Lino Lakes, Minn.-based core processing provider Sharetec on Wednesday said The Communal Credit Union, based on the Caribbean island country of Grenada, will use Sharetec’s eponymous core processing solution, Sharetec System.
According to documents on the credit union’s website, The Communal CU’s total assets as of Dec. 31, 2015 (the most recent annual report available) were $118.7 million (Eastern Caribbean currency).
The credit union operates four branches and has 24,213 members, according to its website.
Management at The Communal CU said it determined during the due diligence process that the credit union needed more automation and staff needed to be able to use real data to make strategic decisions.
“As the credit union continued to grow, the management team wanted to quickly find areas of opportunity,” The Communal CU said in a statement.
Sharetec said with its core processing system, the CU will be able to cross-sell specifically to each member, better track potential for fraud, automate standing orders and provide a robust online offering that would compete with the large banks in the area.
“The Sharetec real-time member alerts surpasses what local banks are offering,” the company asserted.
Shurla Field, general manager of The Communal Credit Union, said, “Our credit union is looking forward to making the change to Sharetec. From our due diligence, it proved to be the best solution for our credit union. We are going to dramatically change the services and offerings to our members.”
Matt Isger, regional director for Sharetec, said, “Feedback received from the 24,000 members of The Communal Credit Union suggested they wanted more services. In response, the management team of eight reviewed several good systems before choosing Sharetec as their next system. Compared to what they are doing now, Sharetec uncovered more than 70 areas to automate. The changes coming to the credit union will be incredibly impactful.”
Headquartered in St. George’s, Grenada, The Communal Co-operative Credit Union has been serving its members for more than 53 years. With four branches throughout the country of Grenada, they currently serve residents from the shores of Grenada to the Diaspora Community.