At Curql Collective, we believe fintech partnerships open doors to more robust services for both credit unions and their members. And we know that members increasingly expect these digital services from their credit union to meet their unique financial needs. For example, research indicates that seven out of ten homeowners seek digital tools to maximize their homes as assets. With 65% of Americans owning a home, credit unions stand to benefit from engaging this large group of members whose homes represent their largest asset.
Opening Doors with Chimney
Chimney, a Curql Ecosystem Partner, is more than opening doors; Chimney is impressing the industry, having recently received the Best in Show award at FinnovateFall 2023. Chimney is revolutionizing the way credit union members make financial decisions while strengthening their bonds with their credit unions. Chimney’s client roster of more than 100 financial institutions, including 55 credit unions, agree and are leveraging Chimney solutions to positively impact their stakeholders.
Chimney Home is transforming the digital banking experience for
homeowners by offering financial guidance and personalized offers to keep homeowners
within their credit union’s ecosystem and help them make more informed financial decisions.
Chimney automatically analyzes, identifies, and presents savings opportunities to members
before they can act with a competitor. Chimney’s white-label dashboard integrates within digital banking and aggregates data related to the members’ homes, combining property and financial information along with data from credit bureaus to offer a comprehensive view.
Chimney’s 'My Home Tracker', an embedded dashboard integrated with credit unions' digital banking apps, is a user-friendly tool that boasts a 60% monthly return rate. For the homeowner, 'My Home Tracker' offers insights into their property value, month-over-month changes, and approved home equity borrowing capacity.
Deepening Engagement
To further engagement, Chimney’s automated campaigns use AI to identify members who may benefit from home equity loans. These campaigns streamline data verification, applications, loan approvals, and property data reporting to make home equity lending easier and faster for borrowers and credit unions. Chimney's 'Homeowner Insights' equips credit unions with actionable data related to a homeowner's financial and property health. This data can drive further engagement opportunities for financial products, debt consolidation, and competitive insights. Alerts and notifications keep homeowners informed and even more engaged.
Calculating Success
Recognizing the importance of financial calculators in how credit unions can promote financial wellness, Chimney offers a massive range of calculator tools with a proven track record of driving deposits, boosting member satisfaction, and generating loans. In one successful case study, a credit union using an interactive calculator during a campaign garnered $6 million in deposits across 4,000 funded accounts in just 90 days. The average deposit increased by 146% year over year. Because they are self-qualifying, people who use a calculator and then start an application are twice as likely to complete it.
Looking Ahead
Chimney has already made a name for itself in fintech, but the team isn’t slowing down. With ambitious plans to expand its offerings, Chimney will help credit unions own the relationship with their members who own a home - even if that mortgage is with another lender. This means providing homeowners with the additional tools, simulators, and services that generate additional non-interest income for credit unions. The company is also working on deeper integrations with credit union systems, CRM integrations, and point-of-sale solutions, aiming to enhance member engagement further.
Helping Credit Unions Help People
Chimney is opening doors to transformative opportunities by helping credit unions strengthen relationships, generate revenue, and streamline processes. Empowering credit unions to offer the modern, data-driven, and personalized financial services that members demand in today's digital age, Chimney is revolutionizing the credit union member experience, empowering homeowners, and helping ensure the financial wellness of credit union members.
To learn more about our partner Chimney, visit chimney.io.