Old National Bancorp (ONB): Business Model Canvas

Key Partnerships

Old National Bancorp (ONB) recognizes the importance of strategic partnerships to enhance its offerings and remain competitive in the ever-evolving banking industry. Here are some key partnerships that ONB has established:

• ONB partners with various fintech firms to stay at the forefront of digital banking technology. By leveraging the expertise of these firms, ONB can offer innovative solutions to its customers, such as mobile banking apps, online account management tools, and personalized financial advice services.

• ONB understands the importance of supporting the communities it serves. To this end, the bank partners with local businesses to fund community development projects, such as affordable housing initiatives, small business incubators, and educational programs. These partnerships not only benefit the community but also enhance ONB's brand reputation as a socially responsible financial institution.

• ONB has strategic alliances with insurance and investment companies to offer a comprehensive suite of financial products and services to its customers. By affiliating with these companies, ONB can provide its customers with access to insurance coverage, retirement planning services, and investment opportunities, thereby creating a one-stop-shop for all their financial needs.

Key Activities

Old National Bancorp (ONB) is a financial institution that primarily focuses on offering banking and financial services to individuals, businesses, and organizations. The key activities of ONB are as follows:

• Offers banking and financial services: ONB provides a wide range of banking services, including checking and savings accounts, online banking, mobile banking, and debit/credit cards. They also offer various financial services such as loans, mortgages, and insurance products to meet the financial needs of their clients.
• Manages loans and deposits: One of the core activities of ONB is managing loans and deposits for their customers. They provide competitive interest rates on loans and deposits, ensuring that their clients receive the best possible returns on their investments.
• Provides wealth management and investment advice: In addition to traditional banking services, ONB offers wealth management and investment advice to help individuals and businesses grow their wealth. Their team of financial experts provides personalized investment strategies and financial planning services to help clients achieve their financial goals.

Through these key activities, Old National Bancorp aims to be a trusted financial partner for their customers, helping them build a secure financial future and achieve their financial aspirations.

Key Resources

Old National Bancorp (ONB) has several key resources that enable it to provide top-notch financial services to its customers. These resources include:

• ONB has a strong presence in the Midwest with numerous branches and ATMs spread across the region. This network allows customers to easily access their accounts and conduct various banking transactions.
• Having physical branches also provides customers with the option to speak directly with a bank representative for personalized service and assistance.

• ONB employs a team of experienced financial advisors and staff who are well-equipped to assist customers with their financial needs.
• These professionals provide personalized advice and guidance on various financial matters, including investments, retirement planning, and wealth management.

• ONB offers a robust online banking platform that allows customers to conveniently manage their accounts from anywhere at any time.
• Customers can easily check their account balances, transfer funds, pay bills, and set up alerts and notifications through the online platform.

Overall, these key resources play a crucial role in ONB's business model, enabling the company to effectively serve its customers and meet their financial needs.

Value Propositions

Old National Bancorp (ONB) differentiates itself in the market by offering a personalized banking experience to its customers. By understanding the unique needs and goals of each individual, ONB is able to tailor financial solutions that meet their specific requirements.

• Personalized banking experience: ONB goes beyond cookie-cutter solutions and takes the time to understand each customer's financial situation to provide personalized recommendations and advice.
• Wide range of financial products and services: ONB offers a comprehensive suite of financial products and services, including checking and savings accounts, loans, mortgages, investment options, and wealth management services. This allows customers to conveniently manage all their financial needs under one roof.
• Community-based banking with local insights: ONB is deeply rooted in the communities it serves, allowing it to provide valuable insights into local market trends and opportunities. This local expertise helps ONB deliver customized financial solutions that truly benefit its customers.

Overall, ONB's value propositions of personalized banking, a wide range of products and services, and community-based banking with local insights set it apart from its competitors and create a unique value proposition for its customers.

Customer Relationships

Personalized service through dedicated account managers: Old National Bancorp (ONB) prioritizes building strong relationships with their customers by assigning dedicated account managers to each client. These account managers are responsible for understanding the specific needs and goals of their clients and providing tailored solutions to meet those needs. By having a designated point of contact, customers feel valued and supported throughout their banking experience.

