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Loans, Delinquency and Collectiosn

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. Many are expecting delinquencies to soar later this year as the recession drags on.

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.

Value Added Experiences for New Members

While it’s paramount to take care of urgent member needs today, it’s becoming increasingly important to begin setting your sights on creating memorable, value-added experiences for new members. Doing so will remain key to the long-term growth of your credit union. 

A simple and accommodating enrollment process means members are more apt to open an account with your credit union. Sharetec’s Online Member Services facilitates new member enrollment and provides a channel for new shares and loans to be opened by existing members – at any time, from anywhere.

During the on-boarding process provide your new and prospective members with tips that can help them save and build credit. You can highlight your commitment to their financial goals by offering features such as Sharetec’s Personal Financial Management (PFM). Sharetec’s PMF partners with Geezeo and MoneyDesktop to allow members to create budgets, set financial goals and manage cash flow while viewing all financial data on a single screen. The more invested a prospective member feels that you are in their financial success, the more likely they are to choose you over your competitors. Let Sharetec help you today!

Home & Mobile Banking

In these uncertain times, it may feel like the entire world has shrunk to the size of a computer or smartphone. After all, credit union members are interacting with credit unions primarily through mobile apps due to social isolation guidelines. Mobile platforms have gained more power as make-or-break channels for attracting and retaining members, and computers and smartphones continue to command more of everyone’s daily lives.

Sharetec’s Home and Mobile Banking allows your members to:

View Account Transaction History
Manage and Pay 3rd CC Accounts
Stop Payments
Lock/Unlock Debit Cards
Transfer Funds Between Accounts

Sharetec Home & Mobile Banking also allows your members access to additional products:

ProPay
Picture Pay
Flex Pay
Portal Pay
P2P Payment Tool
Loan Applications
Remote Deposit Capture

Empowering your members to complete their banking tasks from the safety of their own homes is great way to support your community and your members.

Grants and Resources Available from the NCUA to Help Credit Unions Affected by COVID-19

We hope that you and your employees and members are doing as well as possible in these uncertain times. We want you to know that Data Systems of Texas— Sharetec is here for you and fully operating with our remote teams and capabilities in place. We wanted to pass along the below information that may be useful at this time.

Federally insured, low-income designated credit unions that experience unexpected costs as a result of COVID-19 can request urgent needs grants from the National Credit Union Administration.

“The NCUA recognizes that the COVID-19 outbreak will affect all federally insured credit unions and their members to varying degrees,” NCUA Chairman Rodney E. Hood said. “If you are a low-income credit union that needs assistance during this difficult time, I encourage you to apply for these grants to ensure you can continue to meet the financial needs of your members and communities.” View the entire press release​.

Click Here to review the Urgent Needs Grant Guidelines

Eligible credit unions also may apply for loans supported by the Community Development Revolving Loan Fund.

Eligible credit unions may apply for grants or loans through the NCUA’s CyberGrants portal.

Credit unions with questions should contact the Office of Credit Union Resources and Expansion by email at .

UPDATE:  Data Systems’ Response to the COVID-19 Outbreak

I hope this email finds you safe and healthy. Because the COVID-19 outbreak is affecting us all, we felt it was important to quickly update you on changes we are making at DSOT to continue providing the level of service and support you are accustomed to while also protecting the health of our employees their families, and our community.

 

What we’re doing at Data Systems of Texas

Team Members Working Remotely as Needed

Between school closures and various health concerns, some DSOT employees will be working from home. Fortunately, we already have the tools and resources in place to allow us to continue supporting you during this time. Our Customer Care team is available during regular business hours and after-hours through the normal channels.

Limiting Travel

All non-essential business-related travel has been put on hold at this time.

 

Additional Services Available to Credit Unions

COVID-19 Notifications in Sharetec Home and Mobile Banking

If you would like to add a notification to your members in Sharetec Home and Mobile banking related to your response to the COVID-19 outbreak, we can help. To add one, follow these steps:

    • Draft your notice and post it to your web site. We suggest making this an HTML page for better compatibility with mobile devices.
    • Email Customer Care with a request to add a notification to your Home and Mobile banking platform. Your email should include a link to your notice.

Mass Emails to Members from Sharetec

During this time, it may be useful to have a way to communicate with all your members at once. Fortunately, there is a way to quickly send a mass email from within Sharetec.

Click here for instructions. For assistance logging in to the Knowledge Base, please contact Customer Care.

Providing Remote Access to Sharetec for your Employees

Some of you have already been allowing employees to work remotely and have existing plans in place. There are generally two ways that employees can remotely access your Credit Union’s Sharetec platform:

    • Remote Access Software – Your IT provider or IT department can help you utilize any number of products to remote access to your work desktop station. Some of the more popular solutions are LogMeIn, GoToMyPC, TeamViewer and Bomgar. This allows you to remotely connect to your work PC just like you are sitting at your desk. All User Credentials for your employees to access Sharetec would be the same.
    • VPN connectivity – Service Bureau customers can connect remotely into the Sharetec Terminal Server using a VPN connection. In this scenario our Hardware Engineers would assist you with installing a VPN client on to your Laptop or PC, and help you get logged into Sharetec remotely. You will log in to Sharetec using your normal Sharetec User ID and credentials. We normally charge for this service but during this time we are waiving setup fees. This only includes remote access and does not include peripheral or printer setup. This is unfortunately not available for In House customers unless you have your IT department setup a VPN connection to your inhouse network.

