Building and maintaining a strong membership is without a doubt one of the most important things a credit union focuses on. Not only is it a way to succeed in an extremely competitive and dynamic financial sector but it is also a way for members to succeed in their financial journey. One challenge is the climbing average age of most credit union members. It is critical that credit unions offer the right tools that not only aim to attract the new, younger demo, but also serve current members that will have completely different needs. Not only do new products effect members but they also effect the credit union staff who need to become fully trained and experts in the product in order to market to and serve the members. The goal is always to exceed the expectation of members while assessing what level of effort it takes on the staff and the credit union as a whole.

One example of providing the right tools is the case of Matagorda County Credit Union (MCCU) which was suffering from stagnant membership and revenue growth. Sharetec was able to introduce reporting tools and member-facing features allowing MCCU to capture untapped customer bases, effectively addressing their most critical challenges. Too often credit unions fail to properly look at and analyze their reporting and many cores do not have the capability to provide such intelligent reports to show the credit union where it can grow. Since 2015, MCCU has grown its total assets by 16% and net income by 83%. They have done this by assessing their members’ needs as well as understanding what would attract new members using the data in their Sharetec Core system. MCCU continues to grow by utilizing Sharetec’s tools and features to promote the right products to their membership. Making intelligent decisions while looking at your data provided by your core can make the difference between a growing membership base and a failing base.

In addition to having access to data, being able to see it and make decisions quickly is also important and can lead to the membership growth that MCCU experienced.  The Sharetec reporting tools played a key role in the growth at MCCU when a few years ago, a new highly specialized manufacturing company opened nearby. As new managers and engineers moved to the area to support the company’s growth, it included a wave of transplanted employees who were young professionals that needed financial services for their families in unfamiliar surroundings. MCCU reached out to them and was able to supply the products and services they were most interested in because they had done the analysis in advance for their region and understood what services were missing.  Now both existing and new members that bring a younger demographic have gained financial tools with incredible member service and the credit union is able to see significant growth.

If you aren’t utilizing your data in the most efficient and useful way or if your current core is not providing the tools necessary for your to evolve and grow then it may be time to reach out to Sharetec and see why so many credit unions are making the change. Sharetec evolves as you do and provides the tools you need before you even know you need them. That is what you should expect from a true core partner.

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