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In a year about 500 members of First City Credit Union in Pasadena die.  It’s a credit union with 57,000 members.

And what happened after the member’s death?

On the show is Saeid Kian, CEO and co-founder of Ribbon, a fintech that has developed a tool kit to help credit unions speed up the process of settling a member’s estate and also - this is huge - helping the credit union retain some of those assets on its books.

Also on the show is Nav Khanna, CEO of the $900 million First City Credit Union and his is the first credit union to go live with Ribbon.

Why did he agree to be the first? What benefits has First City seen?  

Know this: at most financial institutions the process of handling a deceased member’s accounts is labor intensive.  It annoys the heirs and very likely it also annoys the credit union employees who are tasked with handling the estate.

Saeid knows this first hand because the idea for Ribbon grew out of his own frustrations in settling his father’s estate - a process that took many frustrating weeks.  There had to be a better way, he thought, a way that worked better for the heirs and maybe for the credit union too because the heirs no longer would leave the institution with a settlement check in hand and with the intention to never again deal with that institution.

And Nav tells us it’s really working at First City.

Listen up.

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