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Many credit unions are still struggling with outdated technology that must be updated in order to successfully and efficiently serve the changing demands of members. There is no question that for many credit unions, handling and processing checks can be a time-consuming task that should be more streamlined. Many credit unions manually scan these checks into a batch file and then send that file to the processor. This requires a staff member to be in the back office performing this task for an extended amount of time each and every day.

Well, Sharetec has a solution for that! Introducing Sharetec’s Teller Capture. Once installed, Teller Capture can streamline the batch check process. One credit union that took advantage of Teller Capture is Maine Family Federal Credit Union. Maine Family Federal Credit Union approached Sharetec and installed Teller Capture. This feature allowed the credit union to streamline their batch check process at the main office and the branch.

“The two major goals were to improve speed and accuracy with our check deposits,” stated Christine Clabby, COO at Maine Family Federal Credit Union. “Our new Teller Capture scanners are 99% accurate with picking up the information on the check. The old way involved one scanning machine, requiring an employee to add up the checks manually and scan them into a batch file. This was a very time-consuming process, typically taking a manager away for 1-2 hours a day. Now, this is all taken care of at the teller line, allowing the manager to focus on more important issues.”

By working with the Sharetec team, the credit union deployed 15 scanners between the main office and the branch location. Sharetec’s installation team automated the delivery of the X937 files to the items processor.

“Sharetec will always be on the cutting edge of credit union technology,” says Paul Stevens, VP of Sharetec. “Providing solutions to help our credit unions better serve their members is a top priority for us, and we will continue to broaden our suite of technology solutions to help them stay ahead of the curve.”

Teller Capture is just one example of how Sharetec understands the pain stakes of your credit union and offers real solutions that, not only help your credit union run more efficiently but also help serve your members better and faster. If Teller Capture is something your credit union would benefit from, don’t hesitate to ask your rep! Keep in mind, we are approaching Sharetec’s customer appreciation month with added discounts on our products and services! Don’t miss out!

Click here to read the full success story. 
 

2022 CONFERENCE LOGO

The Sharetec team is so excited that the 2022 Sharetec Users Conference in Nashville, TN is less than a week away! This conference is a yearlong project that comes down to 4 awesome days. The work for the next year’s conference starts even before the current year’s conference starts. Our team has been working very hard to make this year the biggest and best conference yet! I mean how can you not have a great time in Nashville! We are expecting our largest attendance ever and have made sure to put on a great show! We are talking keynote speakers covering cybersecurity and leadership, educational breakout sessions that will leave you with actionable ideas to implement right away, and evenings filled with amazing entertainment and everything else Nashville has to offer. Not to mention great food and cocktails! Wow, we just can’t wait to see all that are attending.
Pics Sharetec22
But wait, there is more! To help promote our biggest and best conference yet, we are putting on a little healthy competition. We ask that you capture your time at Sharetec22 and share it with us and our followers on our social media. For doing so, we will enter you into a contest to win a prize. Throughout your time in Nashville, we ask that you take pictures of you or your staff or any new friends that you’ve made and post them on either Twitter or LinkedIn, tagging Sharetec and #Sharetec22. Each post will grant you one entry into the contest. A little tip, if you post it on both LinkedIn AND Twitter, you qualify for double points! At the end of the conference we will tally up the posts that came in and on October 3rd, we will announce the 1st place winner. The winner will receive a $100 VISA gift card.

We want to thank everyone who is attending Sharetec22 this year and we are excited and ready to show you everything Sharetec has to offer as well as leave you with valuable information to take back to your credit unions! Oh and not to mention all the fun we will be having in Nashville! See you all in less than a week!

Farbod Salman, Director of Marketing, Sharetec

AutomationProcess NDS

Sharetec’s Auto Enrollment allows credit unions to provide their members an easy-to-use, secure, and user-friendly option to view and print eStatements and eNotices from the convenience of any device with internet access.

One credit union that took advantage of Sharetec’s Auto Enrollment is Winnebago Community Credit Union (WCCU). The credit union wanted to improve its cost savings and operational efficiencies, as well as member relations. Before WCCU switched to Sharetec’s Auto Enrollment, only 32% of their members were using online banking and only 16% of those members were using eStatements and eNotices. The credit union saw the following results after switching to Auto-Enrollment:

  • eStatement and eNotices penetration grew 500%

  • 96% of home banking users now use eStatements and eNotices

  • $14,500 in annual savings

  • Provided quicker turnaround

Winnebago Community Credit Union continues to see great success with the use of Auto Enrollment. “With Sharetec’s Auto Enrollment, WCCU has the peace of mind that their statements and notices are being delivered to their members securely and more efficiently than before. It has proven to show true return on investment for WCCU, as well as many other Sharetec customers,” remarks Matt Isger, Regional Director for Sharetec.

For more information, contact your representative today. 


