How to create a more member-centric branch experience

A D V A N C E Y O U R B R A N C H S U R V I V A L G U I D E

Meet your new branch members.A growing number of Canadians are turning to digital banking channels for routine transactions.1 At the same time, they are maintaining strong connections with their local branch. According to recent estimates, 25 percent of banking customers say they visit their neighborhood branch more than once a month citing the importance of face-to-face interactions to solve problems, conduct complex banking transactions and buy new products and services.2

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1 How Canadians Bank, ABACUS DATA, Canadian Banking Association https://www.cba.ca/Assets/CBA/Documents/Files/Article%20Category/PDF/info-howCanadiansBank-poll-2016-en.pdf2 1 in 4 Canadian bank consumers visit their local branch more than once a month - MINTEL https://www.newswire.ca/news-releases/1-in-4-canadian-bank-consumers-visit-their-local-branch-more-than-once-a-month-676976193.html

and FMSI 2017 Teller Line Study https://www.kronos.ca/resources/fmsi-2017-teller-line-study

Graphic: How Canadians Bank, ABACUS DATA, Canadian Banking Association https://www.cba.ca/Assets/CBA/Documents/Files/Article%20Category/PDF/info-howCanadiansBank-poll-2016-en.pdf and J.D. Power 2018 Canadian Retail Banking Satisfaction Study

76%Use online banking

84%Conduct business

at the branch

34% Interact via telephone

44%Use mobile banking

Make the branch experience as immersive, meaningful and efficient as possible.

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When branches shift their focus from high-volume, time-consuming transactions, they are able to reallocate resources to consultative services that better support members and generate new revenues.

Migrating large volumes of basic transactions from from tellers to self- service platforms.

Ensuring self-service options are secure, fast and easy to use. Members who are accustomed to visiting tellers need to feel confident about your self-service options.

Leveraging cost savings realized from self-service solutions to provide higher-value products and services.

As roles evolve, technology becomes a support platform for staff. Make your staff more efficient by:

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26%

Cheque deposits

22%

Cash withdrawals

11%

Cash deposits

5%

Loan payments

4%

Bulk deposits

The top 5 teller line transactions3

Cash and coins proliferate.Put self-service to work for you.

All figures are expressed in Canadian dollars.1 https://tradingeconomics.com/canada/money-supply-m0 “Canada Money Supply M0 is the most liquid measure of the money supply including coins and notes in circulation and other assets that are easily convertible into cash.”2 Royal Canadian Mint https://www.mint.ca/store/mint/learn/canadian-circulation-11000283 FMSI 2017 Teller Line Study https://www.kronos.ca/resources/fmsi-2017-teller-line-study

Cash and coins continue proliferation:n $92,954 million coins in circulation (August 2018)1

n $1 billion coins minted each year2

Self-service doesn’t mean a completely hands-off approach to managing the various cash operations in the branch. Most currency and coins end up at branches for processing. The majority of self-service transactions consist of deposits and withdrawals. By redirecting customers to self-service channels, branches can free up staff to focus on more value-added services.

Migrating members to self-service equipment supports your goal of increasing automation and freeing up staff time for more valuable interactions. When employee roles expand to provide support for more complex customer needs, everyone receives a more personalized experience. And revenues increase.

Did you know…In its 2017 Teller Line Study, FMSI found that the labour cost for each teller transaction has increased by 148% since 1992. Add to that a decline in productivity of 19%, and the need to implement new technologies to replace teller transactions becomes clear.

What’s your strategy and how do you start?

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When developing your branch transformation strategy, ask three questions:

By answering these questions, your organization will begin the process of developing your unique value proposition. The insights you uncover

will be key to the success of your branch transformation initiative.

What makes our credit

union unique?

1

How would we describe our

member experience?

2 3

How can we differentiate ourselves?

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Streamline basic processes.Make process and technology improvements to reduce costs.

Insource ATM processingProcess ATMs, night deposits and large commercial deposits in-house and realize a positive ROI. Reduce processing time, eliminate the need to outsource to armoured carriers, and reduce the labour required in the branch.

Minimize currency handling and streamline deposit processing Automate back-counter processes, verify and record an entire deposit with a single machine, and close out cash drawers faster and more accurately. An assortment of machines for your teller line and back counter reduces processing costs, improves teller productivity and keeps depositors happy.

Automate coin handling Automate or eliminate your manual coin-handling processes. A self-service coin counting machine provides the convenience members want without tying up staff.

