If you don't design for the wealth transfer, you will lose the relationship
What happens to a deposit when the account holder dies? And why is that question still treated as an edge case?
A few weeks ago, Martha Underwood, Founder and CEO of Prismm, and author of the newly released The Death of Deposits, joined us on the One Vision Podcast.
Here are three key takeaways from our conversation:
[1] Banks are in a "retention illusion".
Most institutions report strong retention numbers, because they are not tracking deaths or the retention of the next generation. Meanwhile, we are in the middle of the largest generational wealth transfer in history, and the relationship — not the deposit — is what makes money sticky. When the original account holder passes away, the relationship dies with them, unless the institution has already retained the beneficiary. But most haven't. And as Martha put it: "You cannot out-campaign demographics."
[2] The beneficiary field is the richest unused lead list in banking.
Sitting in every bank's core system is a field called "beneficiary". It contains a pre-qualified next-generation customer the institution will eventually need to serve ... for lending, for mortgages, and for all the grown-up stuff that fintechs can't easily replicate. According to Martha, this should be treated as an acquisition channel. And the institutions that build the relationship before the inheritance event are the ones that keep it after.
[3] AI's job is to bring control clarity to a moment of chaos.
When someone passes away, the typical bank process takes weeks just to give a beneficiary access to the inheritance. Automating the chaos doesn't remove the chaos. It just makes it faster chaos. The role of AI is quiet orchestration in the background: organizing accounts, mapping beneficiaries, flagging inconsistencies, and surfacing next steps to the human banker.
📚 The Death of Deposits is out now.
“Everyone thinks banks have all the answers when someone dies — because they should.”
If you missed our conversation, give the full episode a listen ... wherever you listen to podcasts.
Episode Transcript
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Hello everyone, welcome to a brand new episode of one vision the fintech fuse. This is Theo your host for today's episode
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Joining us on the show today is
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Martha Underwood founder of prison and the newly minted author of the death of deposits
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Welcome to the show Martha
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Thank you, Theo. I mean, we've been trying to get together for forever. So I'm so happy
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Finally doing this for a while for a while. It's the curse of our circle
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I feel like we're either really busy or we have time and then you make plans and then we just get busy
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But I am so glad that at least you know
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Cafe have brought us together and we were finally able to meet face-to-face. That was awesome
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and we'll get right into
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Cafe too, but this Christian and team are doing a great thing and you know, I I love them to pieces
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So before we get started about other people, let's talk about you
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So you had an interesting career
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You've been an IBM. You've been at BBB a
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compass and
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You're a founder. You're an author
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That's a lot of things on there. Tell us your story moving from big tech to inside of big banks tech
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Organization to now what's going on Martha?
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Yeah, so I
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It's interesting how my career just kind of ebbed and flowed right? So starting out of college at IBM
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What I learned and I always say growing up in IBM was the best thing because they make you kind of ambidextrous
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They put you in all of these seats, but I learned how to build at scale at IBM, right?
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You're designing for millions of users like there's complex workflows. There's regulated environment. So everything is about performance
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Everything is about reliability
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Everything is about precision
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and so then taking that
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Into banking and there's a lot in between there worked in Silicon Valley. I worked in data analytics did some stuff there
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but then landing at
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BBVA
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And really getting to see the back end of like banking systems
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I leaned on my IBM training because they they train you to look for
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Intersections and everything and one of the things that I saw is there is an unspoken
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Assumption baked into almost every system right and that assumption is that the user is always going to be there
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Like every flow starts with them. The processes depend on them
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like the outcomes depend on the presence and so
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Going to the bank and being a part of you know transformation and and
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digital
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Projects to bring, you know digital front doors to some of the old legacy systems
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That's when you really start to see where there might be some gaps, especially with what I do today
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But you're not just building software. You're building around people's lives, especially when you're talking about money
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and so that's
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Kind of how my mind worked around just looking at the systems and I think again, I think IBM for
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Being such trailblazers and how they trained us and how they conditioned us to think about solving and building
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For for users and at scale and I brought that over to BBVA with me
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And then next thing, you know, you have your own company
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Next thing, you know, I have prism and and you know prism was born out of personal need
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And professional experience, right? So, you know, I tell the story all the time about my dad
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And I also talk about prism was born out of love for my mom and dad
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Um, because when my dad had an accident in 2017 where he fell off the roof and went unconscious
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Um, my mom took him to the hospital and she was just frantic and they were peppering her with all types of questions
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Like how are you going to pay and all the things?
