Here at Sharetec, we work and speak to credit unions every single day and the number one focus, no matter which credit union we are speaking to, is member experience and how we, as the core data processor, help improve it. In order for us to provide the best technology and top of the line customer service, we need to first learn what current and future members are demanding from their credit union. With so much competition of banks and various online options, credit unions must provide the most in demand products and services in order to stay competitive and win the business of not only their current members but also attracting new, younger members.

So what is it that these members are demanding? Member facing experiences! First and foremost, it is technology on the go. Members want to be able to do as many transactions from their mobile devices as possible. Members are also demanding to be able to do 100% of their banking outside of the branch. With busy lives, members want to be able to do their banking at home, on their time. This is especially true for members that have moved away, for whatever reason but still need to access everything their credit union has to offer.

Another big thing members are wanting is an interaction with their financial institution. Many credit unions have been doing the same thing for over 100 years. They have been serving the same members but have not evolved. New, especially younger members, are wanting more than just a place where they put money in and take money out. They want a place where they can grow whether it’s a new car, or a new home or a loan for starting their first business. The more involved credit unions are in their member’s financial lives, the more these members will become loyal. Brand loyalty has completely gone away over the last 30 years, with people now choosing the cheapest or the fastest and easiest options. One thing many credit unions have not lost is customer service and the member experience. Here at Sharetec, we operate the same way and believe with so many products and services out there and everyone offering the same guarantees and warranties, true and real customer service is the only remaining differentiator. While speed and pricing is important, if someone truly believes they are cared for they will continue to do business with you. Customer service is not the only thing that is important though. A credit union should be able to rely on their core processor to provide services and products that will help them succeed. If your core is not adapting and changing with you and your members, then is that a brand you should remain loyal to? Is converting to a new core always the fastest and easiest option? No, we will be the first ones to tell you that but it is in many cases the best option that will not only save time and money in the long run but provide opportunities for you to take care of your members, long term and win the new younger demographic which will be the member base for the next 50 years.

If you feel you are one of those credit unions that has just been doing the same thing over the last “x” amount of years and been saying our core is “good enough” then maybe it is time to talk to Sharetec and see what we can do to help you stop being a “good enough” option for members, instead become the “go to” option. We look forward to hearing from you!

“Credit Unions deserve to have the best available products and services provided by their core partner. Core partners that do not evolve and grow with the financial institution can be the reason why members go elsewhere and new members never even consider that credit union. There is so much competition out there, it is imperative that credit unions adapt to meet the new needs of members. Sharetec is not just a core data processor, it is a partner for the future.” Farbod Salman, Director of Marketing, Sharetec.