New Startup Prismm Helps Banks Keep Inherited Family Wealth In-House

A startup called Prismm is helping banks hold on to inherited money that families usually move elsewhere after an account holder dies. Co-founded in 2020 by sisters Martha Underwood and Shella Sylla, the company builds beneficiary and estate planning directly into bank accounts from day one. The founders drew inspiration from their own family experience when their father was hospitalized and their mother struggled to find critical financial papers, as well as Underwood's banking work during the COVID-19 pandemic.

How It Works

With Prismm, account holders let trusted family members view their accounts and documents beforehand. When an account holder dies, the designated person logs in to see all assets in one place and starts transfers digitally. Since consent and identity are already on file, families can complete the process remotely across different states. Underwood noted that existing consumer tools place too much burden on grieving relatives, which is why Prismm builds its system directly into bank cores.

Products and Benefits

Prismm features two main products with a third in development. The first product, Prismm Designate, helps banks offer customers a digital way to update beneficiaries quickly. The second product, Prismm Anchor, provides a secure space to track accounts and property across multiple institutions with controlled family access. A third product named Prismm Continuity is coming soon to guide staff and families through transfers step by step. Banks lose billions of dollars in deposits every year to estate attrition when heirs move inherited funds to other institutions, but Prismm aims to stop this loss.

Context

Estate planning and asset transfers have traditionally relied on manual paperwork and in-person visits to bank branches. Financial institutions often see deposits leave their books when older account holders pass away and younger heirs consolidate funds with their own preferred banks. By integrating digital estate tools directly into banking infrastructure, companies like Prismm seek to modernise a traditionally complex part of retail finance.