CU 2.0 Podcast Episode 382 Cotribute and CPM Federal Credit Union on Digital Account Onboarding

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It’s typically the first in depth contact a non member has with a credit union and that non member, increasingly, is seeking to open a new account online.

Good luck with that.

The brutal fact is that digital account opening tools at most credit unions are inadequate - and an upshot is a stampede of would-be members who simply abandon the process.

That’s why today’s show features Philip Paul, CEO of Cotribute, a developer of digital member onboarding tools, and Kathy Richardson VP of Digital Products and Services at CPM Federal Credit Union , a South Carolina institution with assets around $650 million.

Here are results touted by CPM after their implementation of Cotribute tools:

• 32% increase in new accounts opened in just 90 days
• 82% reduction in manual reviews due to automated fraud detection and decisioning
• Significant time savings for staff, who are now freed from tedious remediation and cleanup

Sounds good? It gets better. The Cotribute rollout of its tools at CPM was happening so swiftly, the credit union actually asked them to slow down. I have never before heard that. You’ll find out why on the show.

You’ll also find out that there are many, many ways to catch fraudsters in the digital onboarding process.

And these are indeed the tools that Gen Z wants when launching a new relationship with a financial institution.

Listen up.

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Find out more about CU2.0 and the digital transformation of credit unions here. It's a journey every credit union needs to take. Pronto