Americans have skipped payments on more than 100 million student loans, auto loans and other forms of debt since the coronavirus hit the U.S., the latest sign of the toll the pandemic is taking on people’s finances. The surge in missed payments suggests that the flood of layoffs related to the coronavirus has left many Americans without the means to keep up with their debts. 

Topics like delinquency and collections are particularly tough to talk about now but are a necessary reality of the banking industry. We understand and want to share about some of our products that could help your staff have difficult conversations and assist your members navigate financial insecurity.

As the pandemic drags on, more members may be interested in pursuing loans to tide them over. Sharetec’s Online Member Services application allows members and non-members to apply for loans through your credit union website. Current members can simply sign into their home banking site and apply for a variety of products, including loans. Non-members can apply for their credit union membership at the same time they apply for their loan, saving time and work for potential members and Credit Union staff.

Sharetec’s Charge Offs electronic tracking can help better serve your members if they are looking to pay on delinquent accounts. Sharetec maintains all charge off information related to a particular member, including the loan number, balance, doubtful percent, doubtful amount, officer, loan type, reason and any notes. If a recovery payment is received, it can be applied to the loan using the transaction screen, just like any other loan payment. In the event a member chooses to make amends and wishes to make payments with interest, Sharetec accumulates that interest automatically on the loan record, so providing a payoff quote becomes a straightforward process.

Sharetec’s Collection System is optimized for member-level collections. Delinquent loans, delinquent credit cards and negative share accounts are listed so a collector is able to view all collection activity in a collection queue. Members are displayed in date order based on their delinquency or previous commitments, and all collection notes are stored in one place, sorted by date, and ready when they’re needed.

Sharetec is here to provide support and tools to help you serve your members during this uncertain time.

ClickSWITCH Image

Sharetec and ClickSWITCH
continue to uphold the invaluable partnership they forged in 2019, and they are more committed than ever to helping Sharetec credit unions enhance engagement and welcome new members.

For most credit unions, customer satisfaction remains an ongoing focus and they strive to offer the most innovative financial products and services. And because so many aspire to become their members’ primary financial institution (PFI), they know they have to stay on the cutting edge and continue to meet their members’ growing needs.

Fortunately, through the Sharetec-ClickSWITCH partnership, credit unions have a viable solution to help them achieve increased growth and engagement. ClickSWITCH is a technology leader delivering world-class solutions to financial institutions and FinTechs of all sizes. Its unique account holder acquisition technology simplifies the process of bringing new account holders onboard by quickly, safely and efficiently switching their recurring payments from their old accounts to new ones. Essentially, the solution converts account holders into fully engaged customers and allows them to easily move their direct deposits and recurring payments. And its ability to do so seamlessly has demonstrated just how vital it is for credit unions to have such a solution in place.

By providing a seamless, integrated experience through ClickSWITCH, Sharetec helps credit unions reach their goals of increasing deposits and adding new members¾who are very likely to select them as their PFI. Credit unions can easily market to existing members who don’t have checking accounts, showing them how simple it is to switch. And the solution’s ease of use as a means of increasing account holder acquisition and activation rates, engaging during the onboarding process and achieving cross-selling success makes full profit potential all the more likely.

If a credit union fails to offer members what they need and want, they just might look to other credit unions with more innovative offerings, resulting in stagnant or decreasing membership numbers. Don’t let that happen to your credit union - explore ClickSWITCH today!

Provide Your Members Faster Access to Account Notices

With Sharetec's eNotices, members have easy access to notices, letters, and other correspondence related to their account. Not only will they get information faster through Sharetec's eNotices than they would through traditional mail, your credit union can save big money on postage expenses, as well as additional savings from envelopes, paper, ink, folding, and staff time.

By making one change, a Sharetec customer saves $11,700 per year.

Members First Community Credit Union in Quincy, IL, reduced their monthly postage expenses from $1,200 a month to $500 a month since they started using Sharetec's eNotices module.

