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digitalstrat

Now is the time for credit unions to formulate and implement a digital strategy. The Sharetec core processing platform provides all the tools and stability for a successful implementation.

For credit unions a digital strategy is about member engagement through the use of technology. It leverages online channels to present your credit union as the right financial institution for their needs. Effective social media campaigns, remote e-services, and mobile banking are all technologies found at the core of an effective digital strategy.

What is a digital strategy?
A well formulated digital strategy is a plan to use technology to streamline online services and utilize digital platforms to better communicate with members. As such credit unions should first go through a discovery phase to set goals, prioritize services, and establish an implementation schedule. Understanding gaps in remote e-services, surveying member demographics, looking over online channel usage, and assessing current technology infrastructure will all play important roles in that planning and implementation of a robust digital strategy.

Mobile and Remote Member Services
Mobile banking and remote e-services that integrate tightly into the core make up a considerable part of a digital platform.  Primary goals for credit unions to focus on should include:

     - Having a cohesive online experience through channels like home and mobile banking

     - Providing online applications for an end-to-end lending experience

     - Eservices to facilitate the signing of applications and other documents remotely

     - Having the ability to quickly and easily move external accounts to the credit union

Sharetec Does it Best
Sharetec has strategically chosen technology to better position credit unions for the shift to digital services. The Sharetec core processing platform tightly integrates with best of breed providers of lending services, remote e-Services (Remote Deposit Capture, Bill Pay, etc.), digital account switching platforms, and many others. Our flexible API is a key ingredient in extending services that will help credit unions create a digital strategy that is right for their institution and membership.

MaineFamily

Maine Family FCU, located in Lewiston, Maine, wanted to improve their manual batch check processing. With two locations, the scanning of over-the-counter items was taking a significant amount of time to complete. The credit union wanted to eliminate the batch check process and streamline member services at the teller line.


The credit union turned to Sharetec for their solution. Sharetec’s integrated Teller Capture was an ideal solution that both automated the check scanning process and reduced the check input time at the teller line.

The two major goals were to improve speed and accuracy with our check deposits. Our new Teller Capture scanners are 99% accurate when picking up the information on the check. The old way involved one scanning machine, requiring an employee to add up the checks manually and scan them into a batch file. This was a very time consuming process, typically taking a manager away for 1-2 hours a day. Now, this is all taken care of at the teller line, allowing the manager to focus on more important issues.

Christine Clabby, COO, Maine Family FCU

To read more about Maine Family FCU's success with Teller Capture, click here.

recognition DSOT

January 28, 2019 – Los Alamos, NM
– The National Credit Union Association recently presented Los Alamos Schools Credit Union with the Louis Herring Philosophy-in-Action Member Service Award for their use of internal programs and services that directly benefit their members. The NCUA presents this annual award to a single Credit Union in each asset class for “practical application of credit union philosophy during the actual operation of the credit union.”
 

Los Alamos Schools Credit Union was specifically recognized for their mobile banking solution serving members in local school district sites. The solution – provided through Sharetec – allows members of the Los Alamos Credit Union to carry out all financial transactions related to their share accounts directly from their mobile device or computer.

“Thanks goes to Sharetec for being a partner in serving our membership,” said Matt Schmidt, CEO/President of Los Alamos Schools Credit Union. “Your IT team should be commended for their many hours spent making this idea a reality.”

“This couldn’t have happened to a better credit union,” said Porfirio Ramirez, Sharetec IT engineer who worked closely with the Los Alamos Schools CU. “Matt and his team at Los Alamos work hard for their customers and this award shows that.”

For more information on Sharetec’s Home and Mobile Banking solution, click HERE.

Who was Louise Herring?

Louise Herring was an active supporter, organizer, and champion of credit unions. She was the Ohio delegate to the 1934 national credit union conference in Estes Park, CO where she signed the original constitution for a national credit union association. Louise believed that credit unions should work in a practical manner to better people’s lives. She saw the credit union as more than just a financial institution. In her own words, “the purpose of the credit union is to reform the financial system, so that everyone can have his place in the sun.”

FindUs Image

We at Sharetec pride ourselves on our ability to not only offer an innovative core processing solution, but to remain visible to credit unions that may be eager to learn more about our robust system and advance to the next level.

To promote awareness of Sharetec and our latest innovations, we have created a helpful “Find Us” page on our website. With a simple click, visitors can discover a list of upcoming trade shows, conventions and meetings in which Sharetec will be participating.

We are currently updating this page to reflect our scheduled appearances throughout 2019 as they become confirmed. We will make every effort to keep this list current for those who may be planning to attend one of these events in the coming months.

To learn where you can “Find Us,” please visit http://www.sharetec.com/find-us. Our Sharetec representatives encourage you to pay them a visit and hope to see you soon! 

revenue wheel

Credit unions are competing against all kinds of external players when it comes to member business. Car dealerships, other FIs, and now Fintech startups are just a few in a long list that are chomping away at the credit union market. Sharetec provides credit unions with a secret weapon to identify and market directly to members that have existing loans with other institutions.

Enter Quick Query: Sharetec’s easy-to-use custom reporting tool that comes standard with each system implementation. With a series of easy point-and-click actions credit unions can create, save, and automate custom reports to run at any time.

Because of the unparalleled connection to data the Sharetec provides credit unions have the unique ability to identify members making payments to outside lenders. Credit unions can create reports of those members that are making existing payments to other institutions, create custom marketing pitches, and promote the credit union’s own loan rates.

Sharetec credit unions can now go on the offensive armed with good data from their member base to provide better financial services to their members. Used in conjunction with Sharetec’s other marketing tools Quick Query will be an indispensable tool that credit unions can use to grow their bottom line.