First Fidelity Bank (FFB) has selected Cotribute’s consumer account opening module to streamline the process of account opening for Health Savings Account (HSA) applications.
Based in the US, Cotribute is an embeddable fintech platform designed to help financial institutions grow deposits, loans, and accounts.
The fintech specialises in offering services for embedded digital account opening, loan application, account onboarding, smart cross-selling, Fraud Guard+, analytics, as well as SEG/community engagement programmes.
Cotribute CEO Philip Paul said: “Banks need their technology to work seamlessly with third-party partners, helping meet the requirements of new commercial accounts.
“Cotribute is proud to help First Fidelity Bank increase consumer accounts and deposits quickly and, ultimately, improve their customers’ banking experience.”
Headquartered in Oklahoma, First Fidelity Bank manages $2.7bn in assets and operates across 28 locations with a workforce of 241 employees. The bank aims to simplify customer experiences through technology adoption.
Cotribute’s consumer account opening module automates key compliance processes, including Know Your Customer (KYC) protocols, identity verification, anti-money laundering (AML) checks, Office of Foreign Assets Control (OFAC) screening, and Bank Secrecy Act (BSA) requirements.
The system also incorporates advanced fraud detection, ensuring a secure and seamless onboarding experience for customers.
First Fidelity Bank’s integration of Cotribute’s solution is enabled by its open and flexible technology. Cotribute will act as the bank’s digital account opening provider, creating a customised and competitive user experience.
The bank also leverages Jack Henry’s core processing suite of solutions.
First Fidelity Bank chief innovation officer John Symcox said: “We needed a technology partner that could integrate within our tech ecosystem, working with our third-party partners, to collect information and ultimately automate our HSA application process for new and existing customers.
“Selecting Cotribute was a simple choice – its platform promotes ease of use, with auto-decisioning and fraud prevention built into the tool, giving our customers the peace of mind that their data is secure and safe.”
Cotribute’s modular platform provides scalability, offering the bank the flexibility to add additional features in the future.
The platform includes over 50 pre-designed account-opening templates, reducing implementation time by more than 80%. This efficiency enables the bank to launch new financial products quickly.
Customers are expected to be able to open deposit accounts in under five minutes.
In addition to improving customer experiences, Cotribute’s solutions help reduce operational costs through automation and seamless integration with First Fidelity Bank’s existing systems.
