Prismm's Next-Gen Digital Platform Aims to Prevent Inheritance Asset Outflows from Banks

Release Overview

Prismm provides a specialized platform designed to help financial institutions prevent customer assets from flowing out due to inheritance, keeping those funds under management within the firm. Asset outflows driven by the great wealth transfer have long been a challenge for banks, and this service aims to minimize such losses by enhancing the customer experience when an inheritance occurs.

Key Features

This service builds the infrastructure that allows banks to analyze asset movements in real-time during inheritance events. By leveraging digital tools and appropriate consulting, it helps financial institutions remain the preferred choice for heirs as well. In particular, it streamlines traditional, cumbersome, and time-consuming administrative procedures through digitization, establishing early and seamless touchpoints with heirs.

Market Background and Technical Approach

In the wealth management industry, the transfer of assets to competing institutions after a client's passing significantly impacts bank profitability. Focusing on data utilization and customer experience optimization, Prismm enables early engagement with heirs. Going beyond mere administrative efficiency, it powerfully supports bank customer retention by bridging trusted relationships with the next generation.

Future Outlook

Moving forward, Prismm plans to collaborate with private banking and retail divisions of banks to expand its platform for retaining customers across the entire wealth succession lifecycle. The company aims to redefine the wealth succession process for financial institutions and drive the expansion of its services.