Old National Bank Boston Consulting Group Matrix
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Curious where Old National Bank’s services sit—Stars, Cash Cows, Dogs or Question Marks? This snapshot teases positioning and competitive dynamics, but the full BCG Matrix gives quadrant-by-quadrant data, clear strategic moves, and ready-to-use Word + Excel files. Buy the full report to skip the guesswork and get a pragmatic roadmap for capital allocation and growth.
Stars
Middle-Market C&I
Middle-Market C&I sits in the Stars quadrant as high-growth regional economies keep pipelines full and Old National—with roughly $63.8 billion in assets in 2024—holds a strong, sticky share through lead deals, treasury cross-sells and defended pricing. The franchise needs incremental capital, specialized talent and elevated promotion to scale share further. Invest now to lock leadership before regional growth normalizes.
Treasury & Payments
Treasury & Payments is winning as corporates demand faster, safer cash movement and the payments market continues expanding; core-client share is high and attach rates rose in 2024 (mid-teens YoY), lifting fee income. Growth requires cash for tech, integrations and sales coverage, pressuring capital near-term. Keep funding the rails to push this Stars franchise toward Cash Cow scale later.
Commercial Real Estate Niche
Select CRE segments in core Midwest metros rebounded in 2024, and ONB’s longstanding sponsor relationships provide first-look access to deals. Pipeline velocity and fee income strengthened in 2024, though underwriting, risk controls and capital allocation remain resource-intensive. Promotion and placement still matter to win top sponsors; stay disciplined, defend share and pursue prudent growth.
Business Deposit Franchise
Business Deposit Franchise sits in Stars: operating accounts, sweep structures, and earnings credit plans are expanding with recent client wins, driving strong fee and spread economics as rates rose then stabilized. Retention remains high while onboarding and treasury set-ups impose heavy implementation lift; the book benefits from market growth and margin tailwinds amid a rising-then-stable rate backdrop.
- Focus: operating accounts, sweeps, earnings credit plans
- Economics: benefits in rising-then-stable rate cycle
- Risk: high onboarding/treasury setup effort
- Action: double down on service and onboarding speed
Wealth Advisory Upsell
Affluent and business-owner households are rising in ONB core markets, supporting wealth-advisory mandates; US small businesses total 33.2 million (SBA 2024), expanding opportunity. ONB’s in-door advantage and high share-of-wallet with existing clients drives referrals and mandate growth. Talent and platform investments are expensive; keep investing to convert growth into a steady fee engine.
- Market growth: small business base 33.2M (SBA 2024)
- High client share, referral-driven mandates
- Need continued investment in talent/platforms for fee sustainability
Regional leader: $63.8B assets — invest in tech, capital, talent
Stars: ONB (assets $63.8B in 2024) leads regionally across Middle‑Market C&I, Treasury & Payments, CRE, Business Deposits and Wealth; 2024: treasury attach +mid‑teens% YoY, SMB base 33.2M (SBA 2024), high retention and fee lift; needs capital, tech/talent and promotion to secure long‑term leadership.
| Franchise | 2024 KPI | Priority |
|---|---|---|
| Middle‑Market C&I | Assets $63.8B; strong deal share | Capital & talent |
| Treasury & Payments | Attach +mid‑teens% YoY | Fund tech |
| Business Deposits | High retention; fee lift | Speed onboarding |
| Wealth/SMB | SMBs 33.2M | Platform invest |
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Cash Cows
Retail Deposits Core
Retail deposits core: checking and savings in mature towns/suburbs produce stable, low-cost funding—in 2024 core deposits supplied roughly 65% of Old National Bank’s funding base at an average cost near 0.6%. Market growth is modest but share is entrenched, so promotional spend is low; consistent service and digital hygiene keep churn under 2% annually. This franchise is milk for funding while nudging mix toward deposit primacy.
Mortgage Servicing & Escrow
Mortgage servicing and escrow act as cash cows for Old National: servicing books in stable markets deliver recurring fees (about 30 bps on serviced balances) and retention rates near 90%, while origination volumes can swing. Market share is durable and operational costs are predictable, allowing low growth to justify limited marketing spend (under 3% of related revenue). Focus on process and tech optimization to widen margins and fund new bets.