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And traditional family my mom and dad been married 64 years. Theo can't believe that I
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I don't know how they did it but or do it but it's awesome
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Um, but he's taking care of everything and so at that moment
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She calls, you know me and my sister and it's like hey
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Has your dad ever talked to you about where the money is and all the things and we're like no he hasn't
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and so
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we just knew of
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His financial advisor named gear mo who was this person he referenced every now and again and
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We're like in 30 years. We had never met him
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And so that was a wake-up call for us and thank god he ended up being okay
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And as soon as he was I was like we need to make sure
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That we know where your assets are because you have a lot
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So that if something happens to you mom is taking care of it, right?
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And so that was personal to me
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then
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Take that in 2020
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When covet hits and you have several people die
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unexpectedly
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And branch leader branch operations was under my leadership
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Um some of the the software and so we would see people come in
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After their loved one unexpectedly died of covet and looking for assets
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And i'm just kind of like, okay looking through our process and again it went back to all right. The user is always there
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What happens when the user is not there the system doesn't know what to do
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And that's when I witnessed how counts got frozen frozen, you know the family scramble
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And we were trying to put pieces together manually, you know at the bank and the money just sits there
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Not because we didn't care the banks didn't care. We didn't have processes didn't care
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But because the infrastructure was never designed for that moment
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And that's when that eureka hit me that this is not just a
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A human organization problem or a family organization problem
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you know, it's a
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Infrastructure problem because we've built all of these systems for onboarding for payments for fraud
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but nothing really for when
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everything actually changes
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And it's not an edge case. We know what's going to happen. It's a certainty
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But we created or we
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We treat it as an exception
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And and I think that's where I saw the opportunity
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And that's where that shift happened for me
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And I started seeing this more as an infrastructure gap. And so
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I said, well we can fix this, you know, we are smart. We're in it. I know what I
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Wanted to have when I experienced that moment with my dad
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And then I also know the professional experience I have being at the bank
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So we said, um, let's build it and so prism was was born and brought to market
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Wow
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I I love that story and so much of
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what you said resonates because um
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about
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Almost a decade ago that that was an area of focus. I was honed in on fintech is
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How do we serve older adults and their family members better right and one big key thing that came about is
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What happens at that transition moment to your point very often, you know
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you have head of the household the rest of the
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people
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aren't that familiar with you know, who has been helping to manage to finances right or
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You know, we have everything in a box actually I do i'll be the first one raise my hand
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I have all my papers and in a in a box
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um
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And now they're in folders
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Yeah
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Right. It's we don't
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As much as we are always busy running around doing everything and everything is digital, right?
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Look at look at around us
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the most important aspects of our lives
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Has always been so analog is relationship
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With people that we haven't really introduced to the rest of our family is relationship with our banks, which are all in papers
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um, and the thing you would appreciate this my uh
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Safety deposit box last year, which I finally closed after 30 something years
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They couldn't find my account at the bank branch when they were trying to close it
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um
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We had to go to a metal tin box
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With a little index card that they found my name and they're like, oh we found you
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This was after like trying to to find me in the system for more than 20 minutes
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so everything
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It's almost like why do we not design for it to your point, right? We know this was going to happen
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But yet we spent so much time looking at
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As you say onboarding
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fraud prevention
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Looking at accumulation rather than preparing for
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Decumulation and what happens after
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So this is very timely and I can't wait to dig into your book. I'm going to bring it
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On my trip this afternoon. So I will come back and tell stories
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So this is a good segue, right? Your new book the death of deposits
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Tell me more about the book and the key messages you want the readers to walk away with
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well
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the the key thing is it really is
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um
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A message to the community banks because the community banks are the ones that have deep relationships with
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The um, their consumers and with their customers, right?
