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ReportingFeaturesDSOT
While most credit unions are paying close attention to their net worth ratios during the coronavirus pandemic, are you paying close attention to other metrics, as well? Measurable metrics and your ability to pull data quickly and efficiently is an essential piece of the success.

Janet Powell, manager of credit union programs at the Oregon Division of Financial Regulation, is quoted as saying, “What is important here is that credit unions do projections… What each credit union is able to do will be different. But they need to calculate what will be the impact on their balance sheet. Know how much money they normally take in, how much they make in fees and what happens if they don’t have any of that the income. What does our cash flow normally look like and what happens if loan payments are not coming in for three months.”

Sharetec’s reporting features can help you have a better understanding of the overall health of your business.

  • Government Reporting: Sharetec can handle your government reporting, regardless of the number on the form – 1099-div, 5498, 1099-c or 1098. We send all the necessary forms directly to your members, then electronically file them with the government.

  • Quick Query: Quick Query provides a search of all your major files, displaying data on your screen, sending it to a report, or exporting it directly into an Excel spreadsheet.

  • Report Writer: The Sharetec Results Report Writer is designed to help even the most inexperienced users create custom reports, queries and labels while allowing for data exporting to ODBC compliant software.

  • 5300 Call Report Assistant: Helps you streamline data gathering and organization for your quarterly report. By automatically uploading data each quarter from several different sources—including Sharetec shares, loans and general ledger.

Sharetec removes the hassles of reporting with tools that simplify everything from filing government forms to creating custom reports. An advanced searchable database speeds and enhances queries, while a secure, integrated archiving system provides easy access to reports without the need for a third-party product.

CONF DoorsOpen

Since its inception, the Sharetec Users Conference has been famous for opening a world of opportunities for our users. But as most users know, we were forced to skip a year in 2020 due to the pandemic. We’re so pleased that the conference is back, bigger and bolder than ever - and we’re more than ready to welcome attendees to the beautiful Hilton Cincinnati Netherland Plaza on September 12th-15th!

As we gather together in Cincy, one could say that the doors of opportunity will be open! Attendees will have so much to gain as they network with business partners and fellow users, learn about industry trends, and delve into Sharetec’s many offerings. One highlight that is sure to stand out is our well-rounded agenda of educational offerings. Several breakout sessions and roundtable discussions will offer participants an excellent opportunity to learn more about several relevant topics including:

  •  5300 Call Report Automation

  •  Sharetec Tips & Tricks

  •  Audit Reporting & Security

  •  Accounting 101

  •  There’s a Report for That

  •  Leveraging the Core for Marketing

  •  5 Do’s & Don’ts of Business Lending

  •  V10 Teller & Lending

  •  Credit Unions & Coronavirus - How We Survived and Succeeded During a Pandemic

And what would a Sharetec Conference be without the chance to enjoy a bit of fun? In addition to the great educational line-up, this year’s agenda includes an evening cocktail reception, trivia night, dinner and carnival, as well as prize giveaways to conclude the event.

With so much in store, the 2021 Users Conference is sure to open doors to education, networking and fun - and a bright and successful future for Sharetec credit unions across the country!

doc search
Most of us would love to rid ourselves of the mounting stacks of boxed documents, overstuffed filing cabinets and jam-packed storage areas. With Sharetec’s Document Manager, you can do just that!

This innovative feature allows you to electronically store in the core all of your member-related forms and documents including: 

  • Loan Applications
  • Credit Reports
  • Membership Cards
  • Share Draft Agreements
  • And so much more!! 

Sharetec Document Manager also provides easy retrieval of documents without ever leaving the core. By simply selecting the member number, you’ll be able to access every document for that member, from one location in the system—without having to search for loan folders or membership cards!

Sharetec Document Manager will enable you to:   

  • Save the expense of off-site storage
  • Immediately access documents
  • Eliminate the need to make multiple copies of documents for different departments
  • Reduce the amount of time spent filing/retrieving documentation
  • Easily and immediately reprint copies of signed documents
  • Centralize member documentation into one convenient location

Imagine the convenience, efficiency and savings of both time and money your credit union can enjoy, with everything accessible from the core and literally at your fingertips. It’s time to launch the out-of-this-world advantages of Sharetec Document Manager! This email address is being protected from spambots. You need JavaScript enabled to view it. today to learn more.

FINTECH NDS

Fintech Partnerships are Key to Achieving Digital Transformation


In this article in our series of 2021 Technology Trends, we give thought to the changing digital ecosystem and how credit unions can develop tomorrow’s capabilities today and remain viable to their existing members while attracting today’s “modern” consumer.

There is no question that competition is thickening for credit unions and the need for rapid digitalization is pressuring all industries to change their business models to adapt to consumers that expect a more enhanced, personalized experience. For credit unions however, these demands seemingly present more challenges than most industries by virtue of the legacy systems and processes currently in place at most institutions. Core systems providers have traditionally focused on what they do best, processing transactions and automating back-end processing. This focus obviously placed process functionality above the needs of the member. In today’s digital marketplace the focus is now beginning to shift to a member-first approach.

Many credit unions have been contracting third-party vendors and Fintech companies for some time now to provide solutions such as mobile banking, remote deposits, card processing and instant issue just to name a few. However, over that time these third-party integrations have created a maze of disparate platforms, each requiring different forms of connectivity and programming languages. Additionally, these relationships all require ongoing contract reviews, maintenance and vendor due diligence requirements. These requirements are burdensome for credit unions of all sizes and even more so for small to medium-sized credit unions that lack the time, budget and in-house technological expertise.

Moving forward credit unions should be reviewing their entire digital ecosystem and searching for core system providers that offer and support third-party and fintech solutions that are tightly integrated into the core as if it were all operating in one single platform. In addition to providing credit unions with the products and services that drive a greater member experience, the core provider reduces the credit unions overhead burden by taking on the responsibility of vetting the third-party and fintech companies and performing the research, development and testing of those products.

At Sharetec, we develop core processing solutions with two goals: make it smarter and keep it simple. Our system is scalable to meet the needs of credit unions of every size. We offer a modern Browser-based User Interface and open systems architecture along with a variety of third-party and Fintech partnerships to provide your credit union with best of breed solutions that drive digital transformation.

 

StressedDSOT

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.