Skip to main content

AI Can Make the Inheritance Process More Humane – Here’s How

I


Inheritance transfers have existed for as long as people have stored money in banks. But this time, they’re different. According to Knight Frank, the Great Wealth Transfer will see $90 trillion in assets passed down to the younger generations over the next decade in the U.S. alone. These are unprecedented numbers. Are credit unions ready?

The truth is, whether they think they are, the current inheritance transfer process isn’t as effective as it could be. It’s plagued with long waiting times, stacks of paperwork, inefficient communication channels, numerous visits to branches, and lots of frustration from inheritors. This dynamic might’ve worked decades ago when people only kept their assets in one place. But this isn’t the case today, meaning inheritors will have to repeat the same time-consuming process at several financial institutions.

Credit unions are well known for their human touch, making members feel cared for with exceptional customer service and special deals. However, the outdated inheritance transfer process doesn’t reflect these values, potentially driving members away alongside their deposits and referrals. In fact, according to Ribbon’s internal studies, managing to retain these new members can save credit unions over $500,000 in member acquisition costs.

These inefficiencies are a system-wide issue that AI can help address and make the process easier for heirs – and thus, more humane.

Although saying technology can make any process more humane sounds counterintuitive, the inheritance transfer process could improve with it. An update is due, especially one that involves less time doing due diligence and more time connecting with those grieving the loss of close relatives.

The Need to Update a Complex Process

Credit unions are responsible for verifying official documents like death certificates and next of kin and confirming identities and bank accounts to ensure inheritance money lands in the right hands. As of now, this process is mainly done offline at branches.

While many enjoy face-to-face interactions for something as serious as inheritance transfers, the process takes more than one visit to fill out forms and review documents – by the time the transfer is through, it will have been months of repeated visits.

Another way credit unions and other financial institutions have begun handling this process is through online case resolution. They prompt inheritors to open a ticket online, for which they receive an email confirmation and hope for the best. Replies from generic emails can take days if not an entire week, and it’s not always the same person assisting the case. This creates a lack of continuity and agility and even more frustration about a streamlined process.

An Emerging Technology for a Pressing Issue

AI has proven effective on many fronts, such as scanning documents and analyzing their data quickly, summarizing information, and managing human-like conversations. Regarding the inheritance process, these salient features can change credit unions most.

One of the most critical and time-consuming steps is usually verifying documents. Is the death certificate genuine? Is this person’s ID valid? Rather than relying on the human eye, AI can scan these documents and minutely verify them in less time than staff would, dramatically shortening wait times – the entire process can be reduced from months to up to two weeks. Inheritors can upload documents online and receive replies in minutes rather than days or weeks.

Moreover, credit unions can automate chatbots with general FAQs so heirs can get their questions answered around the clock without needing to phone branches or stop by. For example, chatbots could outline a step-by-step process for the inheritance transfer, what kind of documents inheritors must provide, and the expected turnaround time for credit union staff to reach back.

Other additional automation could include sending automatic responses once documents are verified and the next steps are due so both staff and inheritors don’t have to wait until the next day to message or phone updates.

These little changes remove all the fog from traditional inheritance transfers and reduce time and effort to a minimum. Instead of spending countless hours at branches or on the phone with banks, heirs can focus on processing their loss.

More Time for Things That Matter

Using AI for the inheritance process also means credit union staff won’t spend as much time drafting documents and reviewing paperwork, freeing up time for more relevant tasks. But this shouldn’t translate into a hands-off approach. Instead, they can make the most of their phone calls, emails, or branch visits with inheritors, whether offering relevant membership offers post-transfer, sending flowers or other heartfelt gifts on behalf of the institution, or simply listening to them.

Inheritance transfers occur during some of the most difficult times for those undertaking this process, and prioritizing human connection over transactional matters can go a long way in how inheritors perceive the credit unions that hosted their loved ones for a long time.

Likewise, it gives them more time to deal with the many other tasks that come with losing a close relative: Organizing a funeral, spending time with their family, taking care of other errands regarding the deceased, and so on.

