ODX Introduces New Contact-Free Banking Platform

ODX, a banking originations platform, announced the launch of a new service this week—a Digital Account Opening (DAO) experience. With billions of dollars in successfully facilitated loans, the subsidiary of OnDeck made a move beyond origination; to offer banking account solutions.

Announced Tuesday, the new platform marks another addition to the ODX digital suite that enables financial institutions to reach customers digitally. DAO helps both customers and banks set up checking and savings accounts, filling the need for contactless banking in today’s market.

Brian Geary, the President of ODX, said the DAO’s release is a culmination of over a decade of customer experience merging with the company’s robust technology platform.

“We’re basically hosting the application experience, either web-enabled or mobile-enabled, as well as the workflow platform that is automating and streamlining,” Geary said. “So things like anti-fraud, compliance checks, ID verification, and in the lending case, credit decisioning, all happens on our platform.”

The new platform goes hand-in-hand with the already in place Know Your Customer (KYC) and Anti-Money Laundering (AML) programs proprietary to ODX.

This addition comes at a time when the niche of digital banking has become a necessity. Geary said in the past six months the long laid plans of financial institutions to transition their experience into digital solutions were accelerated by COVID-19. Now institutions and consumers alike are widely adopting contactless commerce.

“When branches closed or were limited in some of their face-to-face interactions, it accelerated that move to digital as well,” Geary said. “So from the customer side there was changing preferences and adoption of digital channels, and from the bank side, they are accelerating investment into digital.”

Kevin Travers was a Reporter at deBanked.