A collaboration between property data innovator Chimney and Jack Henry will help financial institutions empower their homeowners with actionable advice about their home value, home equity, borrowing power, and more. That’s because Chimney has made its product suite, including its latest offering Chimney Home, available via Jack Henry’s digital banking platform.
Chimney’s embedded financial tools enable banks and other financial institutions to engage more account holders digitally, generate more deposits, and fund more loans by leveraging intelligent recommendations to guide customers to the products that are most appropriate for them. Chimney Home, the company’s latest product, gives homeowners actionable information about the value of their home, potential borrowing power, and the availability of pre-qualified offers — all embedded within the bank’s digital channels.
“For many years, financial institutions have lacked the resources needed to personalize product recommendations for homeowners,” Chimney Co-Founder and CEO Matthew Covi said. “At the same time, getting approved for a home equity loan is a big feat, sometimes taking months and causing frustrations for many consumers. That’s why we created Chimney Home.”
Among the financial institutions currently using Chimney’s tools via Jack Henry’s digital banking platform is Financial Plus Credit Union. The technology will help the institution better serve members who are homeowners with the data they need to maximize their home’s value and equity. Chimney’s offering also replaces the credit union’s previous, more cumbersome cross-departmental strategy in favor of an omni-channel approach that makes access easier for homeowners and the process more efficient for the credit union’s mortgage services team.
“By combining financial health data and blending it with a homeowner’s property data, we’re empowering financial institutions to make more personalized loan recommendations in the fiercely competitive home equity space and allow account holders to take action on those recommendations right within their digital banking app,” Covi said.
Chimney won Best of Show at FinovateFall 2023 in New York. Previously known as Signal Intent, the company won Best of Show in its debut at our online FinovateSpring conference in 2021. Headquartered in New York, the company announced this spring that it had topped the 30 bank-client milestone.
Jack Henry first demoed its technology on the Finovate stage at FinovateFall 2010. Today, the Monett, Missouri-based company provides banks and credit unions with an ecosystem of modern technology solutions developed internally as well as the ability to integrate with leading fintechs. Founded in 1976, Jack Henry is a publicly traded company on the NASDAQ under the ticker JKHY. The company has a market capitalization of $13 billion.
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Conclusion:
In conclusion, the collaboration between Chimney and Jack Henry represents a significant step forward in empowering homeowners with valuable financial information through digital banking platforms. By integrating Chimney’s product suite, including the innovative Chimney Home tool, financial institutions can now offer personalized advice on home value, equity, and borrowing power to their customers.
This partnership streamlines the process of accessing crucial data for homeowners and simplifies the loan recommendation process within the digital banking environment. Chimney’s success in winning Best of Show at FinovateFall 2023 and previous accolades reaffirm the company’s commitment to revolutionizing the financial services industry.
With Jack Henry’s established track record in providing cutting-edge technology solutions to banks and credit unions, the collaboration sets a new standard for personalized financial services. The future looks bright for homeowners seeking seamless access to valuable insights about their properties and financial options, thanks to the forward-thinking approaches of Chimney and Jack Henry.
