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FraudGuyDSOT

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! 

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We all know how important it is to meet our members’ needs and build solid relationships with our valued customers - and having the right technology in place can mean all the difference. CreditandCollectionNews.com describes five key ways that technology can positively impact a credit union’s relationship with its members.

Technology can help credit unions:

1.     Provide an Outstanding Member Experience - Many people choose credit unions because of their exceptional and personalized service. As the latest technology is adopted into the business process, services become more streamlined to allow staff to spend more quality time with members. The results include improved outcomes, greater productivity and happier members.

2.     Implement Responsive Money Management - Online banking has significantly altered the way members do their banking and manage their finances. Most have come to expect exceptional digital services with little or no downtime and 24/7 support. Luckily, most credit unions are embracing this trend by offering a variety of apps, transaction portals and security options. After all, a credit union’s primary focus is member satisfaction and by providing an extraordinary user experience, both the member and the credit union’s success are well supported.

3.     Offer Robust Cybersecurity & Data Protection Options - Credit unions are discovering new ways to handle the mounting cybersecurity issues that come with growing technology use. Many are exploring digital tools to assist members with decreasing fraud, heightening their protection and managing their overall security to ensure safe online banking.

4.     Empower Members with Better Products & Services - Technology that embraces leading-edge innovation and solutions to deliver improved products and tools is revolutionizing the credit union industry. Such trail-blazing technology positively impacts the way members are serviced and ultimately leads to their empowerment. It only makes sense for credit unions to proactively lead the way by investing in online and mobile innovation and digital improvements to enhance their members’ banking experience.

5.     Gain a Stronger Understanding of Member Needs - As previously mentioned, may people select credit unions because they appreciate a personalized approach to banking. They favor financial institutions that demonstrate a clear understanding of their needs and provide tailored solutions to help them better manage their finances and achieve their goals. Thanks to technology, credit unions now know more about their members than ever before. This helps with creating personalized experiences and offering more effective tools that result in customer retention.

Sharetec is committed to helping credit unions build solid relationships by staying on the cutting edge of technology. Learn how our innovative core processing solution can help you achieve significant improvements in customer satisfaction and member loyalty at www.sharetec.com.

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As the Covid crisis hit, consumers found their lives turned upside down and simple things that we all took for granted, such as going out to a restaurant or shopping at the local mall became considerably more difficult, if even allowed. However, consumers of all demographics quickly adapted by ordering take-out delivered by Door Dash, purchasing household items and gifts through Amazon, chatting with family and friends on Zoom or ordering movies for the family on Netflix.

As consumers adapted to this new normal, they quickly learned which providers offered the best experience in terms of ease of use and simplicity. Not only have they adapted to these new channels, their use is expected to continue. According to recent research conducted by KPMG International, of the 43% of people who mainly used in-person channels prior to Covid 19, 33% have switched to digital channels and have no plans of changing back.

Meanwhile, a large majority of credit unions have not changed their basic loan origination process in years. Sure, many have added some form of an online loan application, but will this be enough moving forward? Will this alone allow the credit union to remain viable in this evolving digital world? How easy is it for members to do business with you? Once that application is submitted, for many credit unions the remainder of the process still requires a lot of manual review and remains largely paper based. Credit Unions need to realize that with their new awareness, consumers won’t be comparing their process to their competitors, but rather to the ease and simplicity offered by the likes of Amazon. It is important that steps be eliminated in the current process to speed up the time from approval to funding and to provide communication to the member during the entire process. They will expect an experience with the ease and simplicity that Amazon and other Fintech competitors provide.

In order to provide this member experience, credit unions should assess all aspects of their digital offerings to remove any friction or barriers that exist in your current process. For instance:

  • Multichannel access - the ability to utilize any channel at any time during the process to include, web, phone, mobile or other digital solutions available.

  • Mobile First Design - since most members engage with your web site first, it should be optimized across all digital devices - especially mobile.

  • Automated Loan Decisioning - Members expect instant gratification and a solid ALD platform is critical in providing timely response to applications.

  • E-Signatures - provide the convenience of not having to come into a branch to close the deal.

  • Member Support - it is critical to provide channels for communication and to provide immediate response to members questions.

Spending time to identify where these friction points exist is the first step in beginning your digital transformation. If the member or prospective member’s first interaction with your site isn’t simple and clear, they will abandon it and seek out a competitor.

Sharetec’s innovative core processing solution helps credit unions embrace change and utilize technology to meet members’ growing needs and achieve greater success. Contact us at This email address is being protected from spambots. You need JavaScript enabled to view it. to learn how we’ve assisted credit unions with improving their digital solution offerings.

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Sharetec’s Ultimate Checking allows credit unions to boost their revenue with an increase in interchange income. Ultimate Checking is a unique product that differentiates credit unions from competitors and doubles revenue compared to a standard share draft account. Not only will this product attract new members, current members will embrace it.


“Our debit card revenue grew 19% our first year and over 27% our second year. We have enjoyed 7% growth in checking accounts directly tied to this service, which has lead to more loans and other services.” Gas & Electric Credit Union

To read the full case study, click here

 Shazam2021

SHAZAM’s a leader in payments and financial technology, with a simple mission: strengthening community financial institutions. Since they own their own software, making them both a processor and a network, they’re able to offer the lowest fees in the industry and the highest net interchange per transaction. They can help you earn the maximum net program profitability.

Card/ATM Services

• PIN, PINless, Signature, Contactless

• Business Debit

• Health Savings

• Credit Card

• Card Authorization Services

• ATM Driving and Surcharge-free ATMs

Fraud Services

• Fraud Management Services

• Fraud Advisors®

• SHAZAM Card Block

Payments

• Mobile Application Solution (Brella®)

• SHAZAM ACH

• Real-time Payments

• Digital Payments

To learn more about SHAZAM and all they have to offer, email us at This email address is being protected from spambots. You need JavaScript enabled to view it..