Credit union deploys advanced digital platform to accelerate onboarding, reduce manual processes and fraud

Cotribute, an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships, today announced Capitol Credit Union of Texas (Capitol CU) has selected its Consumer Account Opening to improve new member onboarding and reduce fraud.

Capitol CU’s previous system was cumbersome and inefficient for members. If a member was unable to complete their application, the data would be lost, and members would need to restart the process, leading to higher abandonment rates. Cotribute’s Consumer Account Opening module resolves this inefficiency, making it easy for new members to sign up in less than five minutes. The module simplifies the entire account opening process, provides easy, instant funding options, automates Know Your Customer (KYC) requirements including sophisticated fraud detection, anti-money laundering (AML), identify verification, OFAC checks and Bank Secrecy Act (BSA) requirements.

“We were seeking a solution that would extend our current digital platform’s capabilities, meet our members’ evolving digital needs and add efficiencies in the account opening process for members and staff alike,” said Pierre Cardenas, CEO of Capitol CU. “Cotribute’s modules allow us to provide a frictionless, streamlined process, while providing members with a more engaging experience. We are excited to expand to other Cotribute products to further enhance member satisfaction and deepen member engagement.”

Cotribute offers a library of 50+ best-in-class account opening templates designed to reduce implementation time by enabling the credit union to quickly go-to market with new financial products. These customizable modules reduce operational costs through automation and enable seamless integrations with Capitol CU’s existing applications, including its core processor, digital banking application and loan systems.

Philip Paul, CEO of Cotribute, said, “Credit unions must balance providing a seamless user experience, while ensuring compliance and preventing fraud. Cotribute is proud to partner with Capitol Credit Union to streamline and automate its account opening processes.”

About Capitol Credit Union

Capitol Credit Union ranks as one of the Top 10 Best Credit Unions in Austin, Texas. Capitol CU provides convenience to its members through remote delivery channels and quality financial services and products offered at the best possible rates. www.ccutx.org

About Cotribute

Cotribute is an award-winning fintech platform that enables profitable revenue and member growth for credit unions. Cotribute’s capabilities include embedded digital account opening, loan application, member onboarding, smart cross-selling, fraud guard+, analytics and SEG/community engagement programs. Cotribute’s clients range from Fortune 500 financial institutions operating across the US to small regional credit unions. Cotribute is built on blazing-fast cloud-based micro-services architecture, is SOC2 Type 2 certified, seamlessly integrates with core systems and is on a mission to deliver beautiful digital experiences to every member.

For more information, visit www.cotribute.com and connect with the company on LinkedIn.

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