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Members
Here at Sharetec, we work and speak to credit unions every single day and the number one focus, no matter which credit union we are speaking to, is member experience and how we, as the core data processor, help improve it. In order for us to provide the best technology and top of the line customer service, we need to first learn what current and future members are demanding from their credit union. With so much competition of banks and various online options, credit unions must provide the most in demand products and services in order to stay competitive and win the business of not only their current members but also attracting new, younger members.

So what is it that these members are demanding? Member facing experiences! First and foremost, it is technology on the go. Members want to be able to do as many transactions from their mobile devices as possible. Members are also demanding to be able to do 100% of their banking outside of the branch. With busy lives, members want to be able to do their banking at home, on their time. This is especially true for members that have moved away, for whatever reason but still need to access everything their credit union has to offer.

Another big thing members are wanting is an interaction with their financial institution. Many credit unions have been doing the same thing for over 100 years. They have been serving the same members but have not evolved. New, especially younger members, are wanting more than just a place where they put money in and take money out. They want a place where they can grow whether it’s a new car, or a new home or a loan for starting their first business. The more involved credit unions are in their member’s financial lives, the more these members will become loyal. Brand loyalty has completely gone away over the last 30 years, with people now choosing the cheapest or the fastest and easiest options. One thing many credit unions have not lost is customer service and the member experience. Here at Sharetec, we operate the same way and believe with so many products and services out there and everyone offering the same guarantees and warranties, true and real customer service is the only remaining differentiator. While speed and pricing is important, if someone truly believes they are cared for they will continue to do business with you. Customer service is not the only thing that is important though. A credit union should be able to rely on their core processor to provide services and products that will help them succeed. If your core is not adapting and changing with you and your members, then is that a brand you should remain loyal to? Is converting to a new core always the fastest and easiest option? No, we will be the first ones to tell you that but it is in many cases the best option that will not only save time and money in the long run but provide opportunities for you to take care of your members, long term and win the new younger demographic which will be the member base for the next 50 years.

If you feel you are one of those credit unions that has just been doing the same thing over the last “x” amount of years and been saying our core is “good enough” then maybe it is time to talk to Sharetec and see what we can do to help you stop being a “good enough” option for members, instead become the “go to” option. We look forward to hearing from you!

“Credit Unions deserve to have the best available products and services provided by their core partner. Core partners that do not evolve and grow with the financial institution can be the reason why members go elsewhere and new members never even consider that credit union. There is so much competition out there, it is imperative that credit unions adapt to meet the new needs of members. Sharetec is not just a core data processor, it is a partner for the future.” Farbod Salman, Director of Marketing, Sharetec.
  

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Credit Union members are constantly demanding convenience and the need to do more from their home or mobile devices. Whether it is loan paperwork or other financial documents, many people do not want to have to come to a physical branch to get these things signed. More and more members expect their financial institution to allow them to do everything online. That is where Sharetec’s Remote Signatures comes in. Remote Signatures offers members a simple and intuitive experience which allows them to sign documents anywhere and on any device.

Many credit unions have experienced great success with Remote Signatures, Sharetec’s innovative software that offers convenience, ease and security to credit unions and members alike. Remote Signatures allows loan officers to electronically transmit loan documents directly, from Sharetec to members, for their electronic signatures, enabling credit unions to be anywhere their members need them to be.

Credit unions want up-to-date technology that not only saves them time and money but also offers their members what they need. The main focus of every credit union is member experience.

Kabir Laiwalla with Platinum Federal Credit Union comments, “We wanted members residing in different states to have the convenience of a concierge service and to stay relevant with the time and technology of attracting more members.”

Sharetec’s Remote Signatures has proven to be a smart solution for many Sharetec credit unions.

Erica Volpe with Money Federal Credit Union expressed her concerns about having many of their members living far away from the credit union. “We have members in almost every state in the U.S. and some living abroad. Offering Remote Signatures was vital in keeping our members satisfied.”

Sharetec’s Remote Signatures is a simple, convenient option for basic loan transactions that streamlines the lending process by enabling members to complete the lending process without stepping inside a branch. From the application to the approval of the terms, disclosures and add-ons, everything can be sent, signed, sealed and delivered electronically. 

To read the full case study, click here.
 

Members1st

More and more credit unions are focusing on non-interest income to make up for the lack of loan income coming in. While increasing non-interest income, it is important to keep member relations and experience at top of mind.

Located in Quincy, IL, Member’s First Community Credit Union is a non-for-profit member-owned financial cooperative. Since 1989, When Teri McEwen, CEO, joined the credit union, it has grown from $1 million in assets to $72 million in assets. The credit union wanted to increase their non-interest income while improving the experience of their members. Member’s First Community CU implements a number of key products to generate incredible income and decrease their expenses. This effort has catapulted them into the top 1% ROA of all credit unions in the country. One of the key products the CU uses is Sharetec’s Tiered Courtesy Pay feature which provides the credit union with a risk-based fee structure. Previously the CU used a flat rate courtesy pay fee structure for their members for many years and had great success but the CEO wanted to do even more for the credit union and their members.

