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AutomationProcess NDS

Automating your credit union is a critical step toward achieving the digital transformation we have focused on in this ongoing series of blog articles, 2021 Technology Trends.


Credit unions are hampered by burdensome regulations and a litany of repetitive, time-consuming tasks necessary just to complete daily operation requirements.  The consequence of these time-consuming requirements, particularly for small to mid-size credit unions, is that staff spend most of their time just trying to keep up and have little time to focus on strategies that will increase member value, improve operating efficiencies and ultimately increase its return on assets.

Fortunately, Sharetec provides a variety of automation tools that provide a more streamlined, modern approach to basic financial processes, allowing your staff to get ahead and redirect their focus in more productive ways.  Let’s take a look at just a few:

Automated Processing - With Automated Processing, most third-party files – including ACH, Share Draft, ACH and Share Draft Returns, ATM, Debit, OFAC, Financial Institution Data Match (FIDM), Bill Pay, Statements, Positive Balance and more – will automatically be retrieved and posted.  Sharetec automation of these tasks significantly reduces the number of staff hours required to accomplish these tasks.

New Member Onboarding - Sharetec’s New Member Wizard provides a consistent workflow to quickly open new member accounts while ensuring compliance and managing required documentation.  Sharetec’s integration with CLICKSWITCH also simplifies the process of switching the members existing accounts and automated payments at other FI’s to the credit union thereby increasing acquisition and activation rates.

Automated Loan Decisioning (ALD) - Automated Lending is a decision tool used in conjunction with Sharetec’s loan application.  It automatically generates approval or denial of a loan based on pre-established, weighted criteria.   Sharetec credit unions that utilize ALD benefit from loans that move from application to approval and funding within minutes, often without the need of further review or underwriting by more experienced and often higher paid personnel.

Document Management - Sharetec’s Document Manager is a standard core feature that streamlines the workflow of producing, storing and retrieving member and other critical documents.  Increased productivity, reduced printing and storage costs and improved member service are just a few benefits of Sharetec’s Document Manager.

Sharetec Accounting - Sharetec accounting tools bring a comprehensive approach to financial management.  From accounts payable, to fixed assets and pre-paid expenses Sharetec’s real-time, integrated general ledger saves you time with streamlined processes and optimum ease of use.  Reporting tools also allow you to meet regulatory requirements for reporting investments and preparing quarterly 5300 call reports for the NCUA.

Automated Marketing - Your members are being pitched by financial competitors multiple times a week.  Now you can fight back and gain more member wallet share by using Sharetec’s ACH Explorer to uncover where your members have other deposit and loan accounts and provide customized offers using Sharetec’s integrated Cross Selling to promote and track those offers sent to qualifying members.

Sharetec Dashboard 2.0 - Sharetec’s Dashboard 2.0 offers credit unions a unique solution to reporting and is designed specifically for financial, lending, membership, and transaction analysis.  Sharetec Dashboard 2.0 helps credit unions dramatically reduce the time it takes to access vital data and create management and board reports.  Credit union management and staff can see daily Trend Analysis, ROA, Loan to Share, Deposit and Loan breakdowns on a desktop, tablet or mobile device.

Sharetec, a provider of both service center and in-house core software solutions, delivers a return on investment (ROI), builds income streams and lowers operating expenses for over 250 credit unions.  Since its establishment in 1993, Sharetec has grown steadily, welcoming over 50 new credit union clients in the past 3 years.  Click here to learn more about how Sharetec Automation can benefit your credit union.