OnDeck launched ODX, a new company that will focus on helping banks digitize their small business lending process. ODX will operate as a wholly-owned subsidiary of OnDeck
ODX represents an expansion of OnDeck’s existing platform services business to address increasing demand from banks who want to bring their small business lending process online. For many small businesses, the conventional bank lending process remains labor intensive and paper-based, requiring on average 26 hours over the course of several weeks to complete. The rise of digital lenders like OnDeck over the last decade has demonstrated that the originations process for small business borrowers can be simplified and accelerated by taking it online.
Building off that heritage, an ODX-powered bank platform experience can enable a small business customer to apply for financing from their bank digitally, receive immediate decisions, and obtain funding in as fast as 24 hours.
ODX offers a combination of software, analytic insights, and professional services to help banks reinvent their small business lending process. At the core of the ODX solution is a modular, scalable, and reliable SaaS platform that enables banks to either create a fully end-to-end digital experience for their customers or to select certain components for specific product functions. By utilizing an ODX platform, banks can focus on their desired business outcomes such as improved customer experiences, increased portfolio growth, and reduced processing costs.
“OnDeck is a pioneer of online lending to small businesses, and ODX will leverage that proven expertise by collaborating with banks to provide their small business borrowers with fast and reliable financing online,” said Noah Breslow, chairman and chief executive officer, OnDeck. “ODX is the next generation service provider for the digital lending era, delivering a bank-ready origination platform, analytic support, and implementation services that speed product and process transformation to help banks better meet the evolving needs of their customers.”
OnDeck has appointed Brian Geary to serve as president of ODX and hired Raj Kolluri to serve as its head of Product and Technology. Geary previously served as vice president of OnDeck’s bank partnership unit where he helped build the company’s digital bank originations platform and oversaw its successful platform collaboration with JPMorgan Chase.
Kolluri joins ODX from SS&C Primatics, where he served as vice president of Product & Engineering and contributed to the building of that company’s SaaS analytics platform for banks.
A YouTube demonstration of the new platform is availabie.
