Wealth Access, a Connected Intelligence Platform for banks, credit unions, and wealth management firms, has announced a strategic partnership with Candescent, a leading Intelligent Banking platform serving more than 1,300 banks and credit unions. The partnership gives financial institutions a direct path to solve the persistent problem of clients who bank with an institution for decades and still move their wealth elsewhere.
Industry data from the American Bankers Association indicates that while nearly 60% of U.S. households hold investment accounts, financial institutions capture only 4% of those accounts from their own customers. The gap often stems from fragmented data between digital banking teams and wealth teams operating on separate systems. Through the partnership, Wealth Access and Candescent will support a more connected, insight-driven approach by aligning intelligence across banking and wealth relationships, enabling more relevant engagement and interactions informed by each customer’s full financial picture.
KEY QUOTE:
“Banks and credit unions have spent years investing in digital experiences that look great but don’t know enough about the client to truly serve them. The wealth opportunity sitting inside most banks’ own customer bases is enormous, and most of it goes uncaptured because the teams and the data that could act on it are disconnected from the moment of engagement. When the digital channel finally sees the whole client, the conversation changes.”
David Benskin, Founder and CEO, Wealth Access
