This collaboration is designed to assist financial institutions in equipping homeowners with the necessary tools, information, and insights to manage their financial assets within digital banking environments. According to an official press release, Alkami and Chimney have joined forces to integrate financial health data with property data, thereby enabling financial institutions to enhance user engagement, gain deeper insights into competitive dynamics, inform product offerings, cross-sell more effectively, and streamline the verification of property details.
Home equity loans or lines of credit
Chimney offers homeowners actionable insights on their home value, equity, borrowing capacity, and tailored loan proposals regardless of the financial institution managing their mortgage. Historically, many institutions struggled with manual property data activation processes that hindered providing personalized loan terms and engagement efforts. As a result, homeowners often turned to third-party real estate sites for up-to-date valuations, leading them to receive competitive offers directly from these sources.
As consumers explore credit options, a notable segment showing interest in home equity loans or lines of credit tend to skip their local financial institutions during the research phase. Chimney’s platform repositions how property data can be utilized by financial institutions to maintain and enhance homeowners’ engagement with digital banking experiences. By offering on-platform valuations and customized loan recommendations, it positions these institutions as key players in the home equity market.
Following this partnership announcement, Alkami highlighted that the collaboration opens up new growth avenues and aims to elevate customer experiences. Additionally, Chimney’s platform offers a valuable tool that supports homeowners’ financial journeys and fosters stronger relationships between these parties.
Alkami’s previous collaborations
Alkami Technology, a cloud-based digital banking solutions provider for banks and financial institutions in the United States, seeks to empower clients and customers by ensuring secure development within the industry, fostering digital communities, and adapting to changing market conditions. The company has formed several partnerships and launched multiple products recently, covering diverse geographic regions.
In late 2023, Alkami partnered with Quontic Bank to introduce the Alkami Digital Banking Platform, enhancing user experience and expanding the partner network. Through this platform, both Quontic Bank and its customers gain from improved account opening functionalities alongside data analytics that drive better engagement. Additionally, earlier in the year, Alkami announced a collaboration with Plaid to enable US bank and financial institution clients to leverage Plaid’s direct API services.
