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  • Writer's pictureKelsie Papenhausen

Nutmeg State Financial Credit Union and Cotribute Celebrate Over Two Years of Transformative Partnership

Achieving a 97.56% automation rate in application decisions, this leap in operational efficiency enables credit union to auto-decision up to 89.5% of applications with all necessary checks in place

HARTFORD, Conn., Feb. 14, 2024 – Nutmeg State Financial Credit Union, a Rocky Hill, Conn.-based leading financial institution dedicated to serving its 43,000 members with innovative solutions with $565 assets, today announced the significant milestones achieved through its partnership with Cotribute, a pioneer in financial technology and an award-winning embeddable fintech platform helping credit unions grow deposits, loans and memberships. This collaboration, spanning more than two years, has propelled Nutmeg to the forefront of digital banking, setting a new standard for member experiences and operational efficiency.


John Holt, CEO of Nutmeg, said, “At Nutmeg, we envision a future where banking is not just a necessity but also a seamless part of our members’ lives. Through our strategic partnerships and the dedication of our cross-functional teams, we are breaking new ground in omnichannel service delivery, ensuring that every interaction is as meaningful as it is effortless. Our goal is to be more than just a financial institution; we aim to be a lifelong partner to our members, empowering them with the tools and support they need to achieve their financial dreams. Selecting Cotribute as a strategic partner reflects our shared vision in achieving innovation and excellence. Our partnership has proven successful due to Cotribute’s cutting-edge technology and collaborative approach which have been instrumental in transforming our operations and enhancing our member services.”


Through this partnership, Nutmeg has automated critical processes including fraud detection, Customer Identification Programs (CIP), Customer Due Diligence (CDD), Anti-Money Laundering (AML), and account creation, achieving a notable 97.56% automation rate in application decisions. This leap in operational efficiency enables the credit union to auto-decision 89.5% of applications with all necessary checks in place. For employees, the partnership has introduced best-in-class tools automating manual tasks, allowing them to focus on strategic initiatives. 


Nutmeg COO and President Pat Ahern said, “In my decades of leading credit unions, Cotribute is one of the best technology partners that I have experienced. Its innovative growth platform helps us achieve our operational efficiency goals by layering an exceptional member experience over our legacy and core systems. Members now benefit from customized digital product flows, facilitating seamless transactions across devices and locations. Additionally, they have the convenience and flexibility of digital banking at its finest, akin to the service provided by leading fintechs.”


“Our collaboration with Nutmeg isn’t just about technology, it’s about crafting a future where credit unions feel empowered to lead with innovation and efficiency,” said Philip Paul, CEO of Cotribute.The success of this partnership underscores the commitment of Nutmeg and Cotribute to pushing the boundaries of financial services. Together, we have created a platform that meets current member needs and anticipates the future, ensuring Nutmeg remains at the cutting edge of the financial sector.”


As Nutmeg and Cotribute look to the future, technological advancements position Nutmeg for significant growth in membership, deposits, and loans, ensuring a competitive edge in the financial landscape.


About Nutmeg State Financial Credit Union

Established in 1936, Nutmeg State Financial Credit Union is a member-owned, not-for-profit financial cooperative headquartered in Rocky Hill, Connecticut. Embracing our roots as a steward of the financial cooperative movement, we’re a values-driven collective committed to intentional actions and investments to “be the change” in our community. We believe prosperity for all people is possible through meaningful social and economic relationships and ensuring inclusive and equitable access to resources. Our mission is to create multi-generational prosperity throughout the community we serve through education, collaboration, and the support of local commerce. Nutmeg State Financial Credit Union has assets of approximately $565 million and currently serves approximately 43,000 members. Please visit for more information. Visit them at or more information.


About Cotribute

Cotribute is an award-winning fintech platform that enables profitable revenue and member growth for credit unions. 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 and connect with the company on LinkedIn.



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