Investors Bancorp, Inc. announced that its banking subsidiary Investors Bank formed an alliance with ODX, a leading digital small business originations platform and a subsidiary of On Deck Capital, Inc. Investors Bank will deploy ODX's digital loan origination platform in a phased approach to enhance its small business lending program in select all of its banking network.
Investors, a full-service bank with approximately $27 billion in assets and a network of 147 branches in New York and New Jersey, will leverage ODX's digital loan origination platform to simplify lending to its small business owners, giving them quicker access to credit.
"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," said Bill Brown, Chief Retail Banking Officer, Investors Bank. "By leveraging the innovative and proven ODX platform, we can rapidly expand our digital capabilities and streamline our small business loan origination process."
The alliance with ODX will enable Investors' small business customers to complete an online application in minutes using desktop or mobile devices and, if approved, receive funding from Investors in as little as one business day. ODX's loan origination platform facilitates digital collection of applicant and business information and instantly accesses a variety of third-party data sources to gather and process credit and security information. Applicants can apply online or by speaking with Investors' bankers in their local branches.
"Small businesses are the foundation of our communities and Investors is committed to finding better ways to serve them," said Mike MacIntyre, Head of Business Banking at Investors. "Investors and ODX are launching this program, allowing Investors to leverage the latest technology to enhance our product offering and overall customer experience."
For future phases of the program, Investors intends to broaden access to the ODX online credit application and loan origination process to a larger population of its banking network and the small business communities it serves.
"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 Brian Geary, President of ODX. "As a leading small business loriginations platform, ODX provides proven technology and professional services that enables 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."