MPA Brokers on Non-Banks 2021 - Brand Recognition
Accolades
Media
Milestones
2015
2016
2019
2021
2022
OnDeck launches in Australia
2015
Launches free ‘Know Your Score’ online tool for small businesses to check their credit score
2016
Records 70% annual growth in broker-generated loans
2019
Launches innovative KOALA Score™ credit algorithm; also introduces Lightning Loans, giving SMEs rapid access to loans of up to $150,000 in as fast as two hours
2021
OnDeck becomes majority-owned and operated by Australian leadership team through management buyout
2022
Helping brokers break from the pack
When the game changes, the tactics needed to win also change.
OnDeck head of partnerships Nick Reily is perhaps the ideal person to read the play and work out what kinds of tools brokers need to shine in the post-pandemic economy.
In his life before finance, Reily played three different professional sports in three consecutive years, including skippering the Australian Sevens Rugby team at the 2005 Rugby World Cup Sevens in Hong Kong and at the 2006 Melbourne Commonwealth Games.
The economy is in a similarly code-switching moment as it transitions out of the heavy-going COVID-dominated play to a more free-running type of game. No one is quite sure yet whether we are playing soccer or field hockey, but Reily is picking a focus on small business lending as one tactic likely to succeed in 2022.
The insight comes after an impressive uptick in demand for OnDeck’s unsecured small business lending products in the fourth quarter of 2021 and a 380% jump in loan originations through its broker channel in 2022 compared to 2021.
Also, last year OnDeck launched its innovative KOALA Score™ – a sophisticated credit algorithm that helps more brokers secure the funding their small business clients need to expand and grow. The KOALA Score™ is a small business lending game-changer because it uses a sophisticated blend of big data, predictive analytics and statistical techniques combined with data from multiple credit reporting agencies, including illion and Equifax, to support a more tailored risk assessment for small business lending.
“We also launched Lightning Loans, enabling us to give brokers and their small business clients decisions on loans up to $150,000 in as fast as 30 minutes, and funding in as fast as two hours,” Reily says.
“We believe the combination of our technology innovation and the additional economic tailwinds will contribute to further growth in 2022.”
Spotlight
OnDeck is a leader in online lending to small businesses. Since launching in 2015, its focus has been on supporting small businesses with access to fast, efficient unsecured finance. OnDeck does things smarter – its KOALA Score™ credit assessment model uses innovative technology to assess loan applications and repayment capacity in a matter of minutes rather than days or weeks. In 2021, OnDeck also launched Lightning Loans, which enables the decisioning of loans up to $150,000 in as fast as 30 minutes, and funding in as fast as two hours.
Company Profile
>20,000
NUMBER OF AUSTRALIAN SMEs THAT USED ‘KNOW YOUR SCORE’ BY 2022
100
Number of employees in Australia
5-star
Trust Pilot rating
$19.5m
Revenue in
Australia
700+
Number of industries serviced
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years of experience
7
tenure at current position
3 years
fast fact
Reily was skipper of the Australia Sevens Rugby team at the 2005 Rugby World Cup Sevens and the 2006 Commonwealth Games
Nick Reily
Head of partnerships at OnDeck
As economic conditions change yet again, having someone on your side who knows a range of tactics beyond the well-worn pivot is essential in the mortgage business
Read on
“Brokers can assist their small business clients by exploring finance options that deliver timely, rapid access to funding when businesses need it, not in several weeks when opportunities may be lost”
Nick Reily,
OnDeck
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Milestones
2011
2012
2015
2016
2021
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2011
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2012
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2015
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2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
Helping brokers break from the pack
Spotlight
Years of experience
7
Tenure at current position
3 years
Fast Fact
Reily was skipper of the Australia Sevens Rugby team at the 2005 Rugby World Cup Sevens and the 2006 Commonwealth Games
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
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“Moving into small business lending may take brokers outside their comfort zone,” says Reily. “However, it’s not necessary to have extensive experience in small business lending to grow a revenue stream successfully.”
