Fewer fees and coin-counting machines can enhance efforts to attract new members
Coin-counting machines are not just an efficient tool for completing transactions; they also have use in improving the overall perception of a credit union. There's been a shift in recent years toward credit unions, and dissatisfaction with banks has been one factor fueling the flight. Unpopular fees in particular have forced consumers to look elsewhere for a financial institution, with many turning to credit unions that boast fewer, or no, fees.
However, the effort to draw more business does not end there. Credit unions have increasingly presented consumers with an image of a partner engaged and invested in personal situations. This can range from customized advice to empowering members with tools to manage their own finances. Mobile is one such tool, but coin-counting machines cannot be discounted when it comes to effectively serving members' needs.
Fewer fees, more coin-counting machines
Consumers have consistently identified fees as a main stressor and reason for switching banking partners. Whether those fees are associated with making withdrawals at an ATM or monthly fees levied on chequing accounts, the additional costs to maintaining an account at a traditional bank have led some to seek less-costly avenues. To that end, consumers have looked to credit unions as a solution to the burden of fees. While not each and every fee can be eliminated in every scenario, as operational upkeep may depend on such charges, credit unions have garnered note for being able to minimize fees, largely due to their member structure.
One advantage demonstrative of this effect is scaling fees to different account sizes. Whereas banks may maintain blanket fee classes, credit unions can tailor their banking solutions to the member.
This deliberate and customized approach is important to attracting members who want increased interaction. So too is the use of coin-counting machines, which can attract consumers on a different front than fees. Providing practical tools of member empowerment is important when considering a comprehensive campaign to draw new business.
March 27, 2017