ODX Launches Digital Account Opening to Support Contactless, Online Banking

Rhea-AI Summary

ODX, a business banking originations platform, launched a new Digital Account Opening (DAO) experience that enhances digital onboarding and lending capabilities for financial institutions. This initiative responds to the growing customer preference for digital solutions, accelerated by the COVID pandemic. The DAO platform enables efficient KYC and AML compliance, supporting both digital and in-person account openings. ODX leverages nearly 15 years of digital onboarding experience, with multiple clients already committed to using DAO, thereby improving overall customer acquisition.

Positive

• Launch of Digital Account Opening (DAO) enhances digital onboarding capabilities.
• Addresses increased customer demand for digital solutions post-COVID.
• DAO platform aids in efficient KYC and AML compliance.
• Multiple clients committed to using the DAO solution, indicating market interest.

Negative

• None.

NEW YORK, Aug. 25, 2020 /PRNewswire/ -- ODX®, a leading business banking originations platform, announced the launch of a Digital Account Opening (DAO) experience, adding to the industry leading suite of services offered by the company.  The addition of DAO allows ODX to further assist financial institutions looking for digital onboarding and lending capabilities.

ODX's omnichannel DAO platform allows for product-agnostic merchant onboarding, while also enabling bank clients to more efficiently satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements for both digital and in-person account opening.

"The financial industry has seen a meaningful shift in customer preference to digital channels over the last few years, a trend which has accelerated during the COVID pandemic," said Brian Geary, President of ODX. "Our clients are looking for a platform to support both their existing and potential new customers through digital means. ODX's DAO solution capitalizes on nearly 15 years of digital onboarding and origination experience to help mitigate KYC and fraud concerns during the digital onboarding process."

"We are leveraging the existing ODX platform to offer this new solution and have multiple clients committed to launching DAO," continued Geary. "Offering DAO for deposit products compliments our core loan origination capabilities. ODX's ability to solve customer acquisition on both sides of the balance sheet is a differentiator. Clients using ODX across their product suite will benefit from a seamless customer experience regardless of the product or acquisition channel."

To learn more about ODX's platform and product offering visit www.ODXsolutions.com or reach out to our sales team directly at BD@odxsolutions.com.

About ODX

ODX helps financial institutions deliver superior online products for customers by digitizing and simplifying the origination process. As a subsidiary of OnDeck® (NYSE: ONDK), ODX draws on the pioneering fintech heritage of its parent to simplify the borrowing and account opening experience for customers and streamline the origination process for clients. Providing a proven combination of leading software, analytic insights, and professional services, ODX helps clients efficiently and securely onboard new business customers.

ODX® is a Registered Trademark of ODX, LLC.

OnDeck and the OnDeck logo are trademarks of On Deck Capital, Inc.

Media Contact:
Patrick Cuff
pcuff@ondeck.com
(708) 846-7827

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SOURCE On Deck Capital, Inc.

FAQ

What is the purpose of ODX's new Digital Account Opening (DAO) service?

ODX's DAO service is designed to enhance digital onboarding and lending capabilities for financial institutions, meeting increasing customer demand for digital solutions.

How does ODX's DAO platform help with compliance?

The DAO platform enables banks to satisfy Know Your Customer (KYC) and Anti-Money Laundering (AML) requirements efficiently during account openings.

What trend influenced the launch of ODX's DAO service?

The launch of the DAO service was influenced by a significant shift in customer preference towards digital channels, a trend accelerated by the COVID pandemic.

How long has ODX been involved in digital onboarding?

ODX has nearly 15 years of experience in digital onboarding and origination.

What are the advantages of using ODX's DAO for clients?

Clients using ODX's DAO benefit from a streamlined customer experience and enhanced customer acquisition across their product offerings.