 

I hope that the above is helpful information to you at this time. If you want to avail yourselves of any of the above items, please contact Customer Care Team.

As always, we can be reached by calling 888-778-6301 or by contacting Customer Care.

Data Systems’ Response to the COVID-19 Outbreak

Data Systems-Sharetec is closely monitoring the circumstances surrounding Coronavirus (COVID-19). We have a team reviewing daily postings from the Centers for Disease Control and Prevention (CDC), World Health Organization (WHO), and our state and local authorities to ensure we stay on top of developments in the event proactive measures need to be taken.

Some important factors from our business continuity plan you should know during this time of uncertainty:

  • The service and support you depend on daily will continue just as it always has. Our employees are dedicated to providing support and should the need arise, our team is equipped to be able to work from home. We are monitoring employees who travel and will impose self-isolation when applicable.
  • Our fully redundant data centers will continue to provide uninterrupted service that you can rely on. We expect no interruptions.
  • Scheduled migrations, upgrades, and conversions will continue as planned. If changes need to be made in response to something happening at your credit union, please contact your project coordinator or our Customer Care Team.
  • Our Users Conference is set for September 2020 and we will continue to closely monitor the situation and provide updates as needed.

Data Systems-Sharetec is well prepared for this time of uncertainty and want to help insure your peace of mind. Thank you for your continued partnership and we will continue to update you on this ever-changing situation as the need arises.

All questions about this should be directed to Customer Care.

Automate with Sharetec’s Xpress Accounts!

Sharetec Xpress Accounts


Sharetec’s Xpress Accounts Helps Automate the Enrollment Process! 

Sharetec’s Xpress Accounts facilitates the entire end-to-end new member enrollment & funding transaction. Included is credit reporting, ID verification, check history, account funding, switch-kit documents & personalized cross-selling for all loan products.  All of this is done within minutes.

Utilizing your home banking platform, the system allows new & current members the ability to open & find accounts quickly & easily. Members’ have access 24/7 from the convenience of their home or office.

*open accounts
*authenticate
*funding/decisioning
*switch kit & docs
*upload to core
*cross selling

It is quick & safe, reduces fraud while improving your members’ experience!

About Sharetec
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.

Contact us today for more information!

Primary Financial Relationship

 

Primary Financial Relationship 

As the new year progresses, credit unions continue to analyze their place in the financial system. What sets them apart? What systems do they have that can support these services?  

A myriad of financial options are available to customers and more are created each year. The “2016 Survey of Consumer Finance” written by the Federal Reserve, is quoted as saying, “Americans have at least five accounts with different financial institutions, and of those that belong to credit unions, only 20% see it as their primary relationship.” Becoming a customer’s primary financial relationship is paramount for the continued success of any financial institution including credit unions. A human-centered relationship with members has always been a hallmark characteristic of the credit union industry. Leveraging this characteristic requires that the next stage in development for credit unions will be adopting time saving technologies. This will assist in freeing up their staff to provide the human to human interactions that leads to becoming the member’s primary financial relationship. Sharetec is committed to serving credit unions by providing core processing solutions with two goals: make it smarter and keep it simple. 

Contact us for more information! 

Savings Made Easy with Sharetec!

 

Savings Made Easy!

Sharetec provides the products and services that keep your members happy and loyal.

With Sharetec’s Easy Saver program, members can increase their savings with each debit transaction they make. When a purchase is made, their transaction will be rounded to the nearest dollar and the difference is added to their savings account. Members can sit back and watch their bank accounts grow.

Member pays $3.78 for coffee at Starbucks…
Sharetec will round the total to $4.00…
and deposit $.22 in your member savings account.

Click here to read about a credit union’s success story!

ABOUT SHARETEC
Sharetec credit union management software features all the tools your employees need to handle day to day operations, including many standard features other cores consider optional. Specializing in the tools you need to reach and serve more members, we offer In-House, Service Bureau, E-Services, Home Banking, and Mobile Banking options. 

Contact Sharetec today to learn more about Sharetec’s Easy Saver Program!

Scott & White Employees Credit Union Selects Sharetec as Their New Core Solution

Celeste Kaylor, President/CEO of SWECU, stated, “When looking for our next core processing system we wanted a cost effective, user-friendly software that would offer more efficiencies in our daily processes and provide our members with new quality, secure, and easy to use products. Sharetec was exactly what we were looking for! With Sharetec we will be able to achieve our mission of empowering our members to achieve financial health today and in the future. We are excited to work with such a great team at Sharetec and cannot wait to see our credit union grow.”

To read more, click here.

About Scott & White Employees CU
Scott & White Employees Credit Union was chartered in 1962 by the employees of Scott & White. The Credit Union is state chartered and regulated by the Texas Credit Union Department. Deposits are federally insured up to $250,000.00 per account by NCUSIF, which is regulated by the NCUA.

Contact us today to learn more about Sharetec!