The complexities of inheritance planning have long been a source of stress for families. Recent headlines, such as Rupert Murdoch’s contentious inheritance case, highlight the challenges of navigating these situations. While most families face less publicized struggles, the need for simpler solutions is universal.
This week, First City Credit Union and Ribbon announced a partnership to address these challenges with the launch of the first-ever online inheritance portal. The platform, designed to streamline and simplify the claims process, is a groundbreaking step for U.S. credit unions.
Historically, financial institutions have relied on offline methods, requiring families to endure a process that could extend beyond 18 months. The new platform eliminates the need for branch visits or lengthy phone calls, allowing families to initiate claims online through First City’s website.
“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 CEO of First City Credit Union. “With this new service, an often cumbersome process can be simplified, enabling us to meet the financial needs of our members with empathy.”
Founded in 1937, First City Credit Union serves over 56,000 members in southern California, offering services such as savings and checking accounts, loans, digital banking, and investments. With assets exceeding $900 million, the organization has a long history of supporting its members’ financial well-being.
Ribbon, a VC-backed startup revolutionizing inheritance processes, provides the technology behind the platform. Its tools allow financial institutions to offer seamless inheritance centers, helping retain deposits and reduce operational costs.
“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.
The platform is designed to give grieving families valuable time and peace of mind by simplifying a process that is often fraught with delays and complications. With the ability to initiate claims online, families can now focus on healing rather than dealing with paperwork.
This collaboration represents a significant shift in how financial institutions support families during difficult times. By simplifying the inheritance process, First City Credit Union and Ribbon are not only reducing stress for grieving families but also setting a new industry standard for innovation and empathy.
Looking forward, this partnership could inspire other financial institutions to modernize their own processes, creating a ripple effect of improvement across the industry.
