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As mergers become more and more common and the focus on income increases, credit unions are concentrating on non-interest income to make up for the lack of loan income that has also become common. It is not a surprise that every credit union is looking for ways to lower their operating expenses but they need to do so without sacrificing member facing experiences or causing other issues.

A Sharetec credit union, Member’s First Community Credit Union, located in Quincy, IL, wanted to lower operating expenses while improving member facing experiences. The credit union is a non-for-profit member-owned financial cooperative dedicated to providing stable, comprehensive and competitive financial services to meet member needs. Since 1985, when Teri McEwen, CEO, joined the credit union, it has grown from $1 million in assets to over $72 million.

Member’s First was able to accomplish its goals with Sharetec’s eNotices module. With eNotices, members receive their information faster than they would through traditional mail, providing them easy access to notices, letters and other correspondence related to their account. Members “First” community credit union saves big money on postage and expenses, as well as well as additional savings from envelopes, paper, ink, folding, and most importantly, staff time.

Teri McEwen, CEO of the credit union, remarked, “We appreciate the fact that Sharetec continually adds new products like eNotices. One of our goals is to keep up with the larger financial players in our market and the eNotices module gives us that opportunity, which has proven to be a great success for our credit union.”

Since Member’s “First” community credit union started using Sharetec’s eNotices module, they have reduced their monthly expenses by $975! The end result of implementing the eNotices feature is that it benefits both the credit union and the member. Overall annual savings totaled $11,700 with spending cuts to postage, envelopes, paper and staff time which averaged 45 minutes to 1 hour daily.

Click here to read the full case study.