Click here to read more.

It's that easy to reduce paper usage cost, help the environment, and offer your members easy access to their information. To find out more, This email address is being protected from spambots. You need JavaScript enabled to view it. today.


In our first blog post of this series “2021 Technology Trends - What is in your Strategic Plan” we highlighted several areas that credit unions should consider as we enter the post pandemic era. Ironically, the last item listed in that post, “Reskilling your Workforce” is quite likely the consideration that should be a credit union’s first priority.

As a credit union invests in their digital transformation, workplace adoption will be a key factor in the overall success of those investments. With a workforce that may have been accustomed to manual and often redundant processes, it will be imperative that employees be equipped with skills necessary to make the most of those investments.

Whenever new technology such as a new core system is implemented, employees are directly impacted. Often, these changes can be overwhelming, particularly for long term employees that are reluctant to move on from their old habits and may lack the technological skills to perform effectively. This can lower morale and decrease productivity as the entire team adjusts to the change.

All of this also comes at a time when credit unions are transitioning to a more remote work environment. According to a recent Gartner survey, 74% of CFO’s expect at least some of their workforce will continue to work remotely even after the pandemic ends, adding to the skill sets required by this part of the workforce.

Regardless of whether you are implementing new technologies to gain efficiencies or create a better digital experience for your members, it is critical to develop a plan to manage the change for the benefit of the entire organization. The plan should look beyond rudimentary one-time training. Employees’ skill sets and roles should be evaluated based on the new technology– job descriptions may need to be updated and certain roles may need to be changed in order to better align your talent based on the new requirements.

Additionally, credit unions need to look at training options that are available to them. The days of in-person training may not come back in the post pandemic era. Fortunately, today there are many online solutions available to assist with your efforts. Video training over the internet has proven to be very effective and can be done as time is available. Webinars are also highly effective and are more like a traditional classroom environment. Look for technology providers that have a variety of training options that best fit the unique needs of your workforce.

Lastly, even if the need and benefits of the new technologies have been effectively communicated by management, not everyone will buy in to the need for the new technology. Some will have become too attached to the legacy systems and their old way of doing things. A plan needs to be in place to deal with those employees that simply can’t, or won’t, adapt to the change. Reskilling your employees will not be easy, but if handled properly it will ultimately create a more skilled workforce, improve the overall morale of the organization and lead to a better return on investment.

At Sharetec, we develop core processing solutions with two goals in mind: make it smarter and keep it simple — all while providing a user interface that greatly reduces training time and the need for day-to-day support. Sharetec and its partners provide a variety of training options to fit each credit union’s needs including context sensitive online help, video training, web portals and webinars as well in-person classroom training. We’re dedicated to building on our reputation for quality service, and we’re here to help you grow. That’s our commitment to you.


Credit unions are investing billions in security and compliance, and it’s not looking to slow down over the next year. 

According to CUTimes, identity crimes are modern-day bank robberies, and highly profitable ones at that. Once a cybercriminal is in possession of a member's personal data, it can be used over and over in various combinations. Even though investments in information security products and services have been on the rise, cybercriminals are still attacking any organization they can to gain access to valuable consumer data.

Financial services companies get attacked over a billion times each year. That breaks down to about 30 attacks every second. System glitches were tagged as the culprit for 27% of breaches and 23% were the result of negligent employees. In sophisticated automated attacks, cybercriminals imitate human interaction by running advanced software scripts that display common browser or application behavior, making the attack harder to detect. Which is why Sharetec provides “real-time” fraud monitoring. Our fraud system is actively on the look-out for suspicious activity. 

Sharetec’s Fraud Alerts will notify you if a fraudulent situation is uncovered, whether it be during a member search, a member transaction, new member enrollment, new share or loan openings, or batch postings. 

This year, as you invest in more (and better) technology, make sure you reach out to Sharetec!