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For most homeowners, their home is more than just a roof over their head; it's the centerpiece of their financial life and their most significant investment. In a recent survey by Aite, 80% of homeowners said they are looking for guidance on managing their home as a financial asset. This includes knowing when to utilize their home equity, funding renovations, and understanding when to refinance.
In 2006, Zillow changed the game by launching the ability for anyone to check their home value online. The website proved so popular that it crashed for 6 hours the first morning it was live. Despite this insatiable appetite from homeowners to access this information, financial institutions still don’t provide this service to account holders.
The same way that embedding credit scores in banking apps has ushered in a new era of digital engagement, the data is clear that adding information like “Track your Home Value” and “See Available Equity” into digital banking are game changing features that don’t just build relationships, but also generate more home loans.
Chimney Home has reimagined the banking experience for homeowners by transforming complex property data into actionable insights. Banks can now seamlessly embed information, tools, and insights that homeowners need, allowing them to forge lasting digital relationships, drive meaningful loan volume, retain critical deposit accounts, and access powerful data for operational efficiency and growth.
“Homes are the most valuable financial assets most people will ever own. It makes zero sense that none of the data or insights associated with that asset are available within modern digital banking interfaces.” - Alex Johnson Fintech Takes
The homeownership rate in the US is 68%. Homeowners hold 80% of your deposits and drive over 75% of your net interest income. With the average homeowner sitting on $270K in tappable equity, their home is the most important financial asset they have.
The competition to win digital relationships with homeowners is intensifying. Several personal finance apps, fintechs, and mega banks are investing the resources to launch property tracking to help their users manage the asset side of homeownership.
"We believe it's critical to identify and resolve customer pain points and improve the user experience. And we're attacking the problem with the digitization of existing product offerings with apps like Chase MyHome"
In a recent article about Chase Bank's $12B technology investment they highlight the importance of initiatives like MyHome to engage homeowners.
Banks have a remarkable opportunity ahead. With a strong foundation of customer relationships, they can become the trusted source for homeowners and their most valuable asset. However, without the right digital tools, this opportunity becomes a significant challenge.
In today's consumer-driven world, it is crucial for banks to deliver personalized data and insights at scale. Relying solely on loan officers to maintain relationships or spending countless hours on launching individual campaigns no longer meets consumer expectations. Real-time data and guidance in the palm of their hand is what customers demand.
With Chimney Home, banks can provide the tailored experience that homeowners need. They can access data and automation to keep their team focused on the bigger picture while driving meaningful revenue growth. It's time to bridge the gap between property data and digital banking apps. With Chimney, any bank can launch a modern experience in a matter of weeks, offering a comprehensive financial picture to their customers.
Property tracking has become a must-have financial app. That's why financial institutions like Chase, Rocket Money, SoFi, and most recently Copilot have entered the space. It's no surprise, as 8 out of 10 homeowners say they rely on always-on digital guidance to make their next decision. Banks are losing homeowner relationships to competitors who address their needs.
Banks can fight back by offering homeowners the ability to manage their biggest asset. By providing high-value tools like property tracking, banks have a massive opportunity to build even stronger customer relationships by providing trustworthy data and guidance - something lacking in today's solutions, like Zillow.
When your customers engage with the competition, you lose share of wallet. Chimney's data highlights the magnitude of this problem. Banks are spending significant amounts of time, money and resources to launch a single campaign, but by that point it's already too late. Homeowners are going to third-party websites to find the information and insights they need, where they are sold competing products.
Provide homeowners with always-on, personalized guidance that they can access 24/7 right in their pocket. Through modern technology, you can offer your entire customer base relevant, data-driven guidance based on their current financial situation, keeping your brand top of mind for their next big decision.
Your teams are spending too much time using manual data in spreadsheets to run a single marketing campaign and lending teams manually verifying property data to approve loans. And after all of that, the customers you're reaching are disengaged and using another app when they pick up their phone.
Chimney Home can effectively future-proof your home lending operation while keeping valuable deposit holders engaged. Shift from scaling loan officer teams and time-intensive quarterly marketing campaigns to automated technology.
Chimney launched My Home Tracker in partnership with leading banks in 2023, all of which had experienced a decline in market share in home equity lending. After analyzing the data, it became clear that homeowners have specific needs that are not being addressed. For many homeowners, it is not a question of whether they would take out a loan, but rather when it comes time to make a decision, which competitor are they going to choose.
After launching with our banking partners:
My Home Tracker is an engaging homeowner dashboard that seamlessly integrates into your digital banking app.
To learn how your bank can achieve similar results and deepen wallet share with a critical customer segment, schedule a free consultation with one of Chimney’s experts today.
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