Efficient customer service via phone and online portals: ONB understands the importance of convenience for their customers. They have invested in efficient customer service systems, including phone lines and online portals, to ensure that customers can easily access information and assistance whenever they need it. Whether customers prefer to speak to a representative over the phone or manage their accounts online, ONB has options available to meet their needs.

Community engagement through seminars and workshops: ONB is committed to being an active member of the communities they serve. They offer a variety of seminars and workshops on topics such as financial literacy, retirement planning, and small business management. By providing these resources to the community, ONB not only educates and empowers individuals but also strengthens their relationships with customers by demonstrating their commitment to their financial well-being.

Channels

Old National Bancorp (ONB) utilizes a variety of channels to reach and serve its customers. These channels are designed to provide convenience and accessibility for customers to access banking services.

• ONB maintains a network of branches across multiple states, including Indiana, Kentucky, Michigan, and Wisconsin. These physical locations allow customers to visit in-person for various banking needs, such as opening accounts, making deposits or withdrawals, applying for loans, and seeking financial advice.

• ONB offers online banking services through its website and mobile app. Customers can conveniently access their accounts, view transactions, transfer funds, pay bills, and manage their finances from anywhere with an internet connection. The mobile app also provides additional features such as mobile check deposit and account alerts.

• For customers who prefer to bank over the phone, ONB offers a telephone banking service. This service allows customers to check account balances, transfer funds, and perform other banking transactions by speaking with a customer service representative over the phone.

Customer Segments

Old National Bancorp (ONB) serves a diverse range of customer segments including:

• Individual retail customers: ONB offers personal banking services such as checking accounts, savings accounts, mortgage loans, and wealth management services to individual retail customers. These customers are looking for a trusted financial partner to help them manage their personal finances efficiently.
• Small and medium businesses: ONB provides a variety of business banking services tailored to the needs of small and medium-sized businesses. These services include business checking accounts, business loans, merchant services, and cash management solutions. Small and medium businesses rely on ONB to help them grow and succeed in a competitive market.
• Large corporations: ONB offers comprehensive banking and financial services to large corporations, including treasury management, commercial lending, and employee benefits solutions. These customers require sophisticated financial products and services to support their complex business operations.
• Non-profit organizations: ONB also serves non-profit organizations by providing specialized banking services such as nonprofit checking accounts, fundraising solutions, and grant management services. Non-profit organizations rely on ONB to help them achieve their missions and fulfill their charitable goals.

Cost Structure

Old National Bancorp incurs various costs in order to maintain its operations and provide banking services to its customers. The key components of its cost structure include:

• Operating costs for maintaining branch and ATM networks: ONB operates a network of branches and ATMs to serve its customers. These physical locations incur costs related to rent, utilities, maintenance, and security. These costs are essential for providing convenient access to banking services for customers.
• Salaries and benefits for employees: ONB employs a large workforce to manage its operations, serve customers, and develop new products and services. The bank incurs costs related to salaries, benefits, training, and other employee-related expenses. Employee costs are a significant portion of ONB's overall cost structure and are essential for delivering high-quality customer service.
• Investment in technology for online services: As technology plays an increasingly important role in the banking industry, ONB must invest in digital platforms and online services to meet the evolving needs of its customers. This includes costs related to developing and maintaining online banking portals, mobile apps, cybersecurity measures, and other technology-related expenses. Investing in technology is crucial for ONB to remain competitive in the digital banking landscape.

Revenue Streams

Old National Bancorp generates revenue through a variety of streams to sustain its operations and drive growth. The primary revenue streams for ONB include:

• Interest from loans and mortgage services: A significant portion of ONB's revenue comes from interest earned on loans provided to individuals and businesses. These loans include consumer loans, commercial loans, and mortgage services.
• Fees from banking services and account maintenance: ONB charges fees for a range of banking services such as ATM withdrawals, overdraft protection, wire transfers, and account maintenance. These fees contribute to the overall revenue of the bank.
• Investments and wealth management services: ONB offers investment and wealth management services to its clients, including investment advisory, retirement planning, and portfolio management. Revenue is generated through fees associated with these services.
• Revenue from partnership and collaboration initiatives: ONB collaborates with other financial institutions, technology companies, and strategic partners to create new revenue opportunities. Revenue is generated through partnership agreements, joint ventures, and collaborations with fintech companies.