Cotribute Platform Helps CPM Federal Boost Accounts While Cutting Fraud Workload

By Roy Urrico

CPM Federal Credit Union ($680 million, 66,000-plus members) was under pressure to deliver frictionless digital onboarding, while combating fraud and reducing staff workload. That is when the North Charleston, S.C.-based credit union partnered with Anaheim, Calif.-based Cotribute to overhaul its digital account opening and membership application process.

Kathy Richardson, CPM vice president, digital products and services.

CPM implemented Cotribute in March 2024 “to improve the digital account opening experience, enhance our team member experience with better fraud detection and automation, and improve pull through rates and increase accounts opened,” Kathy Richardson, CPM vice president, digital products and services, told Finopotamus.

By integrating the digital onboarding process directly with its core, layering in automated fraud detection, and streamlining identity verification, CPM achieved:

• Thirty-two percent increase in new accounts opened in 90 days.

• Eighty-two percent reduction in manual reviews due to automated fraud detection and decisioning.

• Significant time savings for staff, who are now unencumbered by tedious remediation and cleanup work.

Philip Paul, CEO of Cotribute.

“Cotribute’s digital account-opening and member acquisition platform helps credit unions grow deposits and loans, as well as attract, onboard, and engage new members more efficiently,” Philip Paul, CEO of Cotribute, told Finopotamus. “Credit unions using the solution can streamline the member experience, automate compliance and fraud detection, and drive higher engagement and account conversion.”

For credit unions like CPM, it simplifies the process of opening new accounts by offering fully digital, AI-powered onboarding, explained Paul. “CPM and its members benefit from pre-filled applications, instant identity verification, automated fraud detection, and real-time compliance checks, making the journey smooth and frictionless.”

CU Renovates Processes

“Our previous platform struggled to provide a frictionless account opening process and required significant manual effort for fraud review and compliance. Cotribute offered a highly configurable solution that not only streamlined digital account origination and improved back-office processes for our team but also aligned with our mission to make financial services more accessible for our members,” Richardson said.

Cotribute integrates seamlessly with a credit union’s core banking system and third-party solutions using secure, standards-based APIs (application programming interfaces) explained Paul. “This provides real-time access to member and application data, automated decisioning, and instant updates, which eliminates manual re-entry and reduces errors.”

Richardson recalled, “During the implementation, our team worked closely with Cotribute to configure the platform to meet our specific needs. This included aligning the digital onboarding flow with our member experience standards and allowing our in-branch staff to use the platform to open new accounts and provide feedback. This collaborative approach ensured a smooth rollout and allowed us to address potential issues before going live.”

Tangible Results and Benefits

“Cotribute's decision intelligence and fraud detection capabilities have been a game changer for CPM,” said Richardson. “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.”

For members, pre-filled applications and automated identity verification have significantly reduced friction, added Richardson. “Applications are instantly decisioned or automatically routed for review when needed, removing delays and manual re-entry. Staff can access all application data in real time through our core banking system, improving operational efficiency and creating a smoother, faster experience for our members.”

Richardson also mentioned fraud detection tools can now prevent high-risk applications from progressing, reducing time previously spent on post-fraud remediation and account cleanup. “Overall, the platform has improved operational efficiency, reduced abandonment rates, and allowed our team to focus on higher-value activities that drive member satisfaction and growth.”

Extending Infrastructure and Enhancing Experiences

Paul noted that by layering on top of the credit union’s existing tech stack, Cotribute allows institutions to extend their infrastructure, accelerate growth, and enhance the member experience without replacing current systems or disrupting operations.

Cotribute’s platform is built on a cloud-native, microservices-based architecture that leverages decades of security optimizations to ensure robust system protection, according to Paul. The platform’s design enables rapid scaling, updates, and deployment of new capabilities without disrupting existing systems.

“Credit unions using Cotribute have seen measurable improvements across member growth, conversion, and operational efficiency,” said Paul. “Clients have experienced up to a 5x increase in new members, demonstrating how a frictionless, AI-powered onboarding experience can dramatically expand membership.”

Paul continued, “Conversion rates often improve significantly, with credit unions seeing a 60% increase in completed applications due to personalized offers and pre-filled digital workflows that reduce friction.”

Cotribute also helps credit unions automate nearly all manual back-office processes, with several credit unions seeing about 98% of previously manual steps now automated, noted Paul. “Auto-decisioning for applications based on existing criteria enables about 85% of applications to be processed automatically, reducing delays and improving staff efficiency.”