Your source for the latest technology information of interest to credit unions across America.
Subscribe to our weekly e-mail newsletter and/or our monthly newsletter and stay on top of the latest technology trends in Hardware, Software, ATMs, Biometrics, Wireless, Online Banking, Marketing, Security, Internet Access and Call Centers.
Gas & Electric Credit Union in Rock Island, IL is proud of its reputation of providing excellent member service to the local utility company and two other select employee groups. While some limited field-of-membership credit unions only offer a few products and services, Gas & Electric CU is a full-service credit union.
Almost two decades ago, the credit union turned to Sharetec Systems Inc. for assistance in delivering their full gamut of financial products and services.
Daryl E. Empen, President of Gas & Electric CU, with over 25 years of credit union experience, says, “We chose the Sharetec System because we knew it was full featured and would support all of our offerings.” He adds, “We couldn’t find a product that we wanted to provide that it didn’t offer.”
Apparently other credit unions feel the same way: Sharetec’s customer base has grown 64% since the year 2000, with almost 300 credit unions currently using the system.
With a background in business administration and marketing, Empen was particularly drawn to the fact that the system included powerful marketing components. According to Empen, “Their marketing infrastructure is excellent, especially their cross-selling and rewards platform.”
The credit union recently took advantage of the Sharetec’s powerful Ultimate Checking module to launch a successful high yield checking account. Empen explains, “This was a product that we felt we had to have in order to compete. We pay 4% interest when various requirements are met and our members have really embraced it.”
As a result of implementing Sharetec’s Ultimate Checking product, Gas & Electric CU has seen an increase in debit card revenue and membership growth. Empen confirms, “Not only does this program reduce our paper and postage costs by encouraging eStatements, our debit card revenue grew 19% the first year we offered this program and has grown over 27% this year. Plus, we have enjoyed 7% growth in checking accounts directly tied to this service, and we have become the primary financial institution for many of these members, resulting in more loans and other services.”
Regarding the Sharetec debit card program, Empen notes, “The system is very easy to use – with just one click of the mouse our tellers and MSRs can tell a member where they stand on meeting their requirements to get the 4% rate.”
Empen and his staff also appreciate the system’s ability to easily generate a full range of reports that help them run the credit union efficiently. “We have a great comfort level with the system in general because it is so easy to use,” states Empen.
In terms of technical support, Empen reports, “The Sharetec. system has been very stable. When we do need assistance, Sharetec customer support calls us back within a few minutes. They do a good job training their employees and they are always helpful.”
Empen is so pleased with the system that he has strongly recommended it to other credit unions, with three of his neighboring credit unions recently converting to the Sharetec System!