First Fidelity Bank Selects Cotribute for Consumer Account Opening

~$2.7 billion bank taps Cotribute to help increase consumer deposits ~

Cotribute, an award-winning embeddable fintech platform helping financial institutions grow deposits, loans and accounts, today announced First Fidelity Bank (FFB, $2.7 billion in assets under management, Oklahoma City, Okla.) has selected its Consumer Account Opening module to simplify the account opening process for Health Savings Accounts (HSA) applications.

“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,” said John Symcox, Chief Innovation Officer, FFB. “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 Consumer Account Opening module automates complex Know Your Customer (KYC) requirements including sophisticated fraud detection, anti-money laundering (AML), identity verification, OFAC checks and Bank Secrecy Act (BSA) requirements. The module provides a frictionless, streamlined experience while providing customers with a more engaging experience. FFB leverages Jack Henry’s core processing suite of solutions. The company’s open and flexible technology helps FFB integrate Cotribute as their digital account opening-provider of choice, creating a custom and competitive user experience.

Leveraging Cotribute’s modular platform, FFB has the flexibility to add additional modules in the future. Cotribute’s solutions reduce operational costs through automation and seamless out-of-the-box integrations with the bank. Its comprehensive library of 50+ best-in-class account opening templates can reduce implementation time by more than 80%, enabling the bank to quickly go-to market with new financial products. Now, customers can open new deposit accounts in less than five minutes.

Philip Paul, CEO of Cotribute, 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.”

With 28 locations and 241 employees, FFB is a Forbes 2023 Best-in-State Bank, Top Company to Work For, Best Bank for Small Business, among several other industry awards.

About First Fidelity Bank

Since 1920, FFB has served our clients with the personalized care of a community bank, while offering the sophisticated technology of a national bank. Over the last century, we have grown to serve clients in Oklahoma, Arizona and Colorado with award-winning service you can trust.

About Cotribute

Cotribute is an award-winning fintech platform that enables profitable revenue and accountholder growth for financial institutions. Cotribute’s capabilities include embedded digital account opening, loan application, account 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 financial institutions. 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 accountholder.

For more information, visit www.cotribute.com and connect with the company on LinkedIn.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241203320538/en/

John Symcox, Chief Innovation Officer, FFB, “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."