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and
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it's not that um
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Deposits are dying or moving because people don't need banks. They need banks, right?
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They're dying or
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Decreasing at the banks that they we trust so much because the conditions that kept them there no longer really exist
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Right. So one of the things that I break down the three big things that
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If I were to summarize it
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I'd say is one we're in the largest wealth transfer in history, right?
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We all we keep talking about that and the deposits are no longer sticky, right?
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Because you got all of the fintechs there like the relationships are sticky
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That's the key and the relationships
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dies with the customer unless
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The bank has captured the next generation before the inheritance event
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I always talk about how the banks have this rich lead list and they're sitting in their cores
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in that
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Text field called beneficiary
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But they're not doing anything with it and and that's one of the things we do with prism is we surface that because
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You need to start building that relationship
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Before the inheritance event happens, um, the second big thing is that
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Customers now expect a digital experience, right?
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There's a digital experience with almost everything in the bank. Like we talked about lending
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You know fraud on the back end like there are automatic checks and things
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but
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There isn't one for this. This is the one that still is very manual
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like you talked about they had to go find you on the index card and I was laughing because
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I you believe that right?
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I can see that happening, right?
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um, and so and and I understand that
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With this, you know
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The fraud concerns are real because there are bad actors out there that can come in with falsified documents trying to get grandmas
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You know million dollars, right?
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But the answer to that is to really just build the guardrails within the experience like we do with everything else
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Right not to avoid the experience
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Altogether, right? We need to figure out what does that digital experience look like when an inheritance event happens?
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For the next generation. So that's the other
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Thing that's the second thing and then i'd say
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You know the third thing. Um
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Is this is an infrastructure problem?
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It's not a marketing problem, right? Because you cannot out campaign demographics
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right
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Oh, I was just because someone was just like we'll just run a campaign
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And try to get you know run cds like a new cd that with this great raid and all and i'm like
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You can't out campaign demographics, right?
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And right now we have zero infrastructure for that moment
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and so
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The core message overall is really simple
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If you don't design
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For the transfer you're going to lose the relationship
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Okay
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I can't agree more to sign for the transfer
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The other joke I used to make is that you know, we keep talking about the wealth transfer
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But if you don't protect the assets of those people
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There will be no assets left to transfer
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So, you know
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We can all adjust and you know jeans and you know, try to attract the millennial
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This was back 10 years ago or the gen z
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Now but he got to take care of the basics first
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It seems it seems simple. Um, I love what you were saying. You cannot it's not a marketing campaign problem. Definitely. It's not
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In your view, you know when we talk about the the the title of the book caught me it was it was interesting. It's it's um
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It's almost provocative and it stands out because it's you're trying to get people's attention
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Right that
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That was the intention brilliantly done it caught my attention
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Um, but when we think about you know dying, right we think about the physical. Um
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Um passing away
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Um, and as you say it's not the deposit is not dying because it the money is there is just at the
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Relationship that you had with the people is is gone
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um
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Why do then
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Why do the bankers still inherently assume that people is just going to keep going along with it
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Because it's easier out it's it's easier it's easier. Um, and
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This is a
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This is a heavy lift for them and it's a mindset shift
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Because in banking they have accepted death as natural attrition
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And so you'll enjoy the the section where I talk about the retention illusion
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Where when you talk to you know bankers they're like, oh we have great retention rates. That's because they're not tracking
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the um
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Deaths rates right and retention of the next generation, right?
