January 24, 2024
Banking Technology Solutions Your Credit Union Will Love
As a financial institution in today’s market, you are likely already utilizing many online banking solutions (or at least, we hope you are). The question going forward, then, is, are you providing banking technology solutions that your credit union and your members love?
In order to answer this question, you’ll need to closely examine the tools provided by your core processing partner. This includes eServices, member services, lending solutions, accounting tools, back-office solutions, and reporting tools.
eServices
Do your eServices help you compete against all the competition? Do your members have the freedom to manage their finances how they want? There are several banking technology solutions that should be included with your eServices, including a digital banking solution, mobile banking solution, and other financial management tools.
Digital Banking Solution
It’s important that your digital banking solution provides member access to all accounts, anytime, anywhere. If your members can only access information via their desktop computer, for example, this limits their ability to manage their finances on their terms.
Mobile Banking Solution
What does your current mobile banking solution provide to your members? Can they use their smartphones or tablets to check account balances, transfer funds, pay bills, and more? If not, it’s time to explore alternative mobile banking options.
Financial Management Tools
There is so much more to eServices than just digital and mobile banking. Your eServices toolkit should include an expansive list of financial management tools, such as online member enrollment, credit card single sign-on, eNotices, eAlerts, auto-enrollment, Internet banking, online payment services, remote deposit, remote signatures, and more.
Learn more about the eServices your core processor should provide by visiting Sharetec’s eService page here: https://www.sharetec.com/eservices/
Member Services
Your member services toolkit should provide everything your employees need to handle daily transactions and tasks in one easy-to-use interface. These banking technology solutions should work to increase accuracy and efficiency, providing several automated tasks and cross-selling opportunities.
Delve into your current member services and make sure you have access to the following financial solutions:
- Business Accounts
- Cash Dispenser
- Cash Management
- Courtesy Pay
- Credit Cards
- Cross-Selling
- Driver’s License Identification
- Document Manager
- eDocuments
- eReceipts
- Offline Processing
- Safe Deposit Box
- Starter Checks
- Training Database
- Ultimate Checking
Learn more about these member services by visiting Sharetec’s Member Services page here: https://www.sharetec.com/member-services/
Lending
Your lenders require accurate data, clear standards, and an efficient application process to function effectively. A comprehensive lending workspace should provide data-tracking tools and decision screens, putting the right information in the right place at the right time to simplify decisions and track changes.
Here are some examples of financial solutions and features that should be included in your credit union’s lending toolkit:
- Online Applications
- Automated Lending
- Charge-Offs
- Collections
- Escrow Analysis
- Home Equity Processing
- Indirect Lending
- Mortgage Servicing
- Relationship Pricing
- Risk-Based Pricing
Sharetec’s Lending Workspace is the perfect solution for credit unions looking to streamline their lending process. Learn more about these banking solutions here: https://www.sharetec.com/lending/
Accounting
Your credit union’s accounting tools should help you streamline processes and minimize difficulty. Access to reporting capabilities will allow your credit union to fulfill NCUA reporting requirements for investments and quarterly 5300 call reports.
Explore your accounting solution to make sure it provides the following financial management tools and features:
- 5300 Call Report Assistant
- Accounts Payable
- Asset Liability Management
- Check Reconciliation
- Fixed Assets
- Integrated GL
- Investments
Sharetec’s accounting solutions perfectly fit any credit union. Learn more about the comprehensive suite of products that will save you time and money here: https://www.sharetec.com/accounting/
Back Office
Your credit union needs back-office solutions that offer a variety of features that streamline processes, increase productivity, and add value to member relationships. An efficient core processing partner provides banking technology solutions that keep your credit union running like a well-oiled machine.
Here are a few back-office solutions your core partner should provide:
- Automated Month End
- Automated Processing
- Bonus Dividend
- Debit Card Round-Up
- FileBound
- Fraud Alerts
- Interest Refund
- Patriot Act
- Remote Backup
- Shared Branching
If you’re looking for back-office tools that will make your job easier, explore the banking solutions provided by Sharetec here: https://www.sharetec.com/back-office/
Reporting
Remove the hassles of reporting with financial management tools that make tasks a breeze. An advanced searchable database improves and speeds up searches, while a secure integrated archiving system makes getting information easier without using a third-party product.
Here are some financial solutions your reporting workspace should provide:
- Government Reporting
- Open Database Connectivity (ODBC)
- Report Arching
- Report Writer
To learn more about easy and efficient reporting tools, visit Sharetec’s Reporting page here: https://www.sharetec.com/reporting/
Your credit union needs banking technology solutions that are efficient, easy to use, and modern to compete in today’s financial landscape. If your core processing partner isn’t meeting your needs, it’s time to explore other options. Contact Sharetec today to discover their comprehensive financial wellness tools and to schedule a demo.