OakNorth onboards Old National Bank as its latest US win

By Oliver Smith on Thursday 28 January 2021

Alternative Lending

Modern Bank, Customers Bank and PNC Bank have all turned to OakNorth's credit tech over the past 12 months.

OakNorth onboards Old National Bank as its latest US win
Image source: Old National Bank.

Old National Bank, a regional US bank based in Indiana, has signed up with OakNorth to provide stress-testing and risk management across its commercial and industrial loan portfolio.

The new customer is another win for OakNorth which has been strengthening its presence in the US over the last 12 months with a series of senior appointments and customer wins.

Old National is among the top 100 banks in the US with over $22.5bn in assets. OakNorth’s Credit Intelligence tech will let it analyse each borrower within a specific industry and geography, and monitor its performance among peers.

“Old National Bank is dedicated to building long-term, highly valued partnerships and keeping its clients at the center of all it does,” said Peter Grant, COO of OakNorth.

As well as assessing new borrowers, Old National will use OakNorth’s tech to evaluate its existing portfolio with real-time and continuous monitoring of its loan book.

“The executive team understands that with easier access to borrower and third-party data in one place, Old National can identify areas of opportunity across the credit process going forward. Old National has a wealth of data that, with OakNorth, can be leveraged to create a superior borrowing experience for businesses and shape a smarter commercial banking model that drives growth.”

In November, OakNorth hired Jessica Reiter as chief marketing officer and Anya Darrow as vice president of its US arm’s customer success and appointed former SVP of the Federal Reserve Bank of New York, Bruce T. Richards, to its advisory board in December.

Last year several US banks, including Modern Bank, Customers Bank and PNC Bank to its portfolio of American customers.

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