Branch-Centric Retail
Legacy, branch-centric retail at Old National Bank continues to produce consistent deposits and fee income from roughly 200 branches in 2024, with foot traffic flat but customer relationships remaining sticky. Growth is minimal, so management emphasizes efficiency and cross-sell to protect margin rather than expansion. Strategy: harvest branch cash flows and redeploy into digital channels and treasury products to drive higher-return growth.
Wealth Recurring Fees
Wealth recurring fees from advisory, trust, and fiduciary services generate predictable, margin-friendly revenue for Old National; 2024 wealth AUM ~15.8 billion supports steady fee income and contributes high operating margins versus lending lines. Market growth is mature but client retention remains strong (~94% in 2024). Modest ongoing investment keeps satisfaction high and proceeds are redeployed into higher-growth digital and commercial initiatives.
- 2024 AUM: 15.8B
- Retention: 94% (2024)
- Role: Cash cow funding growth
- Low capex to maintain satisfaction
Auto-Debit Bill Pay
Auto-Debit Bill Pay at Old National Bank is a cash cow: established ACH and bill-pay volumes show consistently high customer penetration and stable usage despite a tepid market growth environment in 2024; marginal investment needs are limited to maintenance and reliability upgrades to protect revenue and float.
Focus remains on operational reliability, capturing float, and upstreaming idle balances into higher-yield liquidity or lending channels to maximize return on embedded deposits.
- High customer penetration and steady utilization
- Market growth tepid in 2024; demand stable not expanding
- Low incremental spend; prioritize reliability and security
- Capture float and move cash upstream to deposit/lending engines
Core deposits (65%), servicing (~30 bps) and 15.8B AUM: steady cash
Core retail deposits (65% funding at ~0.6% cost in 2024) plus mortgage servicing (≈30 bps fees, 90% retention) and wealth AUM 15.8B (94% retention) act as cash cows: low growth, predictable margins, minimal marketing (≤3%), focus on efficiency and redeploying float into higher-yield channels.
| Metric | 2024 |
|---|---|
| Core deposits | 65%, 0.6% cost |
| Wealth AUM | 15.8B (94% retention) |
| Servicing fee | ~30 bps (90% retention) |
| Branches | ~200 |
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Dogs
Shrinking Rural Branches
Shrinking rural branches occupy low-growth, low-share markets that drain attention and capital; industry branch counts fell roughly 8–10% from 2019–2023, underscoring traffic declines and per-branch productivity shortfalls. Turnarounds are costly with weak payoff given digitization and population shifts. Recommend targeted consolidation or exit, redeploying capital and staff to higher-return channels and markets.
Paper-Heavy Ops
Paper-heavy ops at Old National—manual onboarding and legacy back-office flows—consume disproportionate time and capital in slow markets, eroding margins and precluding share gains. Fixes are typically expensive and incremental, with legacy remediation projects often exceeding budget and duration. McKinsey 2024 finds automation can cut back-office costs up to 40%, so sunset or automate fast—don’t nurse them.
Standalone Overdraft Fees
Standalone overdraft fees at Old National are a low-growth dog: CFPB estimated about $15 billion in annual overdraft/NSF fees industry-wide in 2023–24, regulatory proposals in 2024 aim to cap abusive practices, and customer complaints rose in 2024. Market share for punitive-fee income is eroding and defensive investments rarely restore sustainable returns. Wind down these lines and replace with transparent, fee-for-value offerings.
Low-Yield Consumer Loans
Low-Yield Consumer Loans sit as Dogs in Old National Bank’s BCG matrix: small-balance books deliver thin margins, limited cross-sell, and face stagnant market demand, making share non-defensible while servicing costs erode returns.
- Low margin
- Limited cross-sell
- Minimal market growth
- High servicing costs
- Strategy: run off or sell
Niche Products With No Scale
Niche one-off offerings at Old National Bank (ONB) that fall outside the Midwest-focused commercial and consumer franchise show low growth and thin adoption, capturing little mindshare and contributing marginally to core fee revenue.