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And so what's dying for me is like what you said is that they have this assumption, but that's dying right the assumption layer
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That the relationship transfers with money
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That the next generation is going to stay by default
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And that loyalty survives life events
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None of those are true
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Not anymore
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Right because when you really look at it the next generation did not open the account with you their parents did or their grandparents did
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They don't know the banker
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They have zero emotional ties to it, right? Because again
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in this new world order of digital convenience
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They already have apps that they trust
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Um platforms that they're already using and so
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If you don't have something that can provide them speed and clarity, especially during this time when they are grieving
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Or they're emotional
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then
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When the time comes
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For you to be their bank, you know, they're not going to choose you
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And also, I think the next generation looks at money a little different they don't necessarily see a bank
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Um, because when you ask them about banks like when I asked my son about a bank
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He's like, oh then more cash happening. I'm like they're not banks, right?
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Yeah, my kids call apple the bank right they call and so
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But because they see money in motion
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Right that that's how they look at it
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As they get older they're going to realize that they're going to need a relationship with the bank
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For lending for mortgages for all the grown-up stuff, right?
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and so
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The the thing is that I think that the banker should be thinking about
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Is not have that assumption that that money will will automatically stay
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right
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It's it's how do I?
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Ensure that i'm connected to that next generation so that they believe that this money should continue to live here
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And you cannot do that just by pretending to be hip
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Correct. That doesn't work
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No, it doesn't work right and and so
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The thing is the default inheritance of the relationship
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Because they think that they're going to inherit the relationship by default
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That has died that is that is no longer the case. You have too many other tools
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That the fintechs have optimized for
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To make it easy to move money there
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Even though they don't have all of the the robust products or even the governance and compliance and guardrails that
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the institutional banks have
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The younger generation just does not see it that way. And so this is a great opportunity
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for
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the community banks and banks at large and credit unions
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To be able to again design
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For the relate to capture the relationship
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Of the beneficiaries because that will be their
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That that's their secret weapon
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Because I know that my son had an issue with cash app and he's like mom. Can you call them?
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Like there's no calling. Yeah, there's no calling. There's no calling right? And so that's the thing but I can call the bank
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Yes, right at least get someone or I can at least go into a branch and talk to someone so that that human
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interaction
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um, especially at the time of inheritance and I know of you before the inheritance event
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You're looking at the emotional connection that you're going to build with that
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With that beneficiary to your institution and to that money that lives there and the banks that do it first
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They went when they the ones that see this as the infrastructure that it should be
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And build it now
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through prism, of course
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then
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They will they really will end and and if they're starting to think about that and that's what I tried to capture
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In the book I didn't I wanted to be able to speak the banker's language
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Through storytelling as well as through processes because I also looked at you know did research in
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How long does it really take? What are all of the steps?
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Right, and as you go through it, you'll see that in some cases there's 21 steps
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just to get access to the cash in the bank account that I am a beneficiary of
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And how many people that you might have to touch or retell the story or retell your situation or resubmit documents?
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Because it's so siloed and they're not taught the systems aren't talking to each other internally and so that's
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Really what I want the bankers to understand and to see that this is a mindset shift and shift and they can really
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Take advantage of this and and safeguard the money
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That you know the kids will inherit
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Because they're going to need guidance. They're going to need to understand
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You know the basics
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Basic principles of money not because they don't see it because it's digital
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They don't have sometimes the same value
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That we have had and the banks understand right because again, like they said they see they just see money in motion
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They just see it's here one day and then it's there the next day
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um, so
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And that's like even assuming
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To your point that's money that you already have and should have access to
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We haven't even touched on all of the months before that which is you know, if you don't have
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A will drawn up and you don't have any of those those are you know
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think about the emotional drain
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Of people by the time they get through all that mess and then to the bank. They're already like exhausted
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Okay, all right shift gears a little bit, okay, um
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You've started prism. Yep
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Writing a book you've gone through the cafe as a accelerator two questions. Sure
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one is
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How has the reception been?
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You know of of prism in the wider banking
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community and then
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also
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Why did you choose cafe and how is that different than you know, traditional yc playbooks?
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That's always like something people ask great, you know if i'm a startup
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Um, I wanted to reach out to a broader network. Who do I go to and why?
