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Wealth Access and Candescent Collaborate to Transform Financial Institutions

In a groundbreaking partnership, Wealth Access, a pioneering platform in connected intelligence for financial institutions, has aligned with Candescent, a leader in intelligent banking solutions. The collaboration aims to tackle one of the most persistent issues facing banks and credit unions today: the challenge of retaining wealth management clients. Despite many customers being loyal to their banks for years, a significant portion of their assets is often moved elsewhere, primarily due to a lack of cohesive data and understanding.

Understanding the Industry Gap

Recent research conducted by the American Bankers Association sheds light on this gap, revealing that nearly 60% of U.S. households maintain investment accounts, yet financial institutions only capture a mere 4% of these accounts. This discrepancy is largely attributed to the disjointed nature of data available to banking teams—digital banking and wealth management departments often operate independently, leading to a fragmented understanding of client needs and history.

David Benskin, the Founder and CEO of Wealth Access, emphasized the urgency of addressing this disconnect. He noted, "Banks and credit unions have invested heavily in sophisticated digital experiences, yet these platforms often lack the insight necessary to engage clients meaningfully. The wealth stored within these clients' accounts remains uncaptured because the systems that should act on this information are disconnected from real-time engagement."

The Benefits of the Partnership

The strategic partnership between Wealth Access and Candescent is focused on bridging this divide. By fostering a more connected experience across banking and wealth management, institutions will be better positioned to serve clients with relevant and timely information. This shift helps move beyond generic communication strategies toward personalized interactions that reflect a comprehensive understanding of each client’s financial circumstances.

Victoria Lubnik, Head of Partnerships at Wealth Access, stated, "Building strong relationships relies on consistent and informed communication. Our collaboration with Candescent addresses this need, enabling financial institutions to enhance their digital banking offerings while fostering deeper, long-term wealth relationships with clients."

Through the amalgamation of insights from both Wealth Access and Candescent, institutions will be equipped to elevate client engagement, ultimately driving higher satisfaction and retention rates.

About Wealth Access

Wealth Access has established itself as a key player in the financial technology sector by providing an integrated platform that consolidates fragmented banking and wealth data. Their innovative approach allows institutions to deliver a unified view for clients, thereby enhancing service delivery and client trust. Founded in Nashville, Tennessee, Wealth Access works with numerous financial institutions nationwide, powering richer, interconnected wealth management experiences.

About Candescent

Similarly, Candescent is making significant strides in modernizing banking through its cloud-based intelligent banking platform. Serving over 1,300 banks and credit unions with more than 30 million users, Candescent focuses on delivering unique, unified services that accelerate growth and deepen customer relationships. Their ability to streamline data, enhance user experiences, and facilitate insightful interactions sets them apart in the realm of financial services.

Conclusion

As financial institutions look to reclaim lost wealth relationships and optimize client engagement, partnerships like that of Wealth Access and Candescent exemplify the future of intelligent banking. By leveraging connected intelligence, banks and credit unions can transform the way they interact with clients, thereby enhancing financial outcomes for both parties. The implications of this partnership are immense, highlighting a path toward a more integrated and insightful financial landscape.