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How many times do potential savers aim for the piggy bank but miss the mark? Certainly, committing to a savings plan isn’t easy, and making regular savings account deposits can be even more challenging. That’s where Sharetec’s Easy Saver feature comes in handy as a sweet way to accumulate extra funds!
Easy Saver provides a convenient and painless way for your Credit Union members to save with ease. This account feature helps them stay on target by building their savings accounts effortlessly and incrementally, without having to make larger, lump-sum deposits. Members can accumulate a modest savings, a little at a time—without even missing that extra change!
The idea behind Easy Saver is simple: members’ debit card transactions are rounded up to the nearest dollar and the difference is securely deposited into a designated savings account. Funds can go directly into a member’s savings account or into another member's account, such as a child or grandchild. Eligibility only requires that the member have a savings account, checking account and a debit card set up to make purchases.
Provide your members with a savings plan that truly hits the mark! With Sharetec’s Easy Saver, you’ll help your members transform their extra change into funds that can be effortlessly and easily accumulated - what a sweet way to build savings!
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TransFund has been partnering with community FIs to deliver an EFT processing program with best-in-class customer service for more than 45 years. Is it time for you to consider the TransFund advantage?
Below are a few reasons why other credit unions switched toTransFund.
- All TransFund Conversion Costs are Waived
- Exciting New Products will be Included
- Pricing is Locked
- Turn-Key Instant Issue
- Reissue the Portfolio, or Simply Move it Over
- Maximize Non-Interest Income
- Custom Cards, Every Time
- Complete Marketing Support
- Credit Card Programs
- Excellent Fraud Management Tools
For a no-obligation program analysis and pricing proposal, contact your Sharetec Rep today at sThis email address is being protected from spambots. You need JavaScript enabled to view it. or visit www.transfund.com for more information.
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Some 78% of financial executives think their work is going to change over the next five years because of new digital business trends, says the Deloite Center for Financial Services Banking Outlook Report. Members now expect to interact with a credit union the same way they order groceries or pizza. These consumers want to head into a branch or hit digital channels that can provide instant gratification. One of the trends that is shaping the digital landscape for credit unions into 2020 is moving to the cloud.
While the digital forces drastically changed industries around them, the financial sector seemed protected from the chaos. Vertically integrated business models seemed to insulate them from external forces, and banking regulations made it nearly impossible for competitors to get into the game.
But the digital tide financial executives thought they’d outpaced is now rolling in. It is coming in the form of rising customer expectations, unexpected competition, and the evolution of the platform economy. All driven by digital technology. According to a study from NNT Data, nine in 10 financial services executives think this is the year for a full-scale digital transformation. Financial institution leaders are done investing in just bits and pieces here and there. Instead, they’re favoring a fundamental change in technology and process.
Members are demanding service excellence through a host of digital channels. Your core and member services platforms need to be agile enough to deliver and then scale. Sharetec can help! Contact us today!
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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.
Before Winnebago Community CU (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. There are around 96% of WCCU's Online Banking members using eStatements and eNotices. That is a 500% growth and an annual savings of $14,500.
To read the full case study, click here.
If you are ready to implement Sharetec's Auto-Enrollment, contact us today at This email address is being protected from spambots. You need JavaScript enabled to view it..
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While it’s critical for credit unions to woo millennials and increase their younger membership, many may not be optimizing their strategies to lure another key market-baby boomers. According to Credit Union Times, there are 74 million Americans aged 55 to 73-and significant things credit unions can do to attract them.
As they strive to entice more senior members, credit unions should note that:
· Baby boomers are significant financial influencers with considerable power over the next generations’ financial decisions. Their children tend to ask for advice and follow their parents’ lead, and may even inherit assets from their financially-sound elders. So, while millennials may be the driving force behind “influencer culture,” boomers are influencing them with regard to their financial future.
· Baby boomers aren’t afraid of technology. Data from Pew Research notes that 79% of Americans between 50 and 64, and 53% over 65, own a smartphone. And 52% of boomers own tablets and 74% have broadband in their homes.
· Boomers continue to grow more responsive to digital as their use of Facebook, Skype and the like increases. Remote family members, children and grandchildren are showing them new ways to communicate and do things online. Therefore, younger generations are actually bringing older generations into the digital age.
· Credit unions excel in personal, down-home engagement. Unlike larger financial institutions, credit unions tend to be more adaptive at meeting the unique personal needs of senior members. For example, boomers may have “dual demands” in wanting both digital and analog experiences. While many older boomers still prefer human interaction, they do use some technology. These conflicting demands tend to pose a bigger challenge to larger institutions who may be laser-focused on things like artificial intelligence and marketing automation.
Even if credit unions feel they have neglected baby boomers for the past few years, they can revamp their efforts with these Six Tips for Catching the Baby Boomer Wave:
1. Look to video as a way to attract seniors. Consider video tutorials or even collaborating with a local community college to offer basic courses in digital banking to assist boomers.
2. Target ads to baby boomers with genuine messaging. Make sure that any ads aimed at seniors are heartfelt and offer useful, relevant financial solutions that can make a difference in their lives.
3. Spotlight financial management services. As boomers age, they naturally think about their future bills and may consider debt services. Consolidating debt now or refinancing at a lower rate can open opportunities for credit unions to offer their services to help seniors better manage their finances.
4. Avoid tired, elderly imagery. Credit unions must ensure that the images they use feature active, on-the-go seniors, as opposed to those that might come across as patronizing or even insulting to older Americans.
5. Employ simplicity. When it comes to printed materials, credit unions should avoid trying to fit everything on one page. Instead, opt for simplicity that presents easily digestible information and easy-to-follow instructions, which will be appreciated by more than the boomer population.
6. Structure senior workshops or individual financial checkups. The “me” generation values their individualism and independence, so help them plan for their individual needs as well as the future financial wellbeing of their offspring. Many boomers are generally healthy and living active lifestyles, perhaps thinking about luxury retirement condos or how to pass on their wealth to the next generation. Present relevant, personalized solutions within a structured setting to help them make the most of their pre- and post-retirement years and beyond.
Sharetec has been beneficial in helping credit unions grow their membership to include baby boomers, millennials and those in between. Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn how we’ve helped credit unions increase their numbers, as well as improve functionality, efficiencies and much more.