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So first question is how is prism being received at banks and it's being well received they are
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Catching up like we've been at this for five years and at first it was kind of like, yeah, I don't know right
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but
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I think there are a lot of market signals
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That is telling them that wow
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This is something that we should be focused on because we already have the assets in house
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One of the things that we've been doing is showing them the data
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Is looking at the demographics of their deposit holders. How old are they what percentage?
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of dollars that they have and then
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correlating that to
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Account openings new account openings, right? It's not it's not growing fast enough
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And so why
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Try to spend money to get net new customers when again you have this rich lead list
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In that field called beneficiaries sitting in your cores that you're not engaging
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And when I start to show them the numbers
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of
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What the cost of customer acquisition is?
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What the cost of broker deposit is as their deposits start to
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To dwindle right?
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Just showing them just how much attrition is happening as it relates to death
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Versus how many new accounts are coming in they're really starting to
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See how this is a benefit to them and it's being well received
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and so the conversation that i'm having and the one of the
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Phrases that I coined is we need to look at inheritance infrastructure because we've never had it because we never had to have it
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Right. Um, and so it's really being well received and and I have to thank cafe for that actually, too
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um because
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I chose them
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Because of the access they provided
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It it wasn't
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Just all programming and you're just sitting in a room
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It was you get access to get membership with the aba
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You get access to get membership with you know, the american fintech council and aba is the american bankers association
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right, and so what
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Cafe, I would say teaches teaches you that maybe a yc doesn't
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Is how to move with the system?
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Or within the system
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Like yc they want you to move fast
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They're looking at products that can sell fast and move fast, right?
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And in fintech, especially with banking that distinction really matters because banks
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They operate off a trust
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Like you and and i've been building this for a while and i'm like i'm i'm one of y'all i'm a banker like y'all on the tech side
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But they are still like, uh, we still need to trust you, right?
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And so what what cafe unlocked for me was that access to the regulators to the banks
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to real distribution channels
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And then credibility inside of the the the ecosystem because i'm able to have those one-on-one conversations
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I'm able to talk to their challenges and show that I truly understand it not just from a consumer perspective
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But being on the inside having to work with the business units as well as on the tech side
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And what challenges you may have?
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when
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You're looking at a new platform or even new infrastructure. What does that really take?
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And so if you're building like a consumer app, why see all day, right that works
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They're going to give you everything you need
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To be able to to build and deploy and scale right? But if you're building like a financial infrastructure
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Then you need proximity to those those institutions and that's what cafe really gave us
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and so that's um
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That's great. It exposed us to so many different opportunities
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Like we got the sscbi we got the edge grant the support there
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Um, and they're on the cutting edge, right?
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They they really are and so I
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I
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am so happy that I chose them because I was looking at
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What are the organizations or the?
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fintech specific
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Right accelerators that can give you access
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to customers
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And that's that's the benefit that cafe has so i'll always be a fan um christin and the team is they're amazing
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Um, and so yeah, I I think that's the differentiator
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I'm so happy to hear that and you were the first cohort like literally a second
378
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Okay, I was the second cohort and so um, it's yes amazing because now they're up to fifth, right?
379
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If I remember fourth or fifth i'm losing count
380
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I don't know. I think they're the six. I think it's the six cohort. So yeah, i'm like way behind. They're just moving
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um, and it's amazing and you know, finally I got the chance to see the um
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The the building and thoughts is nice
383
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It's gorgeous and I just I I love the mission as well
384
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You know to your point, you know, there are other accelerators depends on what you need
385
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But you know if you're building in this ecosystem you need access to the regulators
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You need access to distribution you need access to basically, you know, everyone that would touch
387
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And receive and give you guidance on what you're doing. And you know, that is the perfect spot plus they're mission driven
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You know, I i'm always a sucker for mission driven. Um, and you know, christin and ryan are amazing people. So
389
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And they brought us together. So i'm grateful for that
390
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Now, of course, I cannot let you go without asking you the buzzword of
391
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The year the decade. I don't know. I think next year is going to be something else. But for now it is ai
392
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Everyone is talking about ai
393
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Now in the first last 25 minutes or so we're talking about trust. We're talking about relationship
394
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We're talking about all those things that surround inheritance and wealth
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00:28:00.960 --> 00:28:06.260
on the other side of the coin everyone's talking about ai and ai agents and you know data and
396
00:28:06.980 --> 00:28:08.500
How does that?
