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Coin-counting machines help credit unions attract bank converts

Coin-counting machines help credit unions attract bank converts

An increasing pool of Canadian consumers are moving away from banks, and credit unions with coin-counting machines stand first in line to benefit from this migration from traditional financial institutions. Customers have become more aware of fees, services and conveniences when scrutinizing or looking for a new banking partner. This new attitude has helped lift credit unions to pole position in attracting dissatisfied members to their organization, as Canadian place a high priority on amenities and a truly rewarding experience with financial advisors, rather than lip service from tellers.

Coin-counting machines keep credit unions attune to member needs

Traditional banks have recovered some standing since the global recession, but, beyond that, modern factors have added to the draw of credit unions. According to digital marketing firm Catalyst, 61 per cent of smartphone-owning Canadians used a mobile device to bank online, and just two years later that number grew to 84 per cent. The exponential increase in mobile behaviors has pushed individuals toward credit unions, which have made it a point to stress mobile offerings and apps to complement branch services, as banks have struggled to keep pace in this transition.

Satisfaction with a financial provider is also at work in creating new converts to credit unions. According to the Canadian Credit Union Association, credit unions have been first in customer satisfaction for 12 straight years over all other financial institutions. This commitment to placing the member's interests and needs above all else has helped solidify credit unions as the go-to destination for Canadians frustrated with their current financial experiences.

When a credit union considers what else it could do to improve members' perceptions, investing in a coin-counting machine should be at the top of the list. These simple devices are powerful indicators to members of a credit union's focus on improving all aspects of personal finance, and they also help take the burden off employees. It's an added bonus that members often enjoy using the machines or will seek out a credit union that has one.

February 13, 2017