This site is part of the Informa Connect Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.

Banking Tech Awards USA
May 29 2025
583 Park Avenue, New York
Book your table
Menu
Book

Banking Tech Awards 2024 Finalist: Nutmeg State Financial Credit Union & The Cotribute Platform

Nutmeg State Financial Credit Union & The Cotribute Platform has been selected as a finalist in the 'Best Community Bank/Credit Union Modernization' category at the Banking Tech Awards USA 2024.

About Nutmeg State Financial Credit Union

Founded with a mission to serve our community, Nutmeg State Financial Credit Union (NSFCU) is dedicated to providing innovative financial solutions and exceptional member service. We pride ourselves on being a forward-thinking institution that embraces technology to enhance the banking experience. With a strong commitment to our members' needs, NSFCU continues to lead with heart and innovation, ensuring we remain a trusted partner in our members' financial journeys.

Modernization Initiative

NSFCU is committed to enhancing the member experience and streamlining new member onboarding. In 2022, we partnered with Cotribute to revolutionize our digital application process. Led by our Director of Innovation and CXO, a cross-functional team from marketing, IT, compliance, underwriting, membership, loans, and branch operations collaborated to create a comprehensive solution that meets our members' evolving needs.

Branch leadership, under Javier Roman, Director of Member Success, ensured the seamless integration of the new system in a hybrid environment, combining digital convenience with personal touch. Our executive team provided unwavering support, enabling the successful implementation of a solution that enhances the member experience and sets a new benchmark for operational efficiency.

Key Milestones and Outcomes

  • Early 2022: Initial consultations and ideation.
  • June 2022: Formal engagement with Cotribute.
  • June 2023: Launch of the auto-decisioning system.
  • December 2023: Completion of the first phase of optimizations.

By December 2023, we had automated 97.56% of manual steps and approved up to 89.5% of applications. This advancement significantly accelerated our onboarding process, allowing us to quickly welcome new members to the Nutmeg family.

Impact and Future Outlook

This initiative has set a new standard for operational excellence in the credit union sector. Leveraging decision intelligence, we’ve enhanced efficiency and enriched the member experience, ensuring NSFCU remains at the forefront of the financial industry. This transformation allows us to focus on serving our members and supporting our community with innovative and accessible financial solutions.