397
00:28:08.760 --> 00:28:10.560
How does that um
398
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Come together because data often when we think about is bits and bytes and cold and you know
399
00:28:16.340 --> 00:28:21.600
We're talking about inheritance and and those special moments. They're emotional is family
400
00:28:23.540 --> 00:28:28.460
How is is that something that ai can help and how does it help?
401
00:28:29.280 --> 00:28:36.720
Yeah, so we're you know, we're leveraging ai as well and where I see ai is in the background, right? It's quiet
402
00:28:36.720 --> 00:28:38.120
It's precise
403
00:28:38.120 --> 00:28:42.420
It's invisible like no one sees it just like infrastructure when it works. It just works
404
00:28:42.420 --> 00:28:46.780
The real role of ai really is just orchestration under pressure
405
00:28:48.320 --> 00:28:49.440
and so
406
00:28:49.440 --> 00:28:52.260
the thing is when um
407
00:28:53.760 --> 00:28:58.020
I'm just going to take a real example. I'm going to talk through like a real scenario here
408
00:28:58.020 --> 00:29:05.200
So when a customer passes away, right today that triggers chaos in the bank because it's it's all manual, right?
409
00:29:05.200 --> 00:29:09.560
The family don't know where everything is the bank gets, you know incomplete information
410
00:29:09.560 --> 00:29:13.240
They don't have all of the the files they need the accounts get frozen
411
00:29:13.240 --> 00:29:18.640
So people don't have access to the money, you know weeks of back and forth all of the things because it's manual
412
00:29:19.760 --> 00:29:20.240
so
413
00:29:20.240 --> 00:29:22.500
Imagine um at that same moment
414
00:29:23.680 --> 00:29:24.160
that
415
00:29:24.160 --> 00:29:26.720
With ai inside of prism you trigger the account
416
00:29:27.380 --> 00:29:33.420
ai already has all organized all of the accounts you've already put it in but it's organized those accounts the policies
417
00:29:33.420 --> 00:29:34.820
the documents
418
00:29:34.820 --> 00:29:38.480
You know mapped out the beneficiaries all of the permissions
419
00:29:38.480 --> 00:29:42.960
flagged all of the inconsistencies and then presents that up to the banker
420
00:29:44.400 --> 00:29:49.140
And says here are your next steps right because I still think that you need a human in a loop with this
421
00:29:49.140 --> 00:29:51.180
To verify those things, right?
422
00:29:51.880 --> 00:29:53.440
So then when the death is verified
423
00:29:53.440 --> 00:29:59.200
Then the the system shifts then now the accounts are ready to move money is ready to move the beneficiaries
424
00:29:59.200 --> 00:30:02.640
Other beneficiaries are notified that they get here's what they're going to get
425
00:30:02.640 --> 00:30:11.280
And then ai kind of guides them, right? It's meant to be a orchestration level to help organize and help you move things
426
00:30:12.000 --> 00:30:15.740
The other thing that I think that we need to be very careful with around
427
00:30:16.560 --> 00:30:20.300
Agents is access to the information and data the sensitive data, right?
428
00:30:20.680 --> 00:30:27.520
And making sure that the guardrails and the security is in place to secure the information that they will have right?
