Cotribute, an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships, today announced Tulare County Federal Credit Union (Tulare Federal, Tulare, California) has selected its modular Digital Platform to enhance the credit unions’ deposit onboarding experience, accelerate growth, enhance the overall member experience and reduce operational costs through automation.
Leveraging Cotribute’s modular platform, Tulare Federal can select the capabilities it currently needs with the flexibility to add additional modules in the future. The credit union is deploying the Consumer Account Opening module to simplify the entire account opening process, provide easy, instant funding options, automate Know Your Customer (KYC) requirements including sophisticated fraud detection, anti-money laundering (AML), identify verification, OFAC checks and Bank Secrecy Act (BSA) requirements. Consumer Account Opening provides a frictionless, streamlined experience that automates complex, manual processes, while providing members with a more engaging experience. Members will now be able to open new deposit accounts in less than five minutes.
“Our mission is to build valuable relationships with members to create lifelong financial success,” said Gina Ramos, vice president of lending at Tulare Federal. “With Cotribute, we can extend our current technology infrastructure, meet our members evolving needs, and boost efficiencies across the organization. The sophisticated design of the platform provides an almost immediate return, giving us a competitive edge in an increasingly competitive market. This is a game-changer for our organization.”
Cotribute’s modules reduce operational costs through automation and seamless out-of-the-box integrations with the credit union’s existing business applications including its core processor, digital banking application and loan systems. Tulare Federal can now access to Cotribute’s comprehensive library of 50+ best-in-class account opening templates. The customizable templates reduce implementation time by more than 80%, enabling the credit union to quickly go-to market with new financial products.
Philip Paul, CEO of Cotribute, said, “Credit unions must balance providing a seamless user experience, while ensuring compliance and preventing fraud. We are proud to partner with Tulare Federal to provide its members with instant, digital account opening and a seamless deposit origination process. Streamlining processes and automating many of the tedious, back-office workflows enables the credit union to spend more time doing what it does best, providing an exceptional member experience.”