Revolutionizing the Digital Banking Platform: The Essential Role of Property Tracking in Competing

As Alkami gears up for our annual conference, Alkami Co:lab, we wanted to introduce you to our innovative technology partners. Powered by our partner program, together we are empowering financial institutions with market-leading solutions that differentiate the digital banking platform. At our event, banks and credit unions will have the opportunity to connect with these exhibitors in the Innovation Lab. To learn more about Co:lab, read the press release here.

In today's fast-paced digital world, the banking sector faces a crucial turning point. Financial institutions are grappling with how to remain relevant and competitive amidst the rise of digital-first platforms and mortgage lenders.

According to Black Knight Mortgage Monitor Survey, mortgage retention rateshover around 25%. That means 1 in 4 homeowners is getting their next home loan from a competitor. With US homeowners sitting on $30 trillion in home equity,there is an urgent need for financial institutions to provide a better experience for homeowners to increase retention rates.

A valuable feature missing from many banking apps, which has become a non-negotiable feature to stay competitive for homeowners, is property tracking. The partnership between Chimney and Alkami highlights an innovative solution to this challenge, integrating property tracking directly into digital banking platforms to enhance account holder engagement and retention. Here's an in-depth look at why property tracking is not just an added value but a necessity for modern banking apps.

Bridging the Digital Gap

The strategic alliance between Chimney, a pioneer in home tracking solutions, and Alkami, a leader in digital banking solutions, signifies a groundbreaking shift towards integrating property tracking into the digital banking experience. This partnership is pivotal in addressing the digital engagement gap, offering a blueprint for how financial institutions can not only compete but lead in the digital age.

Understanding the Challenges

Financial institutions face multifaceted challenges in today's digital landscape:

• The Homeowner Engagement Gap:Homeowners increasingly turn to third-party sites for home value insights and financial guidance, leading to decreased engagement with their banking apps.
• Over-Reliance on Loan Officers: Traditional banking models cannot scale personal relationships effectively, leaving a gap in account holder engagement and support.
• Competition with Digital Giants:Financial institutions are losing ground to digital-first platforms that offer comprehensive, user-friendly experiences for financial guidance and home value tracking.

The Critical Role of Property Tracking

Integrating property tracking into banking apps addresses these challenges head-on by:

• Proven Engagement: Providing homeowners with real-time insights into their property's value and equity within their banking app keeps them engaged and loyal.
• Scaling Personalized Interactions:Automated tools and personalized offers enable financial institutions to manage relationships with homeowners at scale.
• Offering a Competitive Edge:By integrating comprehensive digital tools, financial institutions can offer a one-stop solution that competes directly with digital-first giants.

Elevating Digital Banking Platform Experiences

Chimney, in partnership with Alkami, transforms digital banking by embedding home value & equity tracking into the banking platform, creating a seamless, engaging experience. This solution empowers banks and credit unions to:

• Provide homeowners with valuable insights directly within their banking app.
• Deliver personalized financial advice and offers based on real-time property data.
• Foster a habit of regular interaction, increasing app stickiness and account holder loyalty.

Measuring Real Results from Property Tracking

By adding property tracking into the digital banking experience, banks and credit unions can accelerate strategic objectives - user engagement, institutional loyalty, and revenue opportunities. Chimney's solution keeps homeowners coming back by delivering monthly updates on changes to their property value as well as personalized offers. This level of personalization strengthens banking relationships, as homeowners perceive their financial institution as a comprehensive source of financial guidance. Now, banks and credit unions can better understand competitively-held relationships and target those homeowners to grow share of wallet with attractive loan offers.

A Future-Proof Strategy

The partnership between Chimney and Alkami illustrates the transformative power of integrating property tracking into digital banking platforms. As the banking industry evolves, embracing innovative solutions like property tracking is essential for financial institutions aiming to stay relevant, competitive, and aligned with the needs of today's homeowners. For banks and credit unions, property tracking is not just a beneficial addition, but a fundamental requirement to compete in the digital banking landscape.

The collaboration showcases how property tracking is not just a feature but a strategic tool for future-proofing digital banking services. By addressing the core needs of homeowners and providing a solution that rivals the convenience and utility of digital-first platforms, Chimney and Alkami are setting new standards for account holder engagement and satisfaction in the banking industry.