#4068: Capitol Credit Union Increases New Memberships by 59% with Digital Onboarding Process...

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Cotribute’s Founder/CEO Philip Paul and Capitol Credit Union’s President/CEO Pierre Cardenas joined us on the show to share how Capitol Credit Union is attracting digital-first members by reimagining its onboarding experience and seeing tangible results using Cotribute's digital onboarding technology.

Specifically, Philip and Pierre talked about how the credit union faces challenges in a competitive market and recognizes the importance of digital growth. With the help of Cotribute, Capitol's onboarding process has been streamlined, improving member experience and reducing processing times.

The credit union has seen a 59% increase in new memberships, shifting from branch-based to online channels, highlighting the significance of technology and strategic partnerships.

Q&A summary
What specific challenges did Capitol Credit Union face in attracting new members?
Capitol Credit Union, with $225 million in assets, faced intense competition in Austin, Texas, and lacked the branch structure to grow membership through traditional means, prompting a shift to digital channels.
What significant results did Capitol Credit Union see after implementing Cotribute's onboarding process?
After implementing Cotribute, Capitol Credit Union experienced a 59% growth in new membership, with 60% to 70% of that growth coming through online channels.
How did the new onboarding process impact employee efficiency at Capitol Credit Union?
The new process made it significantly easier for employees to process new accounts, reducing the time spent on vetting accounts from 45-50 minutes to just a matter of minutes.
What unique features does Capitol Credit Union offer to attract new members?
They offer competitive checking and savings account rates, credit scoring monitoring, fractional digital investing, and a buy now pay later option.
What role does member experience play in the success of Capitol Credit Union's onboarding process?
Focusing on a seamless and easy member experience is critical, as it helps attract and retain members, making them feel valued from the first interaction.
How does Capitol Credit Union view its partnership with Cotribute?
Pierre emphasizes that Cotribute has been an ideal partner, providing essential support and insights that have significantly contributed to their growth.

Check it out and let us know your thoughts. And be sure to watch the entire episode below for all the details.