MT. PROSPECT, Ill.–Cummins Allison, a provider of coin, currency, check processing technology, and ATMs, reported sales of its of Money Machine 2 self-service coin machines have grown 31% in just five years.
“The steady growth of our self-service coin product line is reflective of our customers’ desire to make technology investments that allow for more efficient use of staff resources,” said Bob Gibson, vice president-branch operations with Cummins Allison, in a statement. “Our Money Machine 2 self-service coin counter is designed so members can easily redeem coins themselves and deposit the coins directly into their checking or savings account. This allows staff to focus on high-value services that retain and grow membership.”
According to the company, it offers credit unions the most options for adding self-service coin redemption to their branches, including a rental program, which provides a fixed monthly payment and includes maintenance, so there are no additional service expenses. Additionally, a hands-free coin management program for coin pickup and processing eliminates the burden tellers spend on managing coin, Cummins Allison said.
Langley FCU’s Story
Among those choosing the rental program is Langley FCU.
“Renting the machine is a great option for us because it means worry-free operation. Cummins Allison picks up the coin, monitors the machine’s performance and services the machine for us,” said Teresa Jackson, senior branch manager, in a statement. “And, in the future, when technology advances happen, we won’t have to reinvest in a new machine. We can simply swap out to an upgraded model instead of buying a new one.”
“Our credit union customers understand the importance of expanding and differentiating services in order to stay competitive and improve the member experience,” added Gibson. “Now they have more options than ever to offer an essential service that members want, while preserving their capital.”
Cummins Allison said some larger financial institutions have discontinued self-service coin redemption in their branches, many credit unions have seized on the service offering as a way to differentiate, increase branch visits and grow their membership.