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By now, Americans across the country have seen makeshift signs at cash registers requiring exact change or “offering” to change coins for bills, free of charge.

A few Chick-Fil-A locations have even begun offering a free sandwich to customers who bring in $10 of coins, to replenish their cash drawers. There have also been reports of some institutions offering an extra $5 for every $100 of rolled coins.

The “national coin shortage” has become so severe, the Fed has convened a task force to identify solutions and limit the economic impact.

Top-of-wallet status is highly coveted because, once achieved, the incumbent – in this case the card issuer - has the advantage. Old habits die hard. Once a consumer develops a “go-to” card for certain types of purchases, they tend to repeat that pattern of behavior.

Those habits can be cultivated by offering benefits to the user via a rewards program. Sometimes the choice can be situational, with cardholders designating certain cards for specific types of purposes. This may extend to the type of card – e.g., debit or credit – and/or a workflow established by the merchant which makes it easier to use one card rather than another – e.g., Walgreens Express Pay.

Knowledge is power and most bankers have figured out that they’re sitting on a treasure trove of information about the consumers and businesses they serve.  However, using this information to empower their account holders and deliver services tailored to their needs has been a difficult goal for banks and credit unions to achieve. 

One of the many changes brought by COVID-19 was an acceleration in the participation of the delivery economy.  This level of participation is likely to continue to rise as more businesses develop viable online ordering and delivery offerings.  Companies such as Amazon, Google, and Apple have made personalization of offers and the anticipation of the consumers’ needs prerequisites to any successful online engagement.  So, as the delivery economy expands, successful offerings will need to reflect these same characteristics delivering the convenience and speed consumers now consider mandatory as a basis for loyalty. 

In 2018, SRM expanded its operations to Ireland, the United Kingdom, and Europe. This division of our firm, known as SRM Europe (srmeurope.com), services a diverse set of industries, including financial services, music entertainment, food retailing, and architecture. While these are different markets, all have been affected by the pandemic and reports across these varied verticals virtually tell the same story.

The overarching message is that organizations, of all types, need to successfully adapt to change. As we’ve recently experienced, change happens, regardless of one’s level of preparedness. However, organizations often shy away from changing course, even after the tides have shifted. As change is the only constant businesses can rely upon, a culture of adaptability, clear communications, and good relationships will help ready any organization for the challenges ahead.