MT. PROSPECT, Ill.-Credit unions should consider rethinking their deposit processing model, according to Curtis Hallowell.
Hallowell, VP-product management for Cummins Allison Corp., a provider of money handling equipment, told Credit Union Journal that new technology offers CUs the opportunity to implement faster, more efficient equipment that delivers a "true end-to-end solution."
"With the ability to process, verify and record an entire deposit-using a single machine at the point of presentment-credit unions can reduce associated labor, time and hardware costs," he said. "By processing large deposits quickly and ensuring transactions are balanced and verified instantly, credit unions can offer new services, such as remote deposit capture-which can lead to profitable new commercial account sales."
According to Hallowell, self-service coin counters can help credit unions attract and retain members who prefer the machine's ease-of-use to rolling coins or standing in line with heavy containers. He said coin counters can be leveraged to generate additional income through a split fee option, where non-members are charged a fee to use the machines.
"This option not only offsets the cost of the equipment, but also alerts tellers to potential new account sales," he said. "Self-service coin counters also are a valuable cross-selling tool, providing tellers with positive, direct interactions with patrons redeeming their coins."
