New Jersey-based financial institution Investors Bank has announced a collaboration with online small business lending firm OnDeck to digitize its own small to medium-sized business (SMB) lending operations.
The companies announced their collaboration in a press release Monday (Oct. 21), outlining an alliance that sees Investors Bancorp subsidiary Investors Bank collaborating with OnDeck Capital subsidiary ODX to digitize the bank's loan origination platform for digital loan services in select markets.
The bank will leverage ODX's loan origination platform to accelerate small business loan application and financing processes, enabling SMB clients to apply for a loan from the bank online or via their mobile device, and receive a decision within a few minutes. Funds can be disbursed into their Investors Bank account within minutes. ODX's technology allows banks to wield an array of data from the small business applicant and third parties to enhance underwriting, and process credit and security information, the companies noted.
“Small businesses are the foundation of our communities and Investors is committed to finding better ways to serve them,” said Investors Bank Head of Business Banking Mike MacIntyre in a statement. “Investors and ODX are launching this program, allowing Investors to leverage the latest technology to enhance our product offering and overall customer experience.”
“ODX is excited to work with Investors to provide its small and medium-sized business customers with online credit solutions and a state-of-the-art digital banking experience,” said ODX President Brian Geary in another statement. “As a leading small business loan origination platform, ODX provides proven technology and professional services that [enable] bank clients like Investors to offer credit to small businesses faster and more efficiently. That combination is mutually advantageous for the bank lender and the small business owner.”
Investors Bank said the ODX online credit application capability will be available in select regions initially, with a wider rollout across the banking network at some point in the future.