redeployed from transaction-based roles to customer service and selling. This not only creates a personalized environment for customers, but increases revenue opportunities within the branch, the company said.