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Is it Time to Go Digital?

Some 78% of financial executives think their work is going to change over the next five years because of new digital business trends, says the Deloite Center for Financial Services Banking Outlook Report. Members now expect to interact with a credit union the same way they order groceries or pizza. These consumers want to head into a branch or hit digital channels that can provide instant gratification. One of the trends that is shaping the digital landscape for credit unions into 2021 is moving to the cloud.

While the digital forces drastically changed industries around them, the financial sector seemed protected from the chaos. Vertically integrated business models seemed to insulate them from external forces, and banking regulations made it nearly impossible for competitors to get into the game.

But the digital tide financial executives thought they’d outpaced is now rolling in. It is coming in the form of rising customer expectations, unexpected competition, and the evolution of the platform economy. All driven by digital technology. According to a study from NNT Data, 9 in 10 financial services executives think this is the year for a full-scale digital transformation. Financial institution leaders are done investing in just bits and pieces here and there. Instead, they’re favoring a fundamental change in technology and process.

Members are demanding service excellence through a host of digital channels. Your core and member services platforms need to be agile enough to deliver and then scale. Sharetec can help! Contact us today!

ARE YOU STAYING CONNECTED TO YOUR MEMBERS?

Credit union members have a very different financial journey from that of customers of a standard bank. They want to feel a part of the business that they trust with their money. They want a different level of engagement and sense of ownership.

Adoption of mobile banking by consumers has been on a slow but steady increase for more than a decade. The rise of COVID-19 forced people of every age and social demographic to shelter-in-place, which in turn has caused mobile banking usage to soar. The need to manage and move money easily, while doing so remotely, has significantly changed consumer behavior.  What does this mean for credit unions?

For years, digital and mobile banking technologies have been considered a “nice to have” for credit unions. But now, these technologies have changed from being a “nice to have” to a “must have.”

This gives credit unions an opportunity to revisit their approach to member service. The most effective solutions to these challenges will be ones that put consumers first, in a way that enables credit unions to remain distinct and retain their core values. Sharetec has a myriad of products from Home and Mobile Banking to Remote Signatures that enable credit unions to remotely provide the connection and funds management that they have come to expect. To learn more, contact us at .

KEEP SECURITY AT THE FOREFRONT OF YOUR BUSINESS

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!

SHARETEC’S HOME AND 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.

Align the member experience to the member

Do you deliver an experience that your members want to be a part of? Do you delight them so much that they go home and brag to their friends and family about their experience with your credit union?

A large part of aligning the experience and delighting your members means to meet your members where they are. Your members are looking to interact via digital channels like websites and mobile apps. In fact, according to McKinsey & Company, 65% of members are interacting with their credit union through multiple digital channels.

That doesn’t mean they’re skipping out on the traditional physical channels. In fact, those who use mobile and computing channels more than once a week are 60% more likely to be active branch users. That means, while interested in new technologies, members still value face-to-face interactions. Sharetec can offer many ways for you to digitally reach your membership.

·         Internet Banking

·         Mobile Banking

·         eNotices

·         eAlerts

·         eDocuments

·         Text Banking

·         Online Member Enrollment

·         Online Payment Services

·         Remote Deposit

·         Remote Signatures

·         Credit Card Single Sign On

·         Online Lending Applications

At the heart of every great member experience is an interaction that’s easy to navigate and execute, for both the customer and your MSR. Let Sharetec help create that for you and your credit union.

Members are getting even pickier with their standards of service excellence

Modern technology and instant communication social and retail platforms 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.

IS IT TIME TO GO DIGITAL?

Some 78% of financial executives think their work is going to change over the next five years because of new digital business trends, says the Deloite Center for Financial Services Banking Outlook Report. Members now expect to interact with a credit union the same way they order groceries or pizza. These consumers want to head into a branch or hit digital channels that can provide instant gratification. One of the trends that is shaping the digital landscape for credit unions into 2020 is moving to the cloud.

While the digital forces drastically changed industries around them, the financial sector seemed protected from the chaos. Vertically integrated business models seemed to insulate them from external forces, and banking regulations made it nearly impossible for competitors to get into the game.

But the digital tide financial executives thought they’d outpaced is now rolling in. It is coming in the form of rising customer expectations, unexpected competition, and the evolution of the platform economy. All driven by digital technology. According to a study from NNT Data, nine in 10 financial services executives think this is the year for a full-scale digital transformation. Financial institution leaders are done investing in just bits and pieces here and there. Instead, they’re favoring a fundamental change in technology and process.

Members are demanding service excellence through a host of digital channels. Your core and member services platforms need to be agile enough to deliver and then scale. Sharetec can help! Contact us today!

ALLIED MAKES PAYMENTS SIMPLE!

Allied’s best-of-breed payment solutions provide everything users need, all within their financial institution’s trusted digital environment. They’re designed to provide the ease of use and intuitive functionality that make competing platforms unnecessary. Some of their offerings include:

Picture Pay – Allows users to pay bills by simply taking a photo of their bill and entering an amount.

eBills – eBills, is a one-stop bill management tool that provides full PDF bill images from thousands of billers (not just bill summaries) and automated linking.

P2P – Person-to person transactions with little or no user friction. Recipients can accept payments in real-time to their debit cards or through standard ACH.

A2A – Provides instant account-to-account validation to thousands of financial institutions and allows for frictionless ACH transactions.

BizPay – Even small businesses can send payroll and/or direct ACH payments without cumbersome financial reviews.

Vault – A keyword-searchable filing cabinet for bills, receipts, insurance documents and more!

Allied believes that community banks and credit unions make life better. Since 2010, they’ve embodied the same values of service, dependability, and access that make these institutions so special. To learn more about Allied’s payment solutions, contact us today!

ARE YOU STAYING CONNECTED TO YOUR MEMBERS?

Credit union members have a very different financial journey from that of customers of a standard bank. They want to feel a part of the business that they trust with their money. They want a different level of engagement and sense of ownership.

Adoption of mobile banking by consumers has been on a slow but steady increase for more than a decade. The rise of COVID-19 forced people of every age and social demographic to shelter-in-place, which in turn has caused mobile banking usage to soar. The need to manage and move money easily, while doing so remotely, has significantly changed consumer behavior.  What does this mean for credit unions?

For years, digital and mobile banking technologies have been considered a “nice to have” for credit unions. But now, these technologies have changed from being a “nice to have” to a “must have.”

This gives credit unions an opportunity to revisit their approach to member service. The most effective solutions to these challenges will be ones that put consumers first, in a way that enables credit unions to remain distinct and retain their core values. Sharetec has a myriad of products from Home and Mobile Banking to Remote Signatures that enable credit unions to remotely provide the connection and funds management that they have come to expect. To learn more, contact us at .

REPORTING FEATURES THAT CAN HELP YOUR BUSINESS THRIVE!

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.