Reily’s role involves building and managing a high-performing and high-functioning partnerships team. One of his main priorities is to change the way OnDeck’s small business customers and partners experience small business finance.
With the property market beginning to slow and the prospect of interest rates rising, brokers are looking to add diversity to their business stream. Small business finance can be a low-hanging fruit if you have the right tools.
OnDeck has a team of BDMs who can walk a broker through its loan process and assist with such things as marketing. Reily says “brokers typically get up to speed with our processes very quickly”.
Brand building is also a huge focus for Reily. He says free marketing tools such as flyers and template copy are an ideal way to introduce yourself in an unfamiliar market and allow brokers to find their footing.
If a broker wants to send out an email promoting small business lending, OnDeck can provide a ‘send ready’ design complete with the broker’s logo and brand colours, with brokers free to choose from several generic or industry-specific templates.
Reily says the small business sector is ripe for the picking as the economy accelerates. “We are highly optimistic that Australia’s small business community will flourish as the economy regains momentum.”
As businesses ramp up to full running speed (or even move from a dawdle to a jog), they will require credit to reach their full potential.
“Brokers can assist their small business clients by exploring finance options that deliver timely, rapid access to funding when businesses need it, not in several weeks when opportunities may be lost,” Reily says.
Time is of the essence as gaps open in the field of play.
MPA Brokers on Non-Banks 2021 - Foreign Non-Residents
AMA 2021 Non-Bank of the Year Excellence Award
AMA 2021 Best Non-Major Bank BDM
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“This is particularly important at present as we anticipate many small businesses will want to invest in new plant and equipment to take advantage of temporary full expensing ahead of [FY end at] 30 June 2022.”
Problems in the supply chain are prompting many small business owners to move earlier than normal. Servicing this demand now will set up brokers unfamiliar with the small business lending sector for future success as they will create solid relationships with established home loan customers by assisting their businesses at a crucial time.
“For small businesses, it’s critical to have the cash flow in place today to invest in the inventory, staff and equipment needed to make the most of the economic rebound,” Reily says.
The need is so great that brokers may even find that small businesses will come to them for help unsolicited.
“Small business owners are notoriously time-poor, and many will turn to a broker for support in organising finance,” he says.
Converting existing home loan clients is sometimes an option as around one in four home loan clients are also small business owners, he adds.
Reily believes team sports contain important lessons for the finance business and in particular working with brokers. Playing at the international level and in multiple codes gave him insight into how to leverage individual prowess so that it benefited the maximum number of people on the team in terms of getting the ball across the line.
OnDeck and its systems to help brokers succeed play a similar kind of enabling role.
“Elite sport has had a pivotal influence on my career in commercial lending, especially in giving me an understanding of the benefits of building a cohesive and winning team that can support the needs of brokers and their small business customers,” Reily says.
Reily is also not afraid to go out on a limb in terms of predicting which styles are likely to succeed and recognising which sports teams are peaking in terms of form.
When the French rugby team visited Australia last year, hotel quarantines and the loss of several key players did not stop them from pushing a strong Wallabies outfit in each of the three tests. Reily is tipping France to take the Rugby Union World Cup at home in 2023.
“There’s plenty of steel in French rugby now that will have the All Blacks, England and South Africa looking over their shoulders,” he says.
Perhaps there will be a few French tactics that can be applied to the post-pandemic lending market in Australia as well. No doubt Reily will be watching closely with his game face on.
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“Brokers can assist their small business clients by exploring finance options that deliver timely, rapid access to funding when businesses need it, not in several weeks when opportunities may be lost”
“Brokers can assist their small business clients by exploring finance options that deliver timely, rapid access to funding when businesses need it, not in several weeks when opportunities may be lost”
Victoria, Australia
based in
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“Elite sport has had a pivotal influence on my career in commercial lending, especially in giving me an understanding of the benefits of building a cohesive and winning team that can support the needs of brokers and their small business customers”
Nick Reily, OnDeck
But some brokers are finding that while they have the skills to play a mean game of rugby, they are searching for ground rules as a new arena opens before them.
