About LorMet Community Federal Credit Union
Founded in 1936, LorMet Community FCU has over 20,000 members and more than $180 million in assets. LorMet offers financial services to all of Lorain County, Ohio.
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Sharetec assists LorMet FCU in maintaining their commitment to excellence
Sharetec System, core technology made simple, has assisted LorMet Community Federal Credit Union in achieving several key improvements, resulting from the core processor’s enhanced automation and efficiency capabilities.
LorMet suffered from an inefficient, paper-centric system that required two platforms, which heightened expenses and made research difficult. They also experienced slow support, inadequate reporting for data and analytics, delays in loan processing and lack of adequate staff training. Since transitioning to Sharetec, they’ve recognized maximized efficiency, significant cost savings and key enhancements in daily operations and processes.
According to Emily Bopp, CFO, LorMet, “Having all of our functions on the core was a significant improvement. The integration with operations allowed for faster member service and resolution of issues. And reporting was significantly improved from standard reports that allow you to change the scope based on specific parameters to the ability to query the entire database with an easy-to-use tool.”
Shavena Brown, V.P. of Operations, LorMet, stated that they have the ability to make changes on their own that they typically would have to request core processor support personnel to complete. This allowed them to take advantage of the entire system, specifically the tools available to make customizations according to their credit union’s needs.
LorMet is pleased with their transition to the Sharetec Core Processing solution and the vast number of improvements that have resulted. LorMet now has more time to devote to upholding their commitment to excellence by providing the best products and services and improving membership service and satisfaction.
Visit www.sharetec.com/case-studies to read more about this success story and many others.