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Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances. The surge in missed payments suggests that the flood of layoffs related to the coronavirus has left many Americans without the means to keep up with their debts. Many are expecting delinquencies to soar later this year as the recession drags on.

Topics like delinquency and collections are particularly tough to talk about now but are a necessary reality of the banking industry. We understand and want to share about some of our products that could help your staff have difficult conversations and assist your members navigate financial insecurity.

As the pandemic drags on, more members may be interested in pursuing loans to tide them over. Sharetec’s Online Member Services application allows members and non-members to apply for loans through your credit union website. Current members can simply sign into their home banking site and apply for a variety of products, including loans. Non-members can apply for their credit union membership at the same time they apply for their loan, saving time and work for potential members and Credit Union staff. 

Sharetec’s Charge Offs electronic tracking can help better serve your members if they are looking to pay on delinquent accounts. Sharetec maintains all charge off information related to a particular member, including the loan number, balance, doubtful percent, doubtful amount, officer, loan type, reason and any notes. If a recovery payment is received, it can be applied to the loan using the transaction screen, just like any other loan payment. In the event a member chooses to make amends and wishes to make payments with interest, Sharetec accumulates that interest automatically on the loan record, so providing a payoff quote becomes a straightforward process.

Sharetec’s Collection System is optimized for member-level collections. Delinquent loans, delinquent credit cards and negative share accounts are listed so a collector is able to view all collection activity in a collection queue. Members are displayed in date order based on their delinquency or previous commitments, and all collection notes are stored in one place, sorted by date, and ready when they’re needed.

Sharetec is here to provide support and tools to help you serve your members during this uncertain time.

Think Fast, Move Smart Don't let repetitive tasks slow you down

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With Sharetec’s Automated Processing you can automatically transfer and post files
like ACH, Share Draft, ATM Debit, OFAC, ACH and Share Draft Returns, FIDM, Bill Pay, Statements, and Positive Balance. Employees can focus on managing member relationships, and as a result, the processing power of your credit union will increase greatly. You will never have to download, upload or post a transmission file again.

 * No more redundant delays
 * Streamline daily operations
 * Less fees, more opportunity
 * Save time and money

Sharetec’s Automated Processing will simplify your daily tasks, allowing you more time for your members.Sharetec’s Automated Processing is one of our most popular products. It allows you to serve your members more efficiently because your time will be freed up from tasks you have to do manually today. Happy members plus a happy staff - everyone wins.

Contact us today for more information.

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Credit union members appreciate the ease of using Allied Payment Network for their bill pay and person-to-person transactions; the adaptability to mobile offers them access wherever they are. This  accessibility puts credit unions in a great position to be the full-service  financial provider that many members seek, as it did for Members First Credit Union in Madison, WI. 

Jenny Kutz, Vice President of Operations for Members First Credit Union, 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. Implementing both of Allied’s services grew the number of members who use bill pay by 25% and, in turn, these members increased usage on their checking accounts. Additionally, transactions initiated through PicturePay and P2P have increased approximately 50% compared to our previous bill pay provider.”

To read more of this case study, click here

savvy money

June 16, 2020

Sharetec announces a strategic partnership with SavvyMoney to enhance Sharetec’s home and mobile banking solutions. Sharetec has experienced exponential growth over the last few years, and the partnership with SavvyMoney elevates their capabilities and delivers additional cutting-edge technology to their credit union clients.

End users will have access to a credit score and report tool, which explains key factors that influence their credit, monitors their report for changes and allows the ability to update their credit report daily. The credit score “offer engine” highlights key savings opportunities with pre-qualified loan offers based on the user’s credit score.

“Two of our organization’s main goals are to keep things smart and simple,” said Dan Miller, VP, Sharetec System. “We’re interested in enhancing productivity for our credit union clients. The SavvyMoney solution provides users access to money-saving pre-qualified loan offers based on their credit score, simultaneously creating real-time targeted marketing lists for credit unions.”

“Our solution for financial wellness and loan growth aligns perfectly with Sharetec’s vision for simplicity,” said JB Orecchia, SavvyMoney’s CEO. “Consumers can easily manage and understand their credit score and work to improve and maintain a good credit rating, which enables them to qualify for the best rates on loans.”

Sharetec and SavvyMoney will partner to offer a simple financial wellness solution that empowers credit union members to take control of their financial future with easy-to-understand, actionable advice about their credit. The integration will allow credit unions to be up and running with the solution in less than 60 days.

For PDF version, click here

Member DSOT

While it’s paramount to take care of urgent member needs today, it’s becoming increasingly important to begin setting your sights on creating memorable, value-added experiences for new members. Doing so will remain key to the long-term growth of your credit union.

A simple and accommodating enrollment process means members are more apt to open an account with your credit union. Sharetec’s Online Member Services facilitates new member enrollment and provides a channel for new shares and loans to be opened by existing members – at any time, from anywhere.

During the on-boarding process provide your new and prospective members with tips that can help them save and build credit. You can highlight your commitment to their financial goals by offering features such as Sharetec’s Personal Financial Management (PFM). Sharetec’s PMF partners with Geezeo and MoneyDesktop to allow members to create budgets, set financial goals and manage cash flow while viewing all financial data on a single screen.

The more invested a prospective member feels that you are in their financial success, the more likely they are to choose you over your competitors. Let Sharetec help you today!