Background

Owners Bank is the new digital arm affiliated with CT community staple, Liberty Bank. Liberty is the 3rd largest bank in Connecticut, headquartered in Middletown. They have over 62 banking offices across CT and one in Massachusetts. Liberty created Owners Bank as an “All Business, No BS” digital experience to streamline small business funding.

The Challenge

Working under their parent bank of Liberty, Owners Bank was created to streamline small business lending through a new age, ‘neo-bank’ feel. Owners needed a slick, multiproduct application experience for their customer base. From application intake to a front-end, customer-facing dashboard where all required documentation and financials can be provided, the bank had many needs to fit their unique workflows.

 

On the backend, they were in search of banker dashboard equipped to handle heavy volumes at an efficient pace. As their banking charter continues to grow, Owners will be eligible to lend in several states across the US – with Florida being the latest addition as of Jan. 2024. Given their growing footprint, a best-in-class backend journey for their Underwriters and credit team was a necessity.

The Solution

Owners selected Biz2X’s Pro Journey to streamline their small business lending. The platform is multi-product friendly and captures an array of Biz2X modules. Their current workflow allows customers to apply for Term, Line of Credit and/or a business credit card within the front-end experience.

 

The banker dashboard enables Owners’ employees to monitor their application pipeline, review/edit applications and underwrite/submit loan apps on behalf of clients. The platform is complete with a variety of 3rd party integrations including ID verifications, credit bureau pulls & tax statement parsing.

The Results

Owners bank went live with their Biz2X platform in July 2023. They recently added an affiliate module to drive even more volume through the platform.

  • +300 new applications decisioned in Biz2X since August 2023.
  • App creation to completion timeline: 3 days.
  • Over 600 net new applications created since August ‘23. (Can remove if not relevant)
  • $75,000 average loan amount requested for Line of Credit + Term in Biz2X