Allied Logo19 mfcu

What we have seen happen is many credit unions struggle to offer more services to their members outside of borrowing money. The credit unions need a product that would increase checking accounts and encourage members to make the credit union their primary financial institution. One product is Bill payment capability, which has become a standard anymore. Many credit unions offer some sort of system that enables bill payment for their members but they are not always the best or user-friendly.

Luckily, Sharetec has a solution for bill payment capability and that is through Allied Payment’s PicturePay® and P2P digital payment solutions. Not only are Allied’s solutions easy to use but they are also secure. Credit union members love the ease of using Allied Payment Network for their bill pay and person-to-person transactions. The adaptability to mobile offers them access anytime and anywhere with an internet connection. This capability puts credit unions in a great position to be the full-service financial provider that many members need and want.

One credit union that took advantage of this capability was Members First Credit Union out of Madison, WI. Jenny Kutz, VP of Operations for Members First CU, comments, “After seeing Allied Payment Network at Sharetec’s Users Conference, we knew we wanted to utilize its technology for our many members whose primary relationship with the credit union is auto and HELOC loans. We thought PicturePay® would be a great way to help push checking accounts to these individuals.” Jenny continues, “Implementing both of Allied’s services grew the number of members who use bill pay by 25% and, in turn, these members increased usage of their checking accounts. Additionally, transactions initiated through PicturePay® and P2P have increased approximately 50% compared to our previous bill pay provider."

PicturePay® technology allows members to pay bills and set up payees from their mobile phones by simply taking a photo of their bill. Allied’s P2P solution provides real-time person-to-person transaction speed, allowing recipients to accept payments through standard ACH or in real time to their debit cards.

Carrie Heck, Account Relationship Manager for Sharetec, comments, "Providing our clients more options when offering their member's online bill payment services helps our credit unions increase their online banking interaction while keeping their members happy. Members are constantly looking for the latest tools to meet their financial needs and providing Allied’s convenient and easy-to-use payment solutions on the powerful Sharetec mobile platform, is a great win for our customers.”

To read the full case study, click here.

Farbod Salman, Director of Marketing, Sharetec

YoungerMembers

As I go into our local Smoothie King to get a giant mango smoothie, I see younger and younger faces working behind the counter. I noticed one of the workers was 14 years old. I spoke to him and he told me he works about 7-8 hours per week after school and on Saturdays. I see the same thing at other local shops that I visit. Many young individuals (who fall into the Gen Z category) are starting to work much earlier in life in order to earn extra cash to buy the hottest shoes, gear, or even saving up for car. I remember back when I had to deliver newspapers and walked around during the summer to cut grass for the neighbors, or shovel snow in the winter. I didn’t get my first real job until I was 16, and I thought that was early, but I could never imagine working at 14 and making up to $15/hour! With the demand for workers, many businesses are more than happy to pay $15+ per hour in order to get help.

I understand many young workers do not have an institution that they work with. A number of them either use their parents’ bank accounts or just open an account with the CU or bank their family has always been with. Do you know why this is? It is because they are not educated on the best options for them and they are not seeing any advertising geared towards them and their needs. This is something that happened to me. When I got my first job at 16, I wanted a car and I opened my first bank account with a big large bank because that is where my parents had an account. I also needed the help of my parents since I was only 16. But what if I was educated and saw enough positive messaging from my local credit union to consider doing business with them instead? My parents never forced me to work with the big bank, that’s just something I did because I didn’t know of any other options. I thought this was the only bank I could work with. Let me tell you, I did not like the big bank and they truly did not care about the young adult that was a very small number to them. I hate to say it but I stuck with that bank for many years just because it was easy and that’s all I knew. Once I decided to make the switch, because the messaging finally was relevant to me, I knew I made the best financial decision to work with a local credit union. They had better options and better security, and one big thing I really liked. I don’t carry a lot of cash with me and I go to ATMs quite often. My BIG BANK had very few ATMs in our city and they did not reimburse for ATM fees, which is a big pet peeve of mine. Having to pay those $2-$10 fees were ridiculous. One of the biggest things my CU does is reimburse all ATM fees which was a huge deal for me among other things that they offer.

What is really important here is the need for credit unions to capture this valuable audience. Although the amount of income and activity will be low, you must look at it as an investment towards the future. Working 7-8 hours per week making $10-$15/hour is not much but you are capturing that member at the very beginning of their financial journey, and as they grow, so will your relationship with them. There will be time for their first car, for their first personal or business loan, for their first mortgage or home equity loan. They may get married and have kids and grandkids, and that is really where the relationship matters. If you keep them satisfied as a member, their family will do business with you through the years. As you nurture these relationships and educate the member early on in their journey, they will build trust with your institution, and they will bring you more business.

Are you capturing the younger demographic as early as possible during their financial journey? Or are you just focusing on the members that will bring you more immediate value? While immediate value is important and matters to the current state of the credit union, the most successful CUs in the country understand that they have to focus on long-term planning and long-term success so they understand the need to nurture the future demographic of their credit union.

Farbod Salman, Director of Marketing, Sharetec