More and more millennials are arriving to a point in their lives in which it becomes necessary to plan financially for what will happen after their parents pass away.
Some estimate that by 2045, as much as $140 trillion in family wealth will be transferred from the Baby Boomer generation to their children. A California credit union, First City Credit Union, is preparing for this impending wealth transfer.
This week they announced a new partnership with Ribbon that will help members and their families navigate the inheritance process. With this collaboration, First City becomes the first credit union in the United States to offer a fully self-serve online platform for families to initiate inheritance claims, according to a company statement.
Based in San Francisco, Ribbon is a venture-backed startup focused on optimizing the inheritance processes.
The company says its technology enables financial institutions to launch their own inheritance center, allowing them to retain deposits and lower costs, while providing a seamless experience for their members.
Ribbon allows time back to those who are grieving, while also empowering financial institutions to provide a world-class inheritance process.
“Being there for our members and their families during an emotional and stressful time is part of why we exist,” said Nav Khanna, President and Chief Executive Officer at First City Credit Union. “With this new service, an often emotional and cumbersome process can be simplified. Our goal is to support the financial needs of our members’ families with empathy, and Ribbon helps us deliver on that promise.”
With Ribbon’s technology, credit union members and non-members alike can submit inheritance requests through First City’s website.
Traditionally, financial institutions have provided only offline methods, which can take six to 18 months. By integrating Ribbon’s platform, families no longer need to visit branches or call customer service to manage claims at a time when the family is grieving.
“Ribbon is thrilled to partner with First City Credit Union to bring modern, accessible solutions to an area that has long been overlooked,” said Saeid Kian, CEO of Ribbon. “This partnership sets a new standard for how financial institutions can support their members during life’s most challenging moments.”
During “The Great Wealth Transfer,” where trillions of dollars are expected to move from Baby Boomers to younger generations and charitable organizations, more forward-thinking approaches such as this are expected—services that offer a compassionate and efficient process for those navigating loss.
First City estimates 20%+ in inheritance deposit retention—funds that can help change lives.