Capitol Credit Union of Texas Selects Cotribute for Digital Account Opening

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.”