The OnDeck platform is now accessible via mobile app.
The US’ leading online small business lender is launching an app, allowing time-strapped SME owners the chance to access their OnDeck accounts whilst on the move. OnDeck offers term loans and credit lines to small businesses in the US, Canada and Australia. The platform’s customers may now draw down funds using both products via the new mobile app. They may also check the balance of their account, scan their transaction history, make repayments and contact customer services – all with a simple flick of the thumb.
Mobile accessibility is a red hot topic within the global alternative finance space. The Chinese P2P space leads the way. A fluid mobile interface can be a powerful means of driving down a platform’s customer acquisition costs – owing to the “network effect” of mobile usage. To cite a particularly extreme example, China Rapid Finance (CRF) has now made over 2.5m loans since launching a mobile-based, pre-approved borrower acquisition campaign in February. Under the scheme, CRF offers loans to pre-screened users on the technology company Tencent’s locally dominant social platforms. According to CEO Zane Wang, the platform's customer acquisition costs have come tumbling down, while origination volumes have sky-rocketed.
In the UK market, the major P2P consumer platforms are seeing significant shifts upwards in mobile usage. 14 months ago, 30.6% of Zopa’s borrowing applications came via mobile device. As of May 1st, mobile accounted for 45.7% of the platform's applications. The numbers for RateSetter shifted from just 2.2% to 27.7% over the same timeframe.
OnDeck is attempting to capitalise on the clear demand for increased mobile accessibility. The new app is currently available on Android devices only, but an iOS version will be made available later this year. Pamela Rice, Senior Vice President of Technology at OnDeck, offered her take:
"We are always striving to improve the lives of busy small business owners who are constantly on the go. Since 2007, our proprietary technology has streamlined the small business loan process and our new mobile app represents our overall mobile strategy – to deliver the highest quality interaction with small business owners, wherever they are, and wherever they're going."
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