“Moving into small business lending may take brokers outside their comfort zone,” says Reily. “However, it’s not necessary to have extensive experience in small business lending to grow a revenue stream successfully.”
Reily’s role involves building and managing a high-performing and high-functioning partnerships team. One of his main priorities is to change the way OnDeck’s small business customers and partners experience small business finance.
With the property market beginning to slow and the prospect of interest rates rising, brokers are looking to add diversity to their business stream. Small business finance can be a low-hanging fruit if you have the right tools.
OnDeck has a team of BDMs who can walk a broker through its loan process and assist with such things as marketing. Reily says “brokers typically get up to speed with our processes very quickly”.
Brand building is also a huge focus for Reily. He says free marketing tools such as flyers and template copy are an ideal way to introduce yourself in an unfamiliar market and allow brokers to find their footing.
If a broker wants to send out an email promoting small business lending, OnDeck can provide a ‘send ready’ design complete with the broker’s logo and brand colours, with brokers free to choose from several generic or industry-specific templates.
Reily says the small business sector is ripe for the picking as the economy accelerates. “We are highly optimistic that Australia’s small business community will flourish as the economy regains momentum.”
As businesses ramp up to full running speed (or even move from a dawdle to a jog), they will require credit to reach their full potential.
“Brokers can assist their small business clients by exploring finance options that deliver timely, rapid access to funding when businesses need it, not in several weeks when opportunities may be lost,” Reily says.
Time is of the essence as gaps open in the field of play.
“This is particularly important at present as we anticipate many small businesses will want to invest in new plant and equipment to take advantage of temporary full expensing ahead of [FY end at] 30 June 2022.”
Problems in the supply chain are prompting many small business owners to move earlier than normal. Servicing this demand now will set up brokers unfamiliar with the small business lending sector for future success as they will create solid relationships with established home loan customers by assisting their businesses at a crucial time.
“For small businesses, it’s critical to have the cash flow in place today to invest in the inventory, staff and equipment needed to make the most of the economic rebound,” Reily says.
The need is so great that brokers may even find that small businesses will come to them for help unsolicited.
“Small business owners are notoriously time-poor, and many will turn to a broker for support in organising finance,” he says.
Converting existing home loan clients is sometimes an option as around one in four home loan clients are also small business owners, he adds.
“Elite sport has had a pivotal influence on my career in commercial lending, especially in giving me an understanding of the benefits of building a cohesive and winning team that can support the needs of brokers and their small business customers”
Nick Reily,
OnDeck
Reily believes team sports contain important lessons for the finance business and in particular working with brokers. Playing at the international level and in multiple codes gave him insight into how to leverage individual prowess so that it benefited the maximum number of people on the team in terms of getting the ball across the line.
OnDeck and its systems to help brokers succeed play a similar kind of enabling role.
“Elite sport has had a pivotal influence on my career in commercial lending, especially in giving me an understanding of the benefits of building a cohesive and winning team that can support the needs of brokers and their small business customers,” Reily says.
Reily is also not afraid to go out on a limb in terms of predicting which styles are likely to succeed and recognising which sports teams are peaking in terms of form.
When the French rugby team visited Australia last year, hotel quarantines and the loss of several key players did not stop them from pushing a strong Wallabies outfit in each of the three tests. Reily is tipping France to take the Rugby Union World Cup at home in 2023.
“There’s plenty of steel in French rugby now that will have the All Blacks, England and South Africa looking over their shoulders,” he says.
Perhaps there will be a few French tactics that can be applied to the post-pandemic lending market in Australia as well. No doubt Reily will be watching closely with his game face on.
“Elite sport has had a pivotal influence on my career in commercial lending, especially in giving me an understanding of the benefits of building a cohesive and winning team that can support the needs of brokers and their small business customers”
Nick Reily,
OnDeck
1999
2003
2007
2015
2021
Joins NAB as executive broker distribution
2021
Appointed head of asset finance at CBA
2015
Named captain of the Waratahs
2007
Named vice-captain of Australia's Rugby World Cup team
2003
Waugh debuts as a professional rugby player with the Waratahs; makes Test debut with the Wallabies
1999
Milestones