Sharetec’s Tiered Courtesy Pay feature gives credit unions more flexibility in helping their members when it comes to over-drafts while allowing them to setup granular risk-based fee structures. Members who frequently overdraw their accounts pose a higher risk to the credit union and thus should pay a higher fee then those members who occasionally overdraw their accounts.

CEO, Teri McEwen remarks, “we have offered traditional courtesy pay for a while but when we switched to Sharetec’s Tiered Courtesy Pay, our income increased by 11% and members love the flexibility of the program.” With Tiered Courtesy Pay, members receive free or discounted overdrafts at first, then the fee gradually increases the more the member uses the service. The end result of implementing this tiered structure is a fee program that is fair to both the credit union and the member.

The benefits and results have been outstanding for Member’s First Community Credit Union. With income increases of 11%, reduced fee reversals, improved member relations and reduced expenses, there is no questions why this credit union is thriving. Having the ability to offset the cost of processing and monitoring overdrafts and providing a cushion (revenue stream) that is used to offset potential losses, is a huge reason why the credit union is experiencing rapid growth.

To read the full case study, click here
 

dashboards
Do you have to pull and combine several reports utilizing 2 or 3 different systems in order to see how your credit union is performing? Do you have difficulty finding trends and analyzing data? If this is you, you are not alone. Many credit unions around the country have a hard time accessing vital information regarding their business. Sharetec recognized this hurdle and introduced Dashboard 2.0.

Sharetec’s Dashboard 2.0 offers credit unions a unique and intuitive solution to reporting and is designed specifically for financial, lending, membership and transaction analysis. Sharetec Dashboard 2.0 helps credit unions dramatically reduce the time it takes to access vital data. Credit Unions can see the Trend analysis, ROA, Loan to Share, Deposit and Loan breakdown, daily, on a desktop, tablet or mobile phone.

Daryl Empen. President of Gas & Electric Credit Union, comments, “The lending dashboard has been especially useful to our lending staff. They can filter the delinquent loan report by loan officer, balance, loan type, or any way they want to quickly see who may need attention. They can view loan origination by officer to see where our growth is coming from and to monitor trends in our loan origination.”

Credit unions can also see where members’ residence is concentrated and what products they are using, as well as the age breakdown of entire membership. Daryl has also expressed how the credit union has been able to modify some reports, adding fields that are important to them for a particular report or graph, to make the product even more useful for them. “Sharetec Dashboard 2.0 has eased our workload and given us more tools to be able to judge our financial performance quickly and easily. I recommend every credit union utilize this product.” Daryl also adds, “I love the ability to see a snapshot of our financials quickly every morning—whether it’s growth in assets, shares, loans, or net worth, our delinquent loans, membership growth or any number of areas. Whether you’re a visual person or analytical, Sharetec Dashboard 2.0 makes it easy to see and decipher changes and trends, with minimal effort.”

Matt Isger, Regional Director for Sharetec, comments, “Credit union management has responded really well to the graphical representation of their data. From the lending department to the number of transactions by branch, it has been so helpful. Board members also provided feedback that the dashboards have made the data much easier to analyze and understand.”

Click here to read the full success story now.
 

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Like many credit unions around the country, is your credit union struggling to cut operating expenses and increase income? The truth is there are indeed many mandatory operations, that need to be in place, that are part of overhead but there are certain things that do not need to be part of that operating cost. One of those is paper statements. With today’s digital first movement, there is a large emphasis on electronic statements over physical paper copies. There are many reasons why members are encouraged to switch to electronic statements. Some of the top reasons include: faster delivery on demand, ease of viewing your statements on any device and cutting the use of paper to be more environmentally friendly. These reasons along with encouragement from the credit union, are why more people are choosing to opt in to a digital delivery method for their statements. This is the case for two Sharetec credit unions that are using eStatements to cut costs and increase income. These credit unions offer free eStatements but do incur a fee if a member is wanting physical paper copies of the statements.

Brian Blaszak, President of Synergy Partners Credit Union, in Chicago, IL, remarks, “Advertising our $2.00 per statement fee in our quarterly newsletter and other member documents to get members to sign up for eStatements has been very successful. This has brought us a decent amount of monthly savings from not spending on postage and paper, as well as the additional earned income. Roughly a $25,000 increase in income this year.”

With the success of eStatements, more credit unions are adopting this strategy with the understanding that members, especially the younger demographic, will choose to receive electronic records as most banking interactions, today, are done digitally from a phone, tablet or a computer.

Thom Ewen, President of Illinois State Credit Union, in Normal, IL, also has great success with charging members a small $2.00 fee per statement when sending through the mail. “Not only has our postage and paper printing expenses dropped drastically, but we are earning over $2,000 per month in additional income. We do give exceptions for hardships, mostly when members complain adamantly, as well as excluding seniors.”

“It is very common to receive electronic statements and bills. These credit unions are creating the paper statement fee in order to change behavior. Offering a free eStatement helps most members switch off paper and the strategy has shown to be very successful in offering a better solution while lowering the credit union costs,” comments Matt Isger, Regional Director for Sharetec.

 To read the full case study, click here.