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Thanksgiving offers the perfect opportunity to reflect upon everything that is wonderful in our lives and to show gratitude for the gifts we’ve been given. 

We at Sharetec feel fortunate to contribute in some small way to the credit union movement.  We are thankful for the 250+ credit union partners who have embraced the technology of simplicity and are using Sharetec every day to deliver world class service to their members.  

We are thankful for our longtime partners who have been with us for 20 years, 25 years and even longer.  We are also grateful that over 50 new credit unions have chosen Sharetec in the past three years and that 2021 and 2022 are shaping up to exceed our expectations. We recognize there is a crowded field attempting to earn your business and we are honored that so many have placed their faith in Sharetec. 

Although the modern credit union bears little resemblance to the credit associations of yesteryear, their core principles remain the same as credit unions continue to demonstrate that people with a common bond can organize cooperatively to provide for everyone’s financial safety and security.  We are honored and humbled to contribute to your important work and look forward to serving our loyal credit union partners for years to come. 

Happy Thanksgiving!

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Modern technology and instant communication have conditioned your credit union members to expect instantaneous results. People – you, me, your members – have lost the ability to wait. Tweets, Instagram, and texting require no patience and they provide users with immediate gratification. And people have come to expect the same from the institutions they bank with.

It’s no longer enough to give members amazing service and competitive rates. Now they want all of that, but they want it yesterday. And if they’re not getting that from their credit union, they’ll look elsewhere.

Empowering your MSRs with fast access to information and streamlined processes, you’ll make their lives at work easier. Leaving them with more opportunity (and energy) to solve member problems and inquiries fast and well. We’ve rolled all the tools your employees need to handle day-to-day operations into a simple interface that equips them with automated tasks and encourages cross selling. The resulting increase in speed and accuracy increases the ROI of your system – and your staff – without sacrificing the integrity of your service.

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 — all while providing a user interface that greatly reduces training time and the need for day-to-day support. Most importantly, we are committed to delivering excellent ROI and lower cost of ownership so you can stay on the cutting edge of technology without cutting into your bottom line.

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Are you looking for a non-interest revenue stream? Well, Sharetec’s Tiered Courtesy Pay is the right fit for you! Credit unions rely on non-interest income as a reliable source of revenue. Tiered Courtesy Pay is one of those services that credit unions can offer their members to help the member stay in the good graces of their creditors and other vendors.  

Our standard Courtesy Pay covers overdrafts, up to an approved limit, in exchange for a flat fee per overdraft transaction. The member receives the protection from bouncing a check, which saves the member embarrassment as well as protecting their credit score. A fee is then charged to the member for the service of covering the check despite insufficient funds in the member’s account. 

Under a tiered approach to Courtesy Pay, members that use the service the most get charged the higher tier rate while the other members enjoy a reduced rate. Because of this increased rate tier, many credit unions see a significant boost in their monthly income. It also offers the credit union the ability to offset the cost of processing and monitoring overdrafts and provides a cushion (revenue stream) that is used to offset potential loses. The end result of implementing a Tiered Courtesy Pay feature is a fee structure that is fair to both the credit union and the member. Contact Sharetec to find out more today! 
 

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We all value simplification and tend to avoid complexities at all costs. And when it comes to the loan decision process, the same can be said. Loan processes can be difficult for even the most shrewd and judicious of lenders, which is why Sharetec offers Automated Lending to assist Credit Unions with making such critical decisions.

Sharetec’s Automated Lending tool - used in conjunction with Sharetec’s loan application - is considered by many to be the perfect tool for instituting and streamlining lending parameters and guidelines. The tool auto-generates loan approval or denial based on up to 11 pre-established and weighted criteria. As data relating to debt and income is recorded, factors including debt ratios and disposable income, are auto-calculated for the loan applicant and co-applicant.

Sharetec’s Risk-Based Pricing module can be incorporated into the Automated Lending tool to further simplify the decision process. Credit Unions using this automated pricing module can adjust a borrower’s interest rate based on risk level, using their own custom-created risk pricing adjustments which are auto-applied based on loan type. The customized pricing adjustments can be based on a singular factor such as credit score, to several factors, such as debt ratios, employment history and delinquency.

Thanks to Sharetec’s Automated Lending and Risk-Based Pricing, loan decisions are made easier - what Credit Union wouldn’t give that a big thumbs up?
 

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Knowing your customer has long been the mantra for community-based financial institutions and credit unions, well before it became a compliance issue.  Over the past several years credit unions and other financial institutions have committed a large part of their budgets developing digital and mobile channels as a way to attract and retain members.  While financial institutions have been working diligently to meet these heightened expectations, today’s digital world has provided consumers with significantly broader access to financial services and thus, more competition for deposits and loans.

Today, credit union members are being bombarded with offers for financial products and services through all forms of digital and social media.  As credit unions and others have pushed for digital transformation with delivery channels such as ATM’s, mobile banking, remote deposit and shared branching, they have effectively pushed members out of the branches and have lost the personal interaction that necessitates “knowing” your member.  In fact, it is estimated that 75% of transactions are now being performed through digital channels and most members use a branch less than once per week on average.

With that in mind, it is critical that credit unions begin gaining insight to their members habits and relationships through these digital channels. At Sharetec, we have a variety of simple-to-use metrics, data mining and analytics tools that allow our partner credit unions to identify opportunities that drive engagement with your members to offer pre-qualified offers for financial services they are receiving from your competition.

To learn more about how Sharetec can help your credit union get to know your member better and generate additional revenues contact us at This email address is being protected from spambots. You need JavaScript enabled to view it..