Prismm helps banks retain inherited wealth
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Original source:techcrunch.com
Key Takeaways
- Prismm integrates estate planning directly into bank core systems.
- Founded by banking veterans Martha Underwood and Shella Sylla in 2020.
- Allows pre-authorized family members to access documents and initiate transfers digitally.
- Aims to prevent capital flight for banks when customers pass away.
Financial institutions often lose significant capital when customers pass away because heirs pull funds to other banks. Prismm resolves this challenge by embedding legacy management tools right into the banking infrastructure, preventing capital flight and keeping inherited wealth in-house. Through secure digital portals, account holders can designate trusted family members to view assets and handle paperwork beforehand, facilitating remote and frictionless transfers during emergencies.
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