blog

Blog

Tornado tn sm
Lennox Employees Credit Union in Marshalltown, Iowa, experienced a devastating tornado that caused damage to the credit union and the homes and businesses of Marshalltown residents. While the CU was closed during this unexpected disaster, they were able to serve their members remotely with the help of Sharetec Service Bureau.

Pat Anderson, Vice President of Accounting for Lennox ECU, comments, “We were lucky and did not have nearly as much damage as those around us, with many of our members in desperate need of access to their accounts. Sharetec contacted us right away and were awesome in getting the Sharetec icon on my laptop so I could process ACH and Share draft returns while assisting members during this frantic time.”

Many credit unions today are not prepared for a disaster. In this case study, Pat Anderson, Vice President of Accounting for Lennox ECU, offers insight on what credit unions need to do moving forward to help ensure they will make it through any disaster that may come their way. To read the full case study, click below.

What Lennox ECU Learned from 'Catastrophic' Tornado

memberenrollment

When they find your Credit Union, are you making it easy to join?


Sharetec’s Online New Member Enrollment Application gathers member eligibility information then helps applicants choose the accounts/loans they may be interested in opening. This powerful tool also verifies all information prior to approval and allows applicants to fund their new accounts via ACH transaction.

Call (844) 802-4441 today to see how the Online New Member Enrollment Application can increase your Credit Union’s online visibility AND grow your membership with no additional work for your staff.

fraud alert image

When one thinks about the major challenges and concerns that Credit Unions face today, protecting members from fraud most certainly comes to mind. That’s why Sharetec offers real-time fraud monitoring through its Fraud Alert system. This essential feature was created to work proactively, helping Credit Unions stay one step ahead of fraud while safeguarding their members.

Sharetec’s Fraud Alert system is always on the look-out, always searching for questionable, suspicious activity. And once a fraudulent situation is discovered―whether during a member transaction, search, batch posting, new member enrollment or application process―your Credit Union staff and your members will receive prompt notification. In the event of a change of address, suspicious activity is immediately reported, and a change of address notice is auto-generated and sent to the original mailing address to ensure that the change was initiated by the member.

Key features of Sharetec’s Fraud Alert:

• Fraud Alerts are based on a set of fraud conditions set up in the Fraud Alert control

• Alerts are Credit Union-defined and tailored to meet each institution’s level of need

• Fraud Alert Reports are available on a daily basis to report all fraudulent conditions

• Credit bureau integration provides extra security for members on active duty or those who have been identified as fraud suspects

• Fraud Alerts are linked to FinCen, OFAC and EFunds files to flag qualifying member records as needed

With Sharetec’s Fraud Alert system, you can rest assured that prompt notification will translate to security and peace of mind for your members. 

For a list of alert types, including Duplicate Data Alerts, Activity Alerts and Invalid Data Alerts, visit http://sharetec.com/back-office/fraud-alerts.

Kentucky CU League
KCUL

The Kentucky Credit Union League (KCUL) and Affiliates Annual Meeting & Convention is nearly upon us! As you gather at the Louisville Marriott Downtown on October 10th‒12th, Sharetec will be there to welcome you! Visit our booth and discover how our core processing system is leading the way in innovation and efficiency for credit unions throughout the country and across the globe.   

The 84th KCUL Annual Meeting and Convention features a comprehensive agenda of top-of-mind issues, the KCUL Business Meeting, a golf outing, an awards banquet, entertainment and an extensive showcase of business partners and exhibitors. Whether your credit union is small or large, plenty of useful information will be available as KCUL celebrates how credit unions make things happen and how we make it matter!

Sharetec considers KCUL’s annual gathering as the ideal place to connect with hundreds of credit union leaders and build awareness about our unique offerings. We are looking forward to demonstrating how our core processing solution provides the best features and tools to improve member facing technologies, efficiencies, up-time, service and support for your members. We look forward to seeing you in Louisville!

SharetecBusCard

ICUL
The 84th Annual ICUL Meeting & Convention will bring credit unions together to learn, talk shop, and meet new business partners - and it happens on October 10th-12th in Indianapolis, IN at the JW Marriott.

This three-day event will include favorite features, new offerings, a variety of sessions, and special speakers. Credit unions will have many opportunities to make connections with other emerging credit union leaders. 

During this critical time in the credit union industry, it is so important that credit unions can depend on their core data processing system. Credit unions that use Sharetec ranked the company and solution a 9.27 on a scale of 10. We looking forward to discussing how Sharetec can provide your credit union the same level of care both now and long into the future.

LorMet

LorMet Community Federal Credit Union of Amherst, Ohio, knew they wanted
to switch to a more advanced core processing system but they were also seeking a partner with a focus on service. As a growing financial institution with $185MM in assets and over 21,000 members, they were in need of a system that could solve their most pressing issues. LorMet’s future was restricted by an inefficient, paper-centric system that required separate vendors and platforms for basic needs they believed should be part of a core processing system. This predicament made research very difficult and increased costs.Slow support services, inadequate reporting for data and analytics, delays in loan and new membership application processing and lack of adequate staff training on the system added to their pain. The credit union knew that if it was to successfully uphold its mission—its commitment to excellence in products, services and membership engagement and satisfaction—a drastic change was required.

Since making the switch to Sharetec, LorMet has achieved several key
improvements, resulting from the core processor's enhanced automation and efficiency capabilities.

Emily Bopp, CFO, LorMet, remarks, “Having all of our functions on the core was a significant improvement. The integration with operations allowed for faster member service and resolution of issues. And reporting was significantly improved from standard reports that allow you to change the scope based on specific parameters to the ability to query the entire database with an easy-touse tool.”

To read more about LorMet Community FCU's success with Sharetec, click here or visit www.sharetec.com/case-studiessharetec.com/case-studies.