Live Oak Bancshares, Inc. (LOB) is a bank holding company. The Company conducts business operations primarily through its commercial bank subsidiary, Live Oak Bank which is the nation’s leading small business bank. The Live Oak Bank recently went through a transition collaborating with Finxact, a leading technology company that provides Core as a Service to banking industry.
Finxact helped Live Oak Bank to power its digital banking ecosystem by providing core banking system. In second half of last month the bank started offering its rapidly growing deposit customer base with business savings and current deposits services through Finxact platform. Bank’s PPP loan portfolio has also been using solution provided by Finxact. The system is covering more than ten thousand small businesses including new as well as existing customers.
Live Oak is the most active small business lender in the United States. The bank holds $8 billion in assets and has specific expertise in programs including USDA and SBA 7a. Live Oak picked core computing platform by Finxact for its retail operations. The bank, with the help of system provided by Finxact, considers itself now more aligned to meet the needs of its customers.
In today’s world when customers’ demands have been ever changing, the bank is set to cater those by improving integration among different banking channels. The newly implemented platform will also help the bank to reduce its operating costs and will enables it to launch new products in the market in relatively lesser time.
Live Oak deployed Finxact’s computing program to integrate its system with several other advanced Fintech providers which have been provide complete set of banking service to bank’s customers. Those Fintech platforms attached with Live Oak include Apiture for providing digital banking and origination services, nCino to provide 360 degree view of the customer and Savana for accounting servicing.