Enabling Operational Efficency
At Nutmeg State Financial Credit Union
Facing rising fraud attempts, low conversion rates, and operational strain, Nutmeg State Financial Credit Union partnered with Cotribute to implement a Decision Intelligence-based system, automating 97.6% of manual processes and enabling instant decisions for 89.5% of account applications.
Addressing Fraud Challenges and Operational Strain
Over two-thirds of credit unions and community banks reported an increase in the number of fraud attempts in consumer accounts over the past 12 months. Nutmeg State Financial Credit Union’s team faced challenges with low conversion rates, significant drop-offs, and the strain of manual reviews on fraudulent applications. This not only overburdened their staff but also increased the risk of errors.
Goals
Streamlining Loan Processing with Decision Intelligence
To achieve these goals, Nutmeg State Financial Credit Union partnered with Cotribute and began a project focusing on high-volume loan applications before expanding to membership and deposit applications. Underpinned by the concept of "Decision Intelligence," they created separate queues for auto-approval, auto-denial and manual review. Decision Intelligence based on 40+ rules helped triage applications instantly.
The following milestone outline their journey in re-imagining the back-offce operations:
Key Outcomes: Automation and Instant Decisions at Nutmeg State
The project delivered impressive outcomes, with 97.6% of manual back-office processing steps fully automated. Additionally, 89.5% of account opening applications were decisioned instantly.
“In my decades of leading credit unions, Cotribute is one of the best technology partners that I have experienced. Their innovative growth platform helps us achieve our growth and operational efficiency goals by layering an exceptional member experience over our legacy and core systems. Cotribute’s best-in-class digital onboarding templates for loan and deposit products provide a “Chime-like” experience for prospective and existing members and enable us to realize benefits in weeks.”
Enabling Incredible Digital Experiences
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