When it comes to change, you can count on Mt. Prospect company to be a leader
When you're looking at that ATM as you're getting some fast cash, you're likely thinking about that machine's connection to your bank account more so than its connection to the suburbs.
But it's very likely that machine has a link to a Mount Prospect-based company that's been in business long before ATMs were even a dream.
Cummins Allison has been in the cash handling business for more than 125 years, and is currently the only U.S. manufacturer of coin, cash and check processing equipment. The company is also one of the major distributors of ATMs in the country — even after entering that market only a few years ago.
It has come a long way from the introduction of a “perforator” — a device that marks documents using movable punches — in 1887 by founder B.F. Cummins. The company has grown to produce check canceling and endorsing devices, as well as coin and paper currency counters that can process up to 1,600 documents a minute and can catch counterfeits. The brand name is a standard in places that deal with a lot of money, such as financial institutions, armored carriers, large retailers and casinos.
CEO William J. Jones credits the company's success and longevity to its dedication to innovation and the ability to evolve as industry trends change.
“That means staying true to our pillars of efficiency, automation and innovation, while evolving our product lines to meet the changing needs of our customers,” Jones said. “We don't make a single product today that we made when the company began and we are constantly working on new ways to increase the efficiency of processing many different forms of currency, because physical currency will be part of virtually every country for decades to come.”
Its commitment to innovation is apparent in the 165 U.S. patents the company holds. Since 2015, Cummins Allison was awarded 15 patents for new technologies that streamline cash vault operations, improve sensor arrangements for high-speed coin imaging, gather and store bar-code image data for non-currency items, automate cash and check deposit processing and increase counterfeit detection, according to Jones.
“Building an environment that fosters education and quality jobs for our citizens has been driven by our ability to innovate and build products on American soil,” Jones said.
The company also prides itself in manufacturing its products in the United States.
“We've chosen to keep our manufacturing in the U.S. because we believe it gives us advantages in terms of quality control, delivery schedules and flexibility to meet unique customer needs,” Jones said. “We also believe in helping America retain its manufacturing roots, because a strong manufacturing base creates jobs and a healthy economy.”
While ATMs have been around for decades, Cummins Allison entered the market in 2014 with a line that they believed brought a quality, affordable solution to its customers.
“At the time, we recognized a market need, a high quality, service-orientated ATM provider,” Jones said. “Over the last four years, we have invested heavily in a dedicated ATM business unit, staffed with highly experienced experts from the industry.”
The result has been a 111 percent annual growth in ATM sales, according to the company, with hundreds of community banks and credit unions using Cummins Allison ATMs at their branches.
“We're optimistic the trend will continue,” Jones said.
Technology has been a disrupter in the industries served by Cummins Allison, but the company has embraced it to keep its products and services relevant to its customers. In addition to machines, the company has created systems to manage cash and check processing, cash room systems, remote ATM management and ATM anti-skimming devices.
Jones notes it's the company's commitment to research and development that will continue to help it overcome new obstacles that come up as the industry continues to evolve.
“Take banking, for example,” Jones said. “The types of online options available to consumers today are substantially different from what they were just a few years ago, putting pressure on traditional banks to reduce cost yet still serve the majority of Americans that greatly value going to a branch to discuss their financial needs and concerns.
“We prioritize innovation and have a large team of engineers that are continually looking to develop the next breakthrough, while enhancing current products to offer more features or make them more durable or efficient,” he added. “In this way, we serve as a true partner to our customers; helping them become successful today and well into the future.”
Cummins Allison
851 Feehanville Drive
Mount Prospect, IL 60056
Phone: (847) 297-1382
Well-known product: ATMs, currency counters and scanners
Top official: William J. Jones, CEO
Number of employees: 1,300
Annual revenue: About $200 million
Founded: 1887
Web address: cumminsallison.com