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Lending operations are key source of income for credit unions. By utilizing Sharetec’s Automated Lending rules and officer limits, credit unions can begin to better manage incoming revenue and mitigate risk.

Filling out a loan application shouldn’t be a slow and complicated process. In this day and age of super-fast computing and automated processes filling out a loan should take 5 minutes. With Sharetec, this becomes a reality.

Ideal for establishing and streamlining lending guidelines, Automated Lending from Sharetec is a decision tool used in conjunction with Sharetec’s loan application. It automatically generates approval or denial of a loan based on up to eleven (11) pre-established and weighted criteria. As debt and income information is recorded, factors such as disposable income, debt ratios and loan-to-value percentages are automatically calculated for the applicant and co-applicant.

Credit unions can customized these rules by weighting the selected criteria based on what is most important to the institution. By doing so, Credit unions using Sharetec Automated Lending rules can remain sensitive to the financial needs of the members they serve.

Sharetec also puts control in the hands of credit union management when it comes to its employees. With officer limits, Sharetec allows management to control the types and amounts of loans that get approved. Credit unions using this tool can manage new loan officers more effectively, reducing costly lending errors.

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Use the same marketing engine that powers the Sharetec Cross Selling and Rewards programs to develop targeted email and direct mail campaigns promoting the right products to the right members at the right time.

Stop missing opportunities and increase ROI by marketing through your core with Sharetec Metrics Marketing.

Contact us today for more information.

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Many credit unions are struggling to find ways to cut operating costs and increase income. Offering eStatements for free and charging a small fee if the member chooses to receive paper statements has been a success for Sharetec Credit Unions.

Brian Blaszak, President of Synergy Partners Credit Union 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.”

Thom Ewen, President of Illinois State Credit Union 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.”

To read more, click here.

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As we welcome September and prepare for fall, we must once again say goodbye to our summer vacations and special holidays that bring cause for celebration. Patriotic summer holidays, like our recent Labor Day celebration, make us proud to be American and thankful for the many freedoms that we enjoy.

In reflection of summertime holidays like Labor Day, we at Sharetec would like to recognize our patriotic commitment to you—our integration of the Patriot Act Requirements into the Sharetec core system.

The Patriot Act—“Patriot” standing for “Providing Appropriate Tools Required to Intercept and Obstruct Terrorism”—authorizes the U.S. Secretary of the Treasury to regulate financial transactions, particularly those relating to foreign individuals. Integrated for the knowledge and protection of Credit Unions, Sharetec’s unique protection feature scans your database at intervals, and whenever you open a new account. Such scanning can determine if any of your members’ names match those on the Office of Foreign Assets Control (OFAC) and the Financial Crimes Enforcement Network (FinCEN) lists. If such a match is discovered, it is promptly reported to you. 

Sharetec is proud to offer this feature and remains committed to upholding its service and allegiance for the protection of its Credit Unions.

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Payroll processing getting you down? Get Sharetec to help you out. Sharetec's payroll processing tools make these tedious tasks a breeze. Whether the credit union receives a paper list or an electronic file you can let Sharetec do the heavy lifting.

Many credit unions process manual payrolls that come with a bulk check and a list of member numbers and amounts. Along with the actual payroll amounts many of these members could have distributions that disburse funds to share accounts or loan payments. Credit unions that receive large payroll lists or files could be dealing with thousands of these entries, making posting a time consuming process.

Sharetec’s payroll processing tools are designed to relieve the burden of processing manual payroll by streamlining procedures and automating distributions. With built in name-and-save functionality credit unions can build, save, and post large payrolls in a short amount of time. Once the entries are posted Sharetec processes all member distributions automatically.

The process becomes even more streamlined if the credit union receives an electronic file. By importing the file into the system we can automate the entire process. Sharetec will build the payroll entries, create the distributions, and post the entries. Don’t let payroll processing get the better of you.

Learn more at www.sharetec.com.