Press
75% five year gross sales increase moves Share One to excellence
MEMPHIS, TN (June 15, 2015) — From 2010 – 2015, Share One recorded a 75% increase in gross sales and an 87% increase in new system sales. The growth is credited to the highly competitive NewSolutions core processing technology, the extensive offering of after-market ancillary products, and the ability to create and maintain a personal partnership with each credit union client. From 2001 – 2004, 23 credit unions converted from Share One’s legacy software to the then newly developed NewSolutions Core Processing System. Today the client count stands at 118. From 2013 – 2015 the company will have increased the client roster by 27 new credit unions with a $1.5 billion asset share, and the installations queue has 11 conversions scheduled through the second quarter of 2016.
Share One’s existing clients have contributed to this growth by expanding their product lines and by expanding their memberships. Between 2014 and 2015 Share One assisted with 11 mergers. Self-Help Federal Credit Union (West Coast) along with their affiliate Self-Help Credit Union (East Coast) led the Share One merger ranks. The combined assets of this credit union network are now recorded at $1.2 billion, and they serve over 117,000 members across the U.S. Through their network of credit unions, they provide fair and affordable financial products for members in underserved markets. In 2014, Self-Help lent a total of $264 million in fair and affordable loans—with $125 million toward commercial loans, $81 million in home loans, and $58 million distributed in consumer loans. Louann Corr, Manager of Operations for Self-Help, said, “We are proud of all that we have accomplished and the positive impact on the communities that we serve and we are also proud of our Share One partnership and the support that they lend in fulfilling our mission.”
Southern Security Federal Credit Union was the first credit union to convert to NewSolutions in 2001 and is part of the Share One CUSO. Southern Security is located in Memphis and serves as a testing ground for some of the new technology and as a working example for prospects considering a system change. SSFCU has expanded its membership through three mergers in the past five years and has implemented many of the ancillary products Share One offers. SSFCU installed the Share One Shared Branch System and one of their branches has consistently ranked number one in the state of Tennessee for most transactions completed on the CO-OP network, with four other branches ranking in the top six. “We strive to offer relevant products and services to our members and our partnership with Share One provides the technology and expertise that helps us achieve our goals,” said Dawn Graeter, President/CEO, SSFCU.
With all business expansions, the continual need for process efficiencies brings the invention of new services. Disaster Recovery became a focus of improvement in 2011, prompting the development of the Hosted delivery system in 2012. This secure solution not only allows for improved redundancy with real-time data replication to two off-site locations, but also saves Share One clients the continual costs associated with hardware maintenance and server licensing. This cost-saving and improved technology will be delivered to 21 clients by the close of 2015.
In 2015, the big changes in the EFT world have prompted over 22 of Share One’s existing clients to convert their internal credit card portfolios and/or ATM/Debit card programs to alternative vendors in order to offer better and more efficient programs for their members. Mobile Banking, Remote Deposit Capture, PayPal and Electronic Signature business is growing, with over 20 credit unions completing those installations in 2015.
Sales growth remains directly related to competitive technology in today’s highly aggressive financial landscape. Research and development at Share One is noteworthy, with many compelling product offerings available for new and existing clients. One such product is NS3, Share One’s API, which represents important future technology for the company. Development of NS3 was originally focused on providing secure access for third-party vendors to NewSolutions so Share One clients could easily offer new product lines to their members. The R&D team is busy perfecting two proprietary application-based interfaces, NSJoin and NSLoan, created with the same technology. These products allow our credit union clients the ability to easily and securely open new member accounts and accept loan applications via tablets out in the field.
The diversity of the new products being developed requires that each credit union customize and brand most new products (because one size does not fit all). Share One’s R&D team is developing the NS3 Customer Portal to streamline this process. Although not yet available to all clients, this portal is designed to demonstrate the ever expanding product line to help both customize and offer new or upgraded products to all clients. When a client is implementing a new online service, this portal will allow that client to view the changes and communicate with the developer in a secure, customized location. Each client will have a unique login and will see their relevant developments. Additionally, clients will have access to documentation by topic.
The number of staff members at Share One has increased steadily each year in order to continue providing the level of service and partnership current clients expect. Staff has been added to all areas of operations, with the current full-time employee count at 84. “We have exceeded our sales goals for the past three years, causing the expansion in all areas of our operations, but we have focused on maintaining the excellent and personal service our clients expect,” said Don Conrad, SVP Sales, Share One, Inc.
Share One, Inc., a CUSO operating out of Memphis, TN., is a leading developer of credit union core processing and serves an expanding client base of credit unions with assets ranging from $10 million to $1.5 billion. NewSolutions provides a full range of advanced features, including comprehensive support for consumer, mortgage, and commercial loans; a full suite of electronic services delivered via the Internet; a fully integrated, member-centric imaging system; and exceptional operational efficiency. For more information call 800-888-0766 or visit the company Web site at www.shareone.com.