COLUMBIA, Md.–Ribbon, an inheritance platform designed for credit unions, was the winner of the top prize at the MD|DC Credit Union Association’s fourth annual FinTank competition.
The 2024 winner was chosen on the second day of the association's Tech Summit, where six fintechs presented their solutions for addressing what they see as the most pressing challenges facing credit unions. Ribbon was selected by summit attendees through a live online vote.
A ‘Lose-Lose to a Win-Win’
“We are thrilled to be the winner of the MD|DC Credit Union Association's 2024 FinTank competition," Ribbon Co-Founder and CEO Saeid Kian said in a statement. "The honor and recognition belong to our team and credit union partners that have been instrumental in inspiring a product that turns the current lose-lose of inheritance to a win-win. We're committed to making the grieving process more thoughtful for families, while empowering credit unions to participate in The Great Wealth Transfer.”
According to the MD|DCCUA, Ribbon is focused on “revolutionizing inheritance processes for credit unions. Its platform makes it simple for credit unions to retain deposits and acquire new members by providing a seamless inheritance experience while reducing operational burdens. Ribbon’s system helps credit unions prioritize inheritors to retain and decreases the risk of wrongful transfer of assets litigation.”
The company said the resource can be launched by CUs that do not have “extensive resources.”
‘Great Opportunity’
“Congratulations to all of our competitors,” MD|DCCUA President and CEO John Bratsakis said in a statement. “FinTank is a great opportunity to engage directly with fintechs developing solutions tailored to address the specific needs of credit unions."
Other fintechs in the competition included Aviary AI, Chimney, Constant AI, Digital Storefront, and Earn Up.