MT. PROSPECT, Ill.–Credit unions are seeing the economic value of investing in advanced currency, check and coin processing technologies as a way to boost their bottom lines, according to Curtis Hallowell.
Hallowell, VP-product management for Cummins Allison Corp., a provider of money handling equipment, told Credit Union Journal the new processing technologies, said the company is seeing credit union invest now in solutions that bring check, currency and deposit slip processing together on one machine at the point of presentment. Others are providing coin counting services, which he said reduce back-end processing while improving member experiences in the lobby.
"Improving employee productivity can also have a dramatic impact on a credit union’s overall operating costs," he said. "Next-generation technology solutions can eliminate entire workflow steps, dramatically increase efficiencies and even position tellers to generate revenue opportunities."
According to Hallowell, new check and currency processing solutions have become so reliable they enable a CU to process large quantities of mixed currency in less time than ever.
CUs also are investing in self-service coin counters that enable members to easily count and redeem their coins. Hallowell said this "simple but powerful service tool" frees up tellers to focus on more valuable customer interaction, creates opportunities for cross-selling and often improves member satisfaction ratings by as much as 20%.
