Your mother dies or maybe it’s your spouse and you’re a named beneficiary in the will so surely it’s a matter of presenting a few papers and some ID at the relative’s credit union and then you’ll walk out with a check.
Dream on.
When Saeid Kian’s father died from pancreatic cancer – meaning there had been time to get his financial papers in order – Saeid assumed it would be straightforward to gain access to his dad’s accounts. He assumed incorrectly.
Months went by as he dealt with lumbering, inefficient systems at multiple financial institutions.
These were months of frustration, aggravation and worse.
Flashforward to now and Saeid is co-founder of Ribbon, a San Francisco fintech that aims to help credit unions produce a better experience for heirs seeking to collect inherited assets.
Understood what’s in it for the FI to make this service smoother: Literally billions of dollars are pouring out of traditional FIs today as a generational wealth transfer of unprecedented magnitude unfolds and the heirs, in the majority of cases, are taking their inheritances to other institutions.
Part of the reason they are is that many are fuming with the clumsy, lengthy process that most credit unions have in handling estate transfers.
Ribbon makes it better, faster. It just may stop the money leak and help credit unions hold onto some of this cash.
This is a good show about a service I hadn’t heard of – you haven’t either. And when you hear it you just may want to tie up with Ribbon pronto.
