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ScottWhiteSavvy

Sharetec has partnered with SavvyMoney, a fin-tech industry innovator and provider of credit score and other related financial solutions for every online and mobile banking platform. SavvyMoney provides comprehensive credit score analysis, full credit reporting, monitoring, and personalized offers all accessible in one dashboard with no extra fees! SavvyMoney 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.

One Sharetec success story is Scott & White Employees Credit Union (SWECU), located in Temple, Texas. SWECU has experienced tremendous success utilizing SavvyMoney’s suite of services. Celeste Kaylor, President/CEO comments, “We had a total of 554 members of our 4,376 members enroll in the product. In the first 6 months we received 115 loan applications with 87 booked applications totaling $1,681,081.30. We have 9 applications pending for an additional $168,559.13 and 3 mortgage/home equity loans to close within the next 30 days for another $203,500.00.

JB Orecchia, President and CEO of SavvyMoney, said, “We are thrilled that Scott & White Employees Credit Union (SWECU) is seeing great results from our credit score product.  Not only are they empowering their members to improve their financial lives through awareness and a better understanding of their credit score but they are also able to grow their relationship with members by highlighting credit union loans that save members’ money.  A win-win for the member and the credit union!” 

Sharetec is pleased to partner with SavvyMoney and looks forward to more Credit Unions utilizing this tool to increase loans, member experience, and loyalty. With SavvyMoney, your members will have instant access to their credit score, credit report, personalized money-saving offers, and financial education tips on how to improve their score. Deborah Resavage, VP of Sales, Sharetec System, comments, “We couldn’t be more pleased with the successful partnership that we have with SavvyMoney. This partnership provides our customers with best-in-class service and real results!” 

If capabilities from SavvyMoney is something your credit union could benefit from then do not hesitate to fill out our Contact Us form, here on our website. We will be in touch right away.

To read the full case study, click here
 

MCCU

One thing that is clear is that each Credit Union, no matter the size, faces unique challenges when it comes to providing the needed services and tools for their members. What is especially difficult is being able to provide tools and services that will not only attract new younger members but also help maintain long term members as well. The most important thing for any credit union out there is building and maintaining memberships while having the ability to provide new tools and technology to build member loyalty and value. It is extremely important for any core data processing partner to provide these necessary tools to its credit unions and that is exactly what Sharetec does.

One great example of a credit union benefiting, from its partnership with Sharetec, is Matagorda County Credit Union (MCCU). Since 2015, MCCU, has grown its total assets by 16% and net income by 83% by utilizing the tools Sharetec has made available. MCCU was able to assess their member needs as well as understood what would attract new members using their Sharetec Core System.  

Too often, credit unions have the data but cannot access it due to old databases and legacy software.  Often when they do get the data out of a system it is not in the format they need and are a long way from having the tools to make intelligent decisions. Sharetec bridges that gap by making all the data available and providing business Intelligence tools to evaluate that data and put it in to work.

We recently spoke to MCCU President Linda Ging. When asked why she is most thankful that their Credit Union made the switch to Sharetec, Linda shared the following:  “Sharetec’s robust, accurate reporting allows us to better manage our business, control costs, and measure risk. We have access to reports that were unavailable with our former data processing system. On top of that, we can now offer the products that our members want—Home Banking, Mobile Banking, e-Statements, online loan applications, and more. Sharetec has better automation tools like credit card download and sweep as well as end of month and end of quarter reporting.”   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 Matagorda County Credit Union 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 understanding 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.”

Linda concluded by saying, “Signing a contract with Sharetec was a positive move for our credit union,” Linda added. “They have the products that we and our members need in user-friendly formats, and their customer service is friendly and accurate. There is no doubt in my mind that our decision to partner with Sharetec has contributed to our credit union’s success, and we look forward to adding more services in the future.”

To read the full success story, click here
 
 

Goals2022 2

Supply chain issues and labor scarcity is present today in every industry including credit unions that are being impacted, particularly at the lower end of the employee range. How to best address the present labor shortage is on the minds of every credit union CEO heading into 2022 as many consider this cultural shift in employment may be here to stay.

The credit union industry has already made great strides since the beginning of the pandemic in moving toward a digital-first mentality and creating more connected touchpoints for their members, yet there remains much more to be done in order to remain relevant in the “new-normal”.