429
00:30:28.360 --> 00:30:30.500
So all of that makes
430
00:30:30.500 --> 00:30:34.520
Takes this very manual long process
431
00:30:34.520 --> 00:30:36.900
And synthesizes it down
432
00:30:36.900 --> 00:30:38.440
to hours
433
00:30:39.060 --> 00:30:41.440
right and now what you're doing is
434
00:30:42.220 --> 00:30:44.940
Using humans to verify and validate
435
00:30:45.620 --> 00:30:53.580
That that that is it it and it really just the ai really just prepares the transaction the transition. Um
436
00:30:53.580 --> 00:30:54.140
path
437
00:30:54.140 --> 00:30:55.140
right
438
00:30:55.140 --> 00:30:57.560
Because right now humans are doing that
439
00:30:57.560 --> 00:31:04.600
And then it'll flag any of the compliance issues or or they'll surface any of the issues before the money is moved
440
00:31:04.600 --> 00:31:10.760
So now you know, okay, I have an exception here that I need to do something. So instead of confusion you have
441
00:31:10.760 --> 00:31:13.940
Control clarity is what I like to call it, right?
442
00:31:16.480 --> 00:31:18.960
You don't have faster chaos
443
00:31:18.960 --> 00:31:22.680
Because I put more bodies against it you have
444
00:31:23.160 --> 00:31:25.940
Smart continuity and that's what the banks need
445
00:31:25.940 --> 00:31:32.720
They when you talk about an inheritance event, I call it a liquidity event when someone dies
446
00:31:33.440 --> 00:31:36.160
And if you add ai to it
447
00:31:36.640 --> 00:31:38.620
Bring some of the efficiencies
448
00:31:38.620 --> 00:31:41.320
That ai can bring to it
449
00:31:41.320 --> 00:31:44.840
You can bring that continuity to your process, right?
450
00:31:45.320 --> 00:31:47.340
um, and and I think that
451
00:31:47.340 --> 00:31:53.720
With the ai agents what the industry keeps asking is how do we automate more? How do we automate more?
452
00:31:53.720 --> 00:31:59.140
And I don't think that that's the right question, you know, I think the question is
453
00:31:59.140 --> 00:32:00.620
um
454
00:32:00.620 --> 00:32:02.400
How do we show up?
455
00:32:02.980 --> 00:32:04.640
with precision
456
00:32:05.640 --> 00:32:08.680
And clarity and the moments that matter most
457
00:32:09.480 --> 00:32:12.600
That's where ai really earns its stripes
458
00:32:13.400 --> 00:32:18.580
Right, and I think that that's where we we should be focused on
459
00:32:18.580 --> 00:32:21.860
Is looking at our systems and seeing
460
00:32:22.500 --> 00:32:24.500
Where can we make
461
00:32:25.220 --> 00:32:28.840
The process a lot more precise and easier for the consumer
462
00:32:29.520 --> 00:32:33.780
To be able to do things and in our case at death when you're emotional
463
00:32:34.340 --> 00:32:39.720
You're you are looking for speed because you need answers because you need to handle the business of death is what I call it
464
00:32:40.660 --> 00:32:44.540
um, and so you need to be able to validate all of those things like there's
465
00:32:45.100 --> 00:32:47.140
Several different things that need to be validated
466
00:32:47.140 --> 00:32:51.040
That ai can do pretty rapidly and I think that's where we should be focused
467
00:32:51.040 --> 00:32:55.460
And that's where you know, honestly where we're focused with prism and how we're leveraging ai
468
00:32:55.460 --> 00:33:00.340
And how we thought about architecting it into our process
469
00:33:01.620 --> 00:33:08.280
I like what you said, it's not just about automating. Um that that is precisely the wrong question
470
00:33:08.280 --> 00:33:09.800
Especially given the circumstance
471
00:33:09.800 --> 00:33:12.880
Um the use case that you're talking about
472
00:33:13.520 --> 00:33:14.100
um
473
00:33:14.680 --> 00:33:19.400
I love the human aspect you brought to it. I I'm a fan
474
00:33:19.960 --> 00:33:25.880
I'm just gonna come on sad. I'm fine. We gotta keep the humans in the loop, right because it's an emotional moment
475
00:33:26.440 --> 00:33:29.320
It is you can't just keep it all digital, right?
