Prismm helps banks keep inherited money in-house

Banks can now retain customer assets after a death, preventing billions in annual deposit loss.

Prismm, a fintech startup founded by sisters Martha Underwood and Shella Sylla, is developing infrastructure to help banks retain inherited assets. The company's products, Prismm Designate and Prismm Anchor, integrate beneficiary and estate planning directly into bank accounts. This allows account holders to digitally designate beneficiaries and securely store asset information, simplifying the transfer process upon death. When an account holder passes away, designated individuals can access this information remotely, facilitating digital asset transfers and reducing the burden on families. Prismm aims to address "estate attrition," where banks lose billions in deposits annually as heirs move inherited funds to different institutions. By streamlining the inheritance process, banks can keep assets and potentially attract the next generation of customers. A third product, Prismm Continuity, is in development to guide staff and families through the transfer process.

Prismm's approach of integrating estate planning into bank cores addresses a significant infrastructure gap in wealth transition, a problem largely ignored by consumer-facing solutions. By embedding these tools, banks can proactively manage asset inheritance, which is crucial given that women often bear the primary responsibility for these matters during times of grief. This positions banks to not only retain assets but also build relationships with the heirs, securing future business.

The startup's strategy taps into a massive, underserved market by digitizing a manual and often chaotic process. "Estate attrition" represents a substantial financial leakage for financial institutions, and Prismm offers a direct solution to stem this outflow. By facilitating a seamless digital transfer of assets, Prismm aims to become the essential infrastructure for banks managing intergenerational wealth transfer, thereby mitigating a major risk for the industry.