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Declining Interest Income Only a Bump in the Road for Credit Unions Using Sharetec

BOCA RATON FL, July 9, 2014 – Today’s Credit Unions operate in a very difficult and hyper-competitive environment.  With thin margins, increasing regulations and pressures from large banks to provide full service to its members, credit unions are searching for products and services to both attract and retain members.   From business loans to mobile access to account information, today’s credit unions need core vendors that can not only provide services, but also create revenue opportunities for the credit union. In this 21st Century Television feature story, Kevin Kolar, VP of  Bradford-Scott Data Corporation discusses Sharetec Credit Union Software.

21st Century Video

Source: http://www.12newsnow.com/story/25975358/21st-century-television-takes-an-inside-look-at-sharetec-systems-innovative-software-that-generates-income-for-credit-unions

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What Credit Union wouldn’t enjoy utilizing a proven Return on Investment that offers leading-edge technology? With Sharetec’s eServices Enrollment, Credit Unions get just that—a powerful tool that has been consistently shown to reduce costs, improve marketing efforts and communication with members, and drive revenue growth.

The benefits of eServices Enrollment are substantial, enabling Credit Unions to:

  • Obtain over 95% Penetration in eStatements and eNotices in a month
  • Reduce costs dramatically compared to your peer's eStatement penetration rates
  • Provide your members quicker turnaround time
  • Increase security

By opting for eServices Enrollment, your members will enjoy remote account access and paperless systems that accommodate their fast-paced lifestyles. Members can view and print their eStatements and eNotices from any device with internet access. Plus, Sharetec’s secure, user-friendly online enrollment lets members register when it’s convenient for them―saving you and your staff valuable time. Sharetec’s eServices Enrollment is clearly a proven and powerful tool designed to equip your Credit Union with forward momentum while providing your members with the innovation they demand.

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Off Site Data Redundancy
Worried about disaster recovery? Offsite Data Redundancy is the solution.  We simply setup a nightly backup (or every 20 minutes if you want) so that all of your data is replicated remotely to our secure hosting facility.  You receive daily confirmation that your backup to the remote facility was successfully completed. Sharetec's Disaster Recovery Plan also includes periodic testing of your remote backup data.

IT disaster recovery control measures can be classified into the following three types:

  • Preventive measures
  • Detective measures
  • Corrective measures
  • Backups made to tape and sent off-site at regular intervals
  • Backups made to disk on-site and automatically copied to off-site disk, or made directly to off-site disk
  • Replication of data to an off-site location, which overcomes the need to restore the data (only the systems then need to be restored or synchronized), often making use of storage area network (SAN) technology.

Good disaster recovery plan measures dictate that these three types of controls be documented and exercised regularly.

Some of the most common strategies for data protection include:

When it comes to disaster recovery, eighty percent of organizations responding to a Ponemon Institute study, disclosed they had lost data at some point in the previous 12 months.

When calculating lost revenue and productivity per hour, businesses have been known to save as much as 44 percent in IT cost by reducing down time through disaster recovery.  Disaster Recovery is an integral piece to any company's IT strategy.  It keeps a business viable and minimizes the impact of data losses.  When polled, companies identify data backup and disaster recovery  as one of their greatest needs.

Data losses are disruptive, even devastating!  YOU can prevent it from being fatal with Sharetec’s Disaster Recovery Program.

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Imagine a solution that enables Credit Unions to provide high-quality eServices to their members, while lowering their operational expenses. With eNotices, offered through Sharetec’s robust core data processing system, Credit Unions can realize such a solution. eNotices gives members easy, fast and secure access to their account notices, letters, and correspondence, while reducing a Credit Union’s day-to-day operating costs.

With eNotices, members enjoy electronic access to a host of important information including:

  • ACH Overdraft Letters
  • Certificate Maturity Notices
  • Loan Past Due Notices
  • Loan Payment Notices
  • Overdraft Courtesy Pay Notices
  • Share Draft Overdraft Letters
  • Transaction Receipts
  • Variable Rate Notices

Not only do members receive their notices faster than through traditional methods, Credit Unions can enjoy significant cost savings as they reduce postage, envelopes, paper, ink, folding and staff time expenditures. In addition to quick and secure access and cost savings, eNotices is also kind to the environment as members receive all of their vital information electronically. All of these benefits combine to make Sharetec, and its eNotices eService, the smart choice for today’s solution-seeking Credit Union.

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With Sharetec’s eNotices module, members receive their information faster than they would through traditional mail, providing them easy access to notices, letters and other correspondence related to their account. Credit union's will save big money on postage expenses, as well as additional savings from envelopes, paper, ink, folding, and staff time.

Members “First” Community Credit Union implemented Sharetec eNotices, reducing thier monthly expenses and providing quicker notifications to their members. Since they started using Sharetec's eNotices module, they have reduced their monthly expenses $975.00, saving them $11,000.00 annually. Teri McEwen, CEO of Members “First” Community Credit Union, remarked, “We appreciate the fact that Bradford-Scott continually adds new products like eNotices. One of our goals is to keep up with the larger financial players in our market, and the eNotices module gives us that opportunity, which has proven to be a great success for our credit union.”

To read more, click here.