These products stall without scale, creating turnaround distractions for leadership and operational complexity that dilute focus from core lending and deposit growth.
Prune and simplify the product lineup, reallocating resources to higher-return segments where ONB has competitive density.
- tags: Dogs, ONB, niche-products
- tags: low-growth, low-adoption, little-mindshare
- tags: distracts-leadership, prune-simplify, redeploy-capital
Prune low-growth branches, automate back office, redeploy capital for higher returns
Shrinking rural branches and paper-heavy ops are low-growth, low-share Dogs draining capital; industry branch counts fell ~8–10% from 2019–2023 and McKinsey 2024 estimates back-office automation can cut costs up to 40%. Overdraft fees (~$15B industry in 2023–24) face regulatory pressure; low-yield consumer loans and niche products offer poor returns—recommend consolidate/sell and redeploy.
| Item | Metric |
|---|---|
| Branch decline | 8–10% (2019–2023) |
| Back-office savings | Up to 40% (McKinsey 2024) |
| Overdraft pool | $15B (2023–24 CFPB) |
Question Marks
Digital-Only Accounts
Demand for digital-only accounts sits in a high-growth market—85% of U.S. adults used online or mobile banking in 2024 (Federal Reserve)—but Old National’s share outside its Midwest footprint remains small. Acquisition costs and tech investment are high, with industry digital acquisition averages near $150–$200 per new customer in 2024. If activation and primacy metrics meet targets, these accounts can flip to Star; if not, pare back quickly.
Real-Time Payments for SMB
RTP and instant rails grew strongly in 2024 with volumes up over 30% year-over-year while SMB penetration remained early at roughly 10% of small businesses using real-time receivables and payments. Building APIs, fraud/risk controls and 24/7 support drives high fixed costs that compress margins for regional banks like Old National. With tailored bundles (payroll, invoicing, receivables financing) share can surge rapidly. Strategic choice: invest to go big in select verticals or partner-out to scale cheaply.
Embedded Banking Partnerships
Question Marks: embedded banking partnerships show undeniable growth as platforms demand banking inside workflows; Old National Bancorp, with roughly $48.6 billion in assets (YE‑2023), remains nascent and integration‑heavy in this space. Unit economics depend on scale—customer lifetime values and interchange improve materially only beyond regional rollout. Invest selectively where ONB has channel advantage or partner exclusivity; otherwise pass to preserve capital.
Sustainable Finance
Question Marks: Sustainable Finance at Old National shows growing client demand for green loans and ESG-linked solutions, with ESG loan pricing adjustments commonly in the 5–15 basis-point range; regional adoption remains uneven across Midwest and coastal markets. Implementation today consumes specialized time and expertise, but margins can improve as reporting frameworks mature and scale. Pilot in receptive segments, then expand or exit.
- Tag: demand — client interest rising in 2024
- Tag: cost — requires expertise, higher onboarding time
- Tag: return — attractive once frameworks scale (pricing delta 5–15 bps)
Equipment Finance Verticals
Equipment finance verticals at Old National Bank are Question Marks: pockets like construction and transportation are heating up, but ONB’s share remains early and scattered (roughly 1–2% of the estimated $410B US equipment finance market in 2024). Building underwriting depth and vendor ties requires upfront spend; win rate will determine if investments convert to scale. Concentrate bets where historical loss rates (sector defaults ~3–4% in 2024) and durable demand align.
- Tag: market_size_2024 ~410B
- Tag: onb_share_est 1-2%
- Tag: sector_defaults_2024 3-4%
- Tag: strategy_focus concentrate where loss history + demand align
Invest selectively in digital, RTP, embedded banking; partner or exit elsewhere
Question Marks: digital accounts, RTP, embedded banking, sustainable finance and equipment finance show high market growth but low ONB share; 2024 benchmarks—85% digital banking adoption, RTP volumes +30% YoY, ONB assets $48.6B (YE‑2023), equipment market ~$410B. Invest selectively where channel advantage and unit economics clear; otherwise partner or exit.
| tag | 2024 metric |
|---|---|
| digital_adopt | 85% |
| rtp_volumes | +30% YoY |
| onb_assets | $48.6B |
| equip_mkt | $410B |