Capitalize on Customer Migration with Credit Union Software - Computers

The current state of the Financial Services Industry is reminiscent of the ancient curse, "May you live in interesting times." While the results of the bailout of the troubled mortgage industry remain to be seen, it is only compounding a trend of migratory behavior among customers of financial institutions.

Once upon a time, such institutions were revered as family legacies. A person simply used the same bank used by other family members, and they remained customers for life. Somewhere along the line, the financial industry became highly competitive. Perks became the name of thegame, with incentives ranging from no-fee checking accounts to free iPods dangling before the eyes of potential customers. As fees and service charges became issues with customers, institutions sought to lower or eliminate them completely at both the point of sale and at ATMs.

Most important of all, interest rates became king. Customers began to migrate, going where deposit rates were high and loan rates were low. This created a world of rate shoppers.As if all of this weren't enough, the Freddie Mac / Fannie Mae meltdown has put even more customers into motion. This time they are jumping from giant conglomerates to the perceived safety of small, local institutions.

While this may bode well for the Credit Union, it has only increased the competition. The times are indeed interesting. However, as the financial crisis of 2008 continues to play out, will Credit Unions be prepared to remain competitive as things return to normal?

When combined with their Sharetec credit union system, Ultimate Checking (also known as Rewards Checking) from GBS gives Credit Unions a powerful tool to draw and retain new customers, offer new options to existing customers, and enhance the bottom line of any institution.

The GBS/Sharetec system maintains the processing without the human capital. Using this credit union software, Credit Union personnel can measure customer performance through a simple inquiry. Members can gauge their own performance through the use of Sharetec Home Banking. The Sharetec Rewards Checking program is both integrated and automated to insure ease of use for both Credit Union and member.

Further, the metrics and rewards are integrated into the GBS/Sharetec Rewards program software. Once Reward program parameters are set, the system will automatically track, reward accounts, and reset any counters at the appropriate time. All counters are updated in real-time with activity and can be viewed by Credit Union personnel and, ultimately, the member through Sharetec Home Banking.

Finally, GBS credit union software is designed from the ground up. The program fully integrates into the core of the Sharetec system, and Credit Unions worked closely with Sharetec developers in order to develop the feature set. In essence, it is co-designed by Credit Unions, for Credit Unions.