Enhancing Digital Onboarding Experience
At Cpm Federal Credit Union

Context

Capturing the Next Generation

With more than $650 million in assets and over 66,000 members, CPM Federal Credit Union (CPM)’s mission is to make financial services affordable and deliver exceptional service.

CPM wanted to provide a user-friendly, digital onboarding experience, while also automating fraud detection and reducing abandonment rates. They were struggling to do this with the software platform they were using for digital account opening and membership applications.

Goals

Enhance digital account opening experience by reducing friction
Improve team member experience with better fraud detection andautomation
Improve pull through rates and increase accounts opened
Execution

Streamlining Digital Account Origination

To achieve these goals, CPM partnered with Cotribute. Apart from being highly configurable, one of the other key reasons CPM selected Cotribute’s platform was it’s deep real-time integration with their core banking solution. This ensured all applications could be easily accessed by CPM’s team members on the core banking system without manual re-entry or delays.

During the implementation, CPM & Cotribute’s teams collaborated extensively. CPM ensured Cotribute understood their needs and Cotribute responded by configure the digital experience to match CPM’s requirements. Automated identity verification, fraud capture and screening tools were setup to provide real-time compliance, filter out high-risk applicants and streamline the onboarding process.
Outcomes

Achieving Rapid Growth

32%
Increase in new accounts opened
(over a 90 day period)
82%
Reduction in manual review effort by using auto decisioning
(over a 90-day period)

“Cotribute's decision intelligence and fraud detection capabilities have been a game changer for CPM. The fraud tools stop suspected fraudulent applications prior to account creation, eliminating the manual workload of the investigation. This has significantly improved operational efficiency by reducing staff hours previously spent on post-fraud remediation and account cleanup.”

Kathy Richardson
VP - Digital Products & Services

Enabling Incredible Digital Experiences

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