Investors Bank has teamed up with On Deck Capital subsidiary ODX to simplify lending to small business owners.
Under the collaboration, the $27bn-asset lender will deploy ODX’s digital loan origination platform to improve its small business lending programme.
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The move will enable the lender’s small business customers to complete online loan application process through desktop or mobile devices.
The technology vendor claims that its platform will enable the lender to digitally collect applicant and business information, and process their credit and security related information.
If approved, the process will enable Investors Bank to disburse loans in as little as one business day.
Investors chief retail banking officer Bill Brown said: “Investors is always looking for better ways to serve our customers, and in the case of our small and medium-sized businesses, we believe developing easier, faster access to credit products is essential.
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By GlobalData“By leveraging the innovative and proven ODX platform, we can rapidly expand our digital capabilities and streamline our small business loan origination process.”
Investors Bank is planning to deploy ODX digital loan origination platform in phases across select areas of its banking network.
In subsequent implementation phases, Investors plans to widen ODX platform-access to include larger population.
ODX president Brian Geary said: “As a leading small business originations platform, ODX provides proven technology and professional services that enables bank clients like Investors to offer credit to small businesses faster and more efficiently.”
Investors Bank is a subsidiary of Investors Bancorp. Headquartered in New Jersey, the bank operates 147 branches.