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Save teller hours and increase member traffic with self-service coin counters.

Self-service coin counters reduce frustration and long wait times.

Virtually any branch can add value to the member experience by using quiet and reliable self-service coin counting technology. Members can deposit coin totals directly into their savings accounts. You can process large quantities of coin in less time than previously required. And, your branch will benefit from increased traffic, enhanced member loyalty and improved teller efficiencies.

At least one person in 72% of Canadian households saves loose change.

64% of those are redeemed at financial institutions.

Source: Assessing the Opportunities for Self-Service Coin Machines in the Financial Segment, BranMark Strategy Group, 2011

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Process deposits faster and movemembers through lines quicker.

Studies show that tellers handle the bulk of transactions that come through the branch. They are your first line of customer interaction. Keep depositors happy by enabling tellers to quickly process their entire deposit.

Today’s technologies eliminate deposit processing steps, cut costs and streamline operations.

n Process deposits faster and reduce transaction times

n Have quality interactions that foster stronger member relationships

n Reduce handling of cash, opportunities for error, and related overtime costs

Efficient processing ensures that members experience the personalised service only a local branch can provide.

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Multi-pocket sorters for large-volume processing.

Some FIs report reducing ATM processing time by nearly 90% by installing multi-pocket currency sorters.

Many credit unions eliminate the outsourcing of commercial deposit and ATM processing as part of their branch transformation strategy.

FIs who outsource cash to armoured carriers incur high transportation and processing fees. Deposits processed onsite can be quickly paid out as change orders or used to replenish ATMs, avoiding the lag time associated with currency pickup, transport and processing and eliminating the need to borrow additional funds for other operations.

Insourcing can be an effective strategy to reduce costs and increase productivity, but selecting the right solution is critical to success. A vendor with the proper expertise and the most advanced technology can work with branch personnel to determine the proper number, footprint and configuration of machines to ensure optimal efficiency.

When fully and properly implemented, this approach can have a measurable and positive impact on an institution’s day-to-day operations and be a boon to the bottom line.

1 “Vertera™ 6G - Teller cash recycler.” https://www.glory-global.com/en-us/products-and-services/hardware/teller-cash-recyclers/vertera-6g/

What about recyclers?

Recyclers are acceptable solutions at the teller line. They quickly and accurately process small cash deposits and withdrawals and provide a secure holding area for cash.

But recyclers are not an effective solution for high-volume cash processing, such as commercial accounts, night deposits, or ATMs. They are too slow,1 fill up quickly, and need to be properly bled, interrupting and delaying the count.

More importantly, recyclers lack an escrow. If a commercial member disputes the deposit amount reported by a recycler, there is no way to “redo” it. This may negatively impact member satisfaction.

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While today’s technologies can go a long way in transforming your branch into an environment that better meets the needs of your members, your success will depend heavily on the technology partner and solutions that you choose.

That’s what Cummins Allison is all about. We are the trusted leader in currency and coin processing systems. Our expertise and experience can help you select the technology and self-service options that best meet your branch transformation goals.

Our products are cost-effective, easy to use, and designed to help you:

n Migrate low-value transactions away from your tellers

n Minimize your currency and coin handling by your tellers

n Streamline deposit processing to increase productivity

n Improve profitability for an enhanced member experience

Most importantly, we stand behind all of our products. Our network of local sales and service professionals are renowned for their proactive focus, expertise, quick response times and member service orientation.

Cummins Allison stands ready to assist you in your branch transformation journey.

Select the right technology partner.

Your membership is changing.Is your branch keeping up?

Don’t get left behind. Start the process to Advance your Branch.

Call us at 800 499 6191Visit us online at cumminsallison.ca/advance

3350 Ridgeway Drive, Unit 3 Mississauga, Ontario L5L 5Z9 T 800 499 6191 cumminsallison.ca

Innovators and efficiency experts, Cummins Allison transforms the way coin, currency and cheques are counted, sorted and authenticated, and our expanded portfolio includes full-function ATMs. Leading financial, retail and gaming organizations rely on us for the fastest and most accurate solutions in the industry. Our global footprint includes headquarters near Chicago, more than 40 offices in the US and a presence in over 70 countries worldwide. Since 1887, we’ve been dedicated to quality, reliability and the highest level of customer satisfaction.   

© 2019 Cummins-Allison Corp. Specifications subject to change without notice.

023-6111-06

http://cumminsallison.ca/advancehttp://cumminsallison.ca