Chimney achieves record growth in 2022, reaching nearly 500% more users & increasing user engagement by nearly 600%
Chimney’s tools drive more users into online applications across its growing client base of financial institutions by more than 275% in 2022
NEW YORK, NEWYORK (March 20, 2023) — Chimney™, a leader in financial guidance for the digital age, today announced a record year of growth, as more financial institutions partner with the company to roll out personalized digital experiences that generate deposits, loans and customer growth. In 2022, Chimney’s interactive financial tools reached more than 16 million Americans, expanding its reach by nearly 500%, and increasing user engagement by nearly 600% compared to the previous year.
To date, Chimney’s tools have resulted in more than 80,000 conversions for the company’s growing client roster of community banks and credit unions. Last year, the company’s tools drove nearly 300% more users into online applications over the previous year. Chimney specializes in helping community financial institutions engage more customers and members with interactive digital tools, which include the company’s award-winning financial calculators and more recently, its homeownership platform, the newest addition to Chimney’s product suite. Today, Chimney serves more than 90 financial institutions across the U.S., including several top banks and credit unions by asset size.
The company’s rapid year-over-year growth demonstrates strong demand among consumers for financial tools and resources that are personalized to their buying journey and financial goals. For financial institutions, Chimney’s technology makes it much easier to grow and maintain wallet share, despite changing market conditions and ongoing economic uncertainty.
“With interest rates on the rise, more consumers are shopping around for the best rates on deposit products and loan offers. Yet, economic challenges like inflation and more recently, several large bank collapses have made consumers more conscientious about where they keep their money,” said Matthew Covi, co-founder and CEO of Chimney. “Regional and community bank shares initially dropped as consumer confidence in the U.S. financial system was shaken following the high-profile bank failures, but stocks have already rebounded, a testament to the resilience of community financial institutions and the vital role they play within our economy.”
Covi continued, “To navigate the road ahead, an effective marketing and growth strategy that’s backed by the right account origination technology and a frictionless onboarding experience is key. With consumers paying more attention to who they bank with and the products, services and rates offered to them, interactive tools like financial calculators can unlock increased conversions and foster deeper customer relationships. Chimney is proud to help financial institutions continue growing and serving their communities, despite the recent economic volatility.”
The value Chimney provides has been recognized by other key organizations within the financial industry as well, such as the Independent Community Bankers of America (ICBA), which selected Chimney for its 2022 ThinkTECH Accelerator program. Chimney was also selected from a list of more than 1,000 startups to join Plug & Play’s Fintech Accelerator Program, a testament to the strength of Chimney’s product offerings and visionary leadership. In addition, co-founder and CEO of Chimney, Matthew Covi, was recognized as a 2022 HousingWire Tech Trendsetter for driving innovation in the mortgage space and creating new ways for financial institutions to engage and cross-sell to homeowners.
About Chimney
New York-based Chimney delivers modern, interactive tools that help banks and credit unions compete for wallet share in a digital-first world. Winner of the FinovateSpring 2021 Best of Show and FinovateFall 2023 Best of Show, Chimney’s solutions are built for the digital age – designed to engage and win more customers, capture better customer data and move leads faster. The company’s newest product, Chimney Home provides homeowners with actionable advice about their home value, home equity, borrowing power and pre-qualified offers - embedded within the digital banking channels today’s customers prefer. Chimney strives to help financial institutions of all sizes best serve the customers within their communities. That’s why the company is trusted by over 90 financial institutions nationwide, including several top banks and credit unions by asset size. For more information, visit www.chimney.io.
