Cotribute, an embeddable fintech platform, has been selected by Capitol Credit Union of Texas to improve new member onboarding and reduce fraud through its Consumer Account Opening module. Capitol Credit Union’s previous system was cumbersome, leading to higher abandonment rates.

Streamlining Account Opening for Capitol Credit Union Members

Austin, TX – Cotribute, a leading embeddable fintech platform helping credit unions grow deposits, loans, and memberships, announced that Capitol Credit Union of Texas (Capitol CU) has selected its Consumer Account Opening module to enhance new member onboarding and reduce fraud. Capitol CU’s prior system was inefficient and often resulted in lost data, requiring members to restart the application process, thus increasing abandonment rates.

The Consumer Account Opening module from Cotribute resolves these inefficiencies by allowing new members to sign up in less than five minutes. This module simplifies the entire account opening process, provides instant funding options, and automates Know Your Customer (KYC) requirements, including sophisticated fraud detection, anti-money laundering (AML) protocols, identity verification, OFAC checks, and Bank Secrecy Act (BSA) requirements.

Enhancing Member Experience and Reducing Operational Costs

Pierre Cardenas, CEO of Capitol CU, highlighted the benefits of the new system, stating, “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. 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 over 50 best-in-class account opening templates designed to reduce implementation time, enabling Capitol CU to quickly bring new financial products to market. 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.

Balancing User Experience with Compliance

Philip Paul, CEO of Cotribute, emphasized the importance of this partnership, saying, “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.”

The partnership between Cotribute and Capitol Credit Union marks a significant step forward in enhancing member onboarding and reducing fraud. With Cotribute’s Consumer Account Opening module, Capitol CU can offer a more efficient, user-friendly, and secure account opening process, ultimately driving member satisfaction and engagement.

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