Capitol Credit Union of Texas Selects Cotribute for Digital Account Opening
May 14 2024 - 8:15AM
Business Wire
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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240514052546/en/
Anna Stanley/Laura Lenz anna@williammills.com /
laura@williammills.com 251.517.7857 / 678.781.7226