Ocean First Bank drives automation and efficiency with Biz2X’s decisioning engine

Background

Ocean First Bank is a $12B regional bank based in New Jersey. They’re headquartered in Toms River and the bank has 42 operational branches. They serve customers across the major metropolitan area including NJ, NY, PA, MD & MA.

The Challenge

Ocean First was in search of a digital application experience to support their extensive frontend, qualification journey as well as a banker dashboard for underwriters and credit members to seamlessly manage client applications. Given the size of the bank, OFB needed a nimble, highly efficient solution to support the intense volume of applications generated throughout their region of business.

The Solution

OFB selected Biz2X to capture Term, Line of Credit and Commercial Real Estate loans. They leverage Biz2X’s slick frontend application along with the “backend” banker portal for their underwriting and credit teams to review, underwrite and submit loans applications. Additionally, OFB deployed Biz2X’s next-generation decisioning engine to promote more automation and further efficiency in the platform. The decisioning engine automates the approval process during the application submission and review. If certain criteria are met, the engine will signal an approve, deny or refer (further review) to the bank.

The Results

Ocean First Bank went live as an enterprise client with Biz2X in July of 2022. Their volume has drastically increase over time and they expect to leverage more Biz2X modules within their platform

• $195,000 average loan amounts approved through Biz2X.
• Over 250 new loan applications decisioned in 2023.
• Term Loan + Line of Credit are the most frequently requested product for OFB.
• Over 500 applications combined in 2023.