OnDeck Proprietary Scoring System

2024-11-13

OnDeck is the largest online small business lender in the U.S. Since 2007, OnDeck issued over $6 billion in loans for many business needs, serving more than 700 industries throughout the country. 

After partnering with the nation’s largest bank, JPMorgan Chase in 2015, OnDeck had to ramp up much of its infrastructure to meet the stringent requirements in a very timely manner. This meant significant investments in IT, data security, compliance and more. Chase, with $2.8 trillion in assets and close to $100 billion in revenue, turned to OnDeck to use their underwriting technology to be able to give quick approvals and funding for their loans. OnDeck was able to provide loan servicing in a special white label program for Chase. 

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Service:

  • Data Integration, Analytics, and Activation

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Problem

With nearly $1 Billion in loans under management and over 60,000 SMB customers, OnDeck as a complex ecosystem with many integration points and rigid security protocols. It’s turning the online SMB lending market on its head with its proprietary scoring system, which reviews thousands of data points to deliver same day funding. The only problem OnDeck faces is managing demand and the pace of its own innovation.

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Solution

Lineate partnered with the OnDeck technology team to drive scalability and growth by automating and streamlining a data query application that can make fast, easy, reliable updates to disparate databases. Additionally, as OnDeck rolls out co-branded services with larger financial institutions, they have expert partners to build out modular and reusable UI components and an application infrastructure - both which are integral to the company’s overall growth plan. 

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Result

Not only is the query management application updating faster and more reliably than ever, but the OnDeck engineers can now focus their time and energy on driving innovation, rather than upkeep and troubleshooting.