Cummins Allison outlines crucial strategies for credit unions to achieve success in 2014

MT. PROSPECT, IL (February 25, 2014) — One of the defining characteristics of the credit union industry this year is the fact that the growth of digital technology has had a profound impact on the branch experience. As more organizations offer tools that make it easier for individuals to remotely access basic services, many credit unions may wonder whether a physical presence in local communities even matters anymore.

However, as recent studies confirm, the branch is not dead yet. In fact, a majority of members expect to visit their branch just as often – or even more frequently – in five years’ time1; the key is finding an effective way to adapt to these new industry trends.

Cummins Allison, the leading innovator of coin, currency and check processing technology as well as ATM solutions, explains how investing in customer-facing technology, such as self-service coin counters, is crucial as credit unions plan for success in 2014.

Find the Right Balance for a True Omnichannel Experience
Contrary to what many may believe; the answer to recent developments in digital technology doesn’t mean gradual closure of the in-person branch. Credit unions have a better chance at increasing revenue by creating a dynamic, integrated experience across all channels; which will lead to greater success in the long run.

For this reason, Celent Research predicts that North American banks’ IT spending will grow to $59.5 billion in 2014, and much of that growth will be in retail banking, with focus on enhancements to the user experience and omnichannel sales and service endeavors.2

Improve the In-Branch Experience
As credit unions focus on achieving a true omnichannel experience, it’s critical that they offer solutions which drive more foot traffic into their local branches. Offering access to self-service coin counting machines is an effective way to target non-members and promote valuable interactions with current members, as turning loose change into cash is one process that simply cannot be completed as an online service.

Research has shown that 80 percent of U.S. households hold on to coins they receive from cash transactions. Sixty-four percent of these coin savers seek out financial institutions as a first line of defense when redeeming this money in the form of cash.3 Branch managers can use self-service coin counters as a central element of their long-term growth strategies; once inside the credit union, members are more likely to become interested in additional services.

Streamline the Customer Experience
Simplicity is an important concept in the financial services industry. Money is often a complicated issue, and the more credit unions are able to make certain tasks easier, the more likely it is they will be able to retain members for longer periods of time. Many members appreciate the ability to perform simple tasks such as converting collected change into cash without the help of a teller.

And, self-service coin machines are an offering members truly want. In a recent study, 80% of respondents reported they would switch from a teller to a self-service coin machine and believe their satisfaction would measurably increase as a result, with many indicating they would use the machine “all the time”.

To succeed in 2014, credit unions must be careful not to ignore the impact the branch can have on member satisfaction levels. Self-service coin counters can serve as the backbone of these branch-based initiatives.

 About Cummins Allison
Cummins Allison is a global leader in developing solutions that quickly and efficiently count, sort and authenticate currency, checks and coin. We also offer a complete line of full-function automated teller machines (ATMs). Our leadership in technology and product innovation spans more than 125 years. Cummins Allison serves the majority of financial institutions worldwide, as well as leading organizations in retail, gaming, law enforcement and government. Ninety-seven percent of our customers would recommend our products and services. The company holds more than 350 patents and invests double the industry average in R&D. Our world-class sales and service network includes hundreds of local representatives in more than 50 offices in North America, wholly-owned subsidiaries in Canada, the United Kingdom, Germany, France, Ireland and Australia and is represented in more than 70 countries around the world. For more information, visit

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