Welcome to the latest edition of At the Forefront: Fintech Conversations!
To learn more about this podcast and explore our episode archive, click here.
In this installment, Forefront VP and Head of Content Sam Belden is joined by Saeid Kian, Co-Founder and CEO of Ribbon, a provider of deposit retention solutions for credit unions. Sam and Saeid discuss some of the shortcomings of the current inheritance process and how Ribbon is filling those gaps in preparation for the Great Wealth Transfer.
Saeid discussed his personal experience dealing with the inheritance process after losing his father to pancreatic cancer. He was shocked at how much of a complex logistic burden it was – resulting in loss of time for both the grieving customer and the financial institutions at play. Thus, the idea to create an inheritance platform that was a “win-win” for both parties was born.
Saeid explained how Ribbon’s platform is designed to allow institutions to spend less time spent per deceased account and retain more in deposits, while providing grieving customers with a self-serve option that works for their schedules. He also explains Ribbon’s decision to focus on credit unions due to natural synergies that existed when it came to customer age, core efficiencies and credit unions’ user-centric ethos.
Sam and Saeid also discussed the inheritance industry’s preparation for Great Wealth Transfer. With $84 trillion dollars poised to move from older generations to Gen X and millennials in the next 20 years, Saeid describes the transfer as a “frog in boiling water situation.” This transfer of wealth won’t happen overnight; it will be exponential and grow over time. Saeid stated that he has observed two types of firms: those who are building out the plumbing internally or partnering with external partners/service providers, and those who are not prioritizing the necessary prep work. This will eventually result in a large gap in performance between these two groups amidst the Great Wealth Transfer.
Tune in to gain insights into these topics and more, including how credit unions and regional banks can maintain their customer-focused values while keeping pace with digital transformation.
If you’d like to learn more about Ribbon, you can visit https://www.trustribbon.com/ .
See below for a breakdown of what was discussed. Happy listening!
Timestamps:
1:00: Ribbon’s founding story and how it’s creating a better inheritance experience
5:20: How financial services firms are planning to tackle the Great Wealth Transfer
7:34: The decision to focus specifically on credit unions for Ribbon’s business model
9:00: How credit unions can maintain customer-focused value amidst digital transformation
11:57: The importance of digital and self-service options for younger generations