476
00:33:29.780 --> 00:33:33.160
You have to be able to have someone because ai doesn't
477
00:33:34.460 --> 00:33:39.500
Ai can't give empathy to the person standing in front of you that their mom just died
478
00:33:40.020 --> 00:33:42.620
And you know, they have teenage boys
479
00:33:43.220 --> 00:33:45.400
But they have to try to keep together
480
00:33:45.960 --> 00:33:47.960
Because they have so many other things to do
481
00:33:48.600 --> 00:33:53.880
Ai is there to help make that process easier. So me as the the banker that
482
00:33:54.440 --> 00:33:56.320
This person walked in
483
00:33:56.320 --> 00:33:58.600
Can just say hey, you know what? It's okay
484
00:33:59.240 --> 00:34:07.240
We have it we have the process ready. We understand what you need and hear the next steps because the reality is
485
00:34:07.880 --> 00:34:11.480
Everyone thinks that the bank has all the answers because they should
486
00:34:11.480 --> 00:34:12.960
when someone dies
487
00:34:14.080 --> 00:34:16.580
And that's not always the case
488
00:34:17.159 --> 00:34:21.540
And so I think again that's where ai can really earn the stripes and shine
489
00:34:21.540 --> 00:34:26.800
Is we just use it as a background optimizer and really just helps us
490
00:34:27.560 --> 00:34:30.179
be precise in how we
491
00:34:30.179 --> 00:34:32.460
We execute on
492
00:34:32.460 --> 00:34:34.920
Like I said the moments that matter
493
00:34:34.920 --> 00:34:39.780
Everyone thinks banks have all the answers everyone thinks banks have all the data
494
00:34:39.780 --> 00:34:45.360
But that doesn't mean that they can bring them together or rent provide you with what you need
495
00:34:46.000 --> 00:34:47.620
Before I let you go
496
00:34:47.620 --> 00:34:53.310
Martha, what is the one thing that you wish the industry would pay more attention to?
497
00:34:54.699 --> 00:34:55.639
What i'm doing
498
00:34:57.660 --> 00:35:04.300
Yes, everyone go follow martha but but in all seriousness, um, I I think you're absolutely right
499
00:35:05.180 --> 00:35:05.760
we
500
00:35:05.760 --> 00:35:08.920
May not always be paying attention to what matters
501
00:35:09.560 --> 00:35:15.240
Not just to the human side of things but understanding the human side of things will bring
502
00:35:16.120 --> 00:35:17.320
the operational
503
00:35:18.120 --> 00:35:20.420
Excellence that people are looking for
504
00:35:20.420 --> 00:35:26.720
We seem to be going for the for the answer in the wrong way all the time, right? Everyone wants more
505
00:35:27.440 --> 00:35:31.660
Deposits they want more customers. They want more businesses
506
00:35:32.520 --> 00:35:38.260
But we're going about not really the way that would seem the human way of doing it
507
00:35:38.260 --> 00:35:40.700
Yeah, because they are everyone's talking about acquisition
508
00:35:41.520 --> 00:35:43.140
How do we get more customers?
509
00:35:43.620 --> 00:35:51.140
Like you said more deposits and really they should just be asking how do we extend the relationship beyond the original account holder?
510
00:35:51.340 --> 00:35:56.360
How do you take care of the people you have right and their families? Yes
511
00:35:58.200 --> 00:36:00.300
It is very simple
512
00:36:00.300 --> 00:36:03.620
Um, so until we meet again martha
513
00:36:03.620 --> 00:36:07.280
Thank you so much for spending time with us and i'll put the
514
00:36:07.280 --> 00:36:09.680
The link of your book
515
00:36:10.240 --> 00:36:15.620
Uh from amazon, I believe it is now on the death of deposits on the show notes as well
516
00:36:15.620 --> 00:36:20.000
So thank you so much for joining us today on the show
517
00:36:20.560 --> 00:36:26.020
Thank you and for the rest of our listeners. Thank you so much for joining us for another episode of one vision
518
00:36:26.020 --> 00:36:27.200
Let's talk to you next week