Cotribute tapped by Clearwater Credit Union to streamline digital account opening and loan origination processes
Montana, US-based Clearwater Credit Union has selected Californian fintech Cotribute to help improve its digital account onboarding experience, streamline its loan origination processes, and trim operational costs through automation.
Clearwater Credit Union partners Cotribute
The new partnership will see the credit union leverage Cotribute’s Consumer Loan Origination, Consumer Account Opening, and Commercial Account Opening modules, which the fintech says “will be integrated with the credit union’s existing business applications including its core processor, digital banking application and loan systems”.
Cotribute adds its modular platform “enables credit unions to select just the capabilities they currently need, giving Clearwater the flexibility to add additional modules in the future”.
The selected modules are projected to enhance Clearwater’s account opening processes by offering fraud detection capabilities, instant funding choices, automated know your customer (KYC) and know your business (KYB) verifications, automated anti-money laundering (AML) features, Bank Secrecy Act (BSA) compliance, identity verification, and OFAC checks.
Cotribute says all this will enable users to open a new deposit account “in less than five minutes”, adding that its loan origination offering will help the credit union “collapse lead-times and fund more loans, faster”.
The credit union’s SVP of operations, Meagan Kraft, claims that Cotribute’s platform will enable the company to compete with larger financial organisations in its community.
In addition, Philip Paul, CEO of Cotribute, says the fintech’s solutions will provide Clearwater’s members with “instant” digital account opening and “simplified loan origination processes from the very first touchpoint”.
Earlier this year, Blue Federal Credit Union also partnered with Cotribute for its digital account opening tech.
