Santa Rosa County FCU Selects Cotribute for Next Generation Digital Account Opening and Onboarding
September 17 2024 - 8:43AM
Business Wire
~Milton, Fla.-based credit union selects
digital account opening and loan application module to lower fraud
and eliminate backlogs~
Cotribute, an award-winning, next-generation digital account
opening and onboarding platform helping financial institutions grow
deposits, loans and memberships, today announced Santa Rosa County
Federal Credit Union (Santa Rosa County FCU) selected its Consumer
Account Opening and Consumer Loan Application modules to automate
its new member onboarding and loan application processes.
“Before Cotribute, we were manually reviewing 100% of our
applications each month, half of which would be fraudulent,” said
Mark Padgett, Executive Vice President at Santa Rosa County FCU.
“We knew improving the process was instrumental to our overall
success, both for our existing and prospective members and our
back-office staff who faced tremendous backlogs. Cotribute’s
completely frictionless and intuitive user experience for members
to open accounts and apply for loans will be a game-changer for our
organization. We anticipate significant developments in both areas
and look forward to our partnership.”
Milton, Fla.-based Santa Rosa County FCU needed to address
several onboarding challenges, including mitigating fraud and
lowering manual application reviews. The credit union leverages
Jack Henry’s core processing suite of solutions. The company’s open
and flexible technology helps Santa Rosa integrate Cotribute as
their digital account opening provider, creating a custom and
competitive user experience.
The Consumer Account Opening module provides simple instant
funding options, automates Know Your Customer (KYC) requirements
including fraud detection, anti-money laundering (AML), identify
verification, OFAC checks and Bank Secrecy Act (BSA) requirements,
and retains control over user data. Cotribute’s Consumer Loan
Application module enables credit unions to easily add modern and
streamlined loan application experiences. Cotribute's library of
50+ best-in-class account opening templates enabled Santa Rosa
County FCU to seamlessly deploy new modules.
Philip Paul, CEO of Cotribute, said, “Next generation digital
account opening and onboarding is a critical need for credit unions
as they compete with digital-first banks. Fraud detection is also a
top priority for every credit union, especially with the increase
in digital, hybrid and in-branch applications. We are thrilled to
help Santa Rosa County FCU’s team deploy ‘Apple-like’ experiences
to its members that empower prospective and existing users to
onboard in less than two minutes.”
About Santa Rosa County FCU
Located in the panhandle of Florida, Santa Rosa County Federal
Credit Union was initially founded in 1957 as Santa Rosa County
Teachers Federal Credit Union. Our ties remain strong within the
educational community as we continue to grow and serve our members
in surrounding counties. Santa Rosa County FCU is a member-owned
financial cooperative committed to helping our members succeed. Our
goal is to provide our members financial solutions coupled with
hometown service. Santa Rosa County FCU listens to its members and
always places them first.
About Cotribute
Cotribute is an award-winning next-generation digital account
opening and onboarding platform that enables credit unions to
compete with digital-first banks. 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.
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