The Power of Choice

When people consider adopting AI, they might assume every process step will be digitized. Such an approach would exclude inheritors who aren’t tech-savvy or don’t have electronic devices. However, one of the most important aspects of integrating AI into these processes is giving heirs the choice to handle them however they desire.

Some prefer to do everything in person as they have the time and patience. Others might want to do it entirely online – after all, most heirs are expected to be Gen X and millennials who work. On the other hand, some might want to take a hybrid approach where they initially touch base with staff in person and continue the process online.

The power of choice granted by technological advancements will give credit unions a competitive edge over other financial institutions that still manage the inheritance transfer process the traditional way – it also helps maintain the human touch credit unions are lauded for. Counting on these options is also a sign of an empathetic institution that recognizes and meets the needs of its client base. As Great Wealth Transfer takes place, AI adoption is set to significantly improve transfer turnaround times, reduce time-consuming tasks for staff, and increase inheritor satisfaction through a more humane process.

Saeid Kian

Saeid Kian is the Co-founder and CEO at Ribbon, a San Francisco-based startup providing an inheritance platform for credit unions.


Comments

Popular posts from this blog

Both Sides of The Desk!

With over 50 years of experience in the credit union sector, I have had the privilege of observing and participating in its evolution from various vantage points. My journey has taken me from serving as a dedicated volunteer holding critical leadership roles, including serving on the supervisory committee, as director, and as board chairman, culminating in my tenure as CEO for 12 years and now founder and President/CEO of the National Council of Firefighter Credit Unions . This extensive background has enabled me to " Sit On Both Sides Of The Desk ," blending operational expertise with strategic oversight. In this blog post, I want to share how this dual perspective has enriched my understanding of credit union dynamics and fostered more effective governance. By leveraging the insights gained from years spent navigating both the intricacies of daily operations and the broader strategic objectives, I have witnessed firsthand the transformative power of collaboration, communi...

Unlocking the Power of Emeritus Board Positions in Credit Unions

  Explore how the Emeritus Board Position in credit unions honors long-serving members, offering them a chance to mentor new leaders while maintaining strategic influence without the responsibilities of active board roles.

How To Make Decisions With Conviction—Even Under Pressure

Why strong leaders act when others hesitate — and how to develop that confidence without needing every answer. I’ve watched smart, experienced leaders freeze. And I’ve been in that same position myself. It’s not because we lack information, but because we don’t feel ready to choose. Leaders often get stuck because they’re waiting for the perfect moment to act. They’re thinking through the consequences, weighing the trade-offs, trying to get it right. But the longer they wait, the harder it becomes to move at all. The truth is that the worst decision isn’t always the wrong one. It’s the one you never make. If you’re in a leadership role, you don’t always get the luxury of knowing. You have to move anyway. Not recklessly, not blindly, but with clarity, purpose and conviction. In high-pressure moments, the gap between average leaders and great ones gets exposed. It’s not a gap in intelligence or experience. It’s a gap in decisiveness. Because conviction doesn’t mean certainty—it means mak...

Fed Kicks Off Two-Days of Meetings Today as Critics, Proponents Respond to Rate Increases; Plus, What CUs Should Expect

CUToday WASHINGTON–The Federal Reserve’s Open Market Committee (FOMC) will kick off two days of meetings today and the decision they announce tomorrow will affect everything from the major U.S. markets to credit unions that are seeing strong loan growth to individual credit union members struggling with monthly bills. The FOMC is widely expected to again raise its benchmark rate as it seeks to cool raging inflation. Among those expecting rates to be higher by Wednesday afternoon is CUNA’s chief economist, Mike Schenk, who expects the Fed will push up rates by 75 basis points. That follows the full one percentage point increase made during the Fed’s July meeting. “That’s pretty substantial, but inflation is over 9%,” said Schenk...

Live - Podcast Understanding The Importance P&L Statements

A Weekly Dose of Innovation for Credit Unions Serving First Responders Welcome to the NCOFCU Podcast: Your Weekly Dose of Innovation. Hosted by Grant Sheehan CCUE | CCUP | CEO, NCOFCU, this podcast is your definitive source for the latest news, insights, and trends in the first responder credit union world.