On the positive side, credit unions remain financially healthy with plenty of capital and excess liquidity providing purchasing power to allow them to further define their digital-first strategies while implementing new technologies that automate front and back office functions to provide greater efficiencies and address the reduced labor force.

Heading into the New Year, credit unions will have much to consider with regards to implementing new technologies and re-evaluating their business processes to gain efficiencies while creating a better member experience through all channels - both physical and digital.

As a leader in the development of credit union software, Sharetec’s core processing solution helps our partner credit unions to strengthen income streams, reduce expenses while delivering one of the best return on investments (ROI) in the industry.

To learn more about how Sharetec can help your credit union do more with less contact us at This email address is being protected from spambots. You need JavaScript enabled to view it.
 

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Remember when you were told to throw any loose change in your pockets in to a jar at the end of the day as a “savings?” Well Sharetec has adopted that same philosophy with debit card purchases. Less and less people are using physical money and instead using their debit cards for most every day purchases. Well there is no physical change when you use your debit card so how does this work? Sharetec’s Debit Card Round Up Program works in a way that whenever you make a purchase with your card, the total is automatically rounded up to the next dollar and that difference “change” amount is transferred over to your savings account. So every time you use your card you are virtually “throwing change in your saving’s account jar.” Some of the Sharetec credit unions that are currently offering the program are reporting record high enrollments and high member satisfaction and loyalty.

Landmark Credit Union has been promoting Sharetec’s Debit Card Round up Program, or as they call it, “Round Up Savings,” to members for many years and use the term “throwing your loose change in a jar” to increase enrollment. Promoting it through posters and on their website, they also offer members the option to sign up by simply selecting the benefit through their debit card application.

Anna Melecosky, Vice President of Landmark Credit Union, remarks, “We have a simple statement on our debit card application that allows our members to select the program when applying for a new debit card. This gives us the opportunity to cross-sell this option to our members, offering them complete control of their money that is being transferred to the account.” Anna continues, “With about 16%  of our Share Draft accounts currently enrolled in our Round Up program, members are amazed how quickly their account grows  just by using their debit card for  purchases.” Landmark’s member-ship as a whole uses their debit cards more than any other form of payment. “It’s fantastic.” 

Matt Isger, Regional Director for Sharetec, comments, “Members can save without having to do anything. They can sit back and watch their bank account grow. It’s simple and easy, exactly what members want.”

To read the full case study, click here
 

HarvesterPlatinumEltropy

Leading Credit Unions into the Digital Revolution, Eltropy uses their world-class digital communications platform to help Credit Unions improve operations, engagement, and productivity. Teams across the entire Credit Union can leverage Eltropy’s award-winning, secure and compliant Text Messaging platform to increase member engagement, as well as relevant insight via Analytics. Sharetec Credit Unions like Harvester Financial Credit Union and Platinum Federal Credit Union have utilized Eltropy’s digital communication services to provide their members a variety of opportunities through lending, sales, marketing, IT, contact center, collections, reviews, and more. There are several Sharetec partnered credit unions that are utilizing Eltropy and below are two credit unions that have seen significant engagement while using Eltropy with their members. With today’s technology driven world and the increase in younger members, it is important for credit unions to adopt and offer easier ways for members to engage through their mobile devices.

Kabir Laiwalla, CEO of Platinum Federal Credit Union, comments, “The platform for Eltropy is much better and user friendly compared to our last provider. The overall layout of the system is very pleasing to the eye and very simple to navigate. When you dive into the main messaging area you can easily start a conversion with a member or open a new message.” 

“We went live with Eltropy in June of 2021. The adoption by the members has been quick and successful as we immediately started getting text messages on a variety of issues, including inquiries about obtaining a loan.  We have seen the usage go up each week since implementation,” comments Jason Ford, President/CEO of Harvester Financial Credit Union.

“Eltropy is a great partnership for Sharetec because it allows our Credit Unions the power to connect with their members and stay competitive in a world where quick service is so important. This platform is easy to use and comes with so many benefits: workflows, automations, compliance and security all in one,” comments Carrie Heck, Regional Director for Sharetec. 

To read the full success story, click here