Live Oak Bank Transforms its Digital Banking Operations Running Finxact Cloud-Native Core

Rhea-AI Summary

Live Oak Bank has integrated Finxact's Core-as-a-Service platform to enhance its digital banking operations, now offering business savings and CDs. With over $8 billion in assets, the bank supports over 10,000 small businesses through its PPP loan portfolio. This collaboration is expected to lower operational costs, improve banking integrations, and expedite new product launches. Both leadership teams emphasized the significance of this partnership in transforming customer service and banking innovation.

Positive

• Integration of Finxact's Core-as-a-Service enhances digital banking.
• Live Oak Bank supports over 10,000 small businesses through PPP loans.
• Improved operational efficiencies expected through new platform.
• Ability to launch products faster meets evolving customer demands.

Negative

• None.

JACKSONVILLE, Fla., Sept. 21, 2020 /PRNewswire/ -- Finxact, the leader in Core as a Service banking, announced today that Live Oak Bank (Live Oak), the nation's leading small business bank, is now powering its digital banking ecosystem with the Finxact core. This week the bank began offering business savings and CDs on the Finxact platform to Live Oak's rapidly growing deposit customer base. Finxact is also currently powering the bank's PPP loan portfolio that is helping over ten thousand small businesses, including both new and existing customers.

With over $8 billion in assets, Live Oak is one of America's most active small business lenders, with specific expertise in SBA 7a and USDA programs. In choosing Finxact's core computing platform for its retail operations, Live Oak is now able to better meet the evolving needs of its customers during this era of rapid change by improving integration among banking channels, lowering operating costs, and shortening the time to market for new products.

"This is a significant milestone for Live Oak Bank. We have put an incredible amount of energy into recreating the financial services landscape, and a modern core is key to that transformation. As we move forward, the possibilities of what we can build for our customers are endless," said Chip Mahan, Live Oak Bank Chairman and CEO.

Finxact is a high performance, highly scalable, real-time position keeping platform that includes a comprehensive and extensible financial services model exposed as APIs. By accessing its open APIs and extensible components, banks are able to invent, curate, and launch products at the speed required to meet customer expectations in today's marketplace.

"We believe the Finxact core is the new standard for the industry. As we develop purpose-built products and services for our customers, we can now do so at a pace that customers have come to expect but rarely see from their bank," said Huntley Garriott, President of Live Oak Bank.

In the Live Oak deployment, Finxact is integrated with a number of other best-in-class Fintech providers that deliver a full stack of banking services to Live Oak's customers. These providers include Savana for account servicing, Apiture for digital origination and banking, and nCino for a 360 degree view of the customer.

"We're excited to provide the core banking platform that Live Oak Bank will rely on to implement their vision of the future of banking in the digital era," said Frank Sanchez, CEO and founder of Finxact. "We worked very closely with the bank and best-in-class fintech providers to deliver a scalable, agile and regulatory compliant solution that will allow Live Oak to innovate and evolve their business on their own terms."

Finxact secured a $30 million strategic investment by leading banking and financial services firms in 2019 and is currently working with multiple U.S. and international financial institutions, from de novo banks to top-tier banks, on projects ranging from full core conversions to digital-only initiatives.

About Finxact
Finxact is innovating the first enterprise class cloud-native Core-as-a-Service platform with a 100 percent accessible open banking API. Finxact's modern architecture enables banks to rapidly deliver new experiences by creating products on demand and integrating new services as needed. The Finxact team has been at the forefront of banking software for 35+ years, and together with its best of breed partners is disrupting core banking so financial institutions can truly transform on their terms. Learn more at www.Finxact.com.

About Live Oak Bank 
Live Oak Bank, a subsidiary of Live Oak Bancshares, Inc. (Nasdaq: LOB), is a digitally focused, FDIC-insured bank serving customers across the country. Live Oak puts a groundbreaking spin on service and technology to redefine banking. Our products help customers buy, build and expand their business, and high-yield savings and CD products to grow their hard-earned money. To learn more, visit www.liveoakbank.com. 

Contact:
Alyson Kuritz
908-892-7149
alyson@0to5.com

 

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SOURCE Finxact

FAQ

What strategic development has Live Oak Bank announced on September 21, 2020?

Live Oak Bank announced the integration of Finxact's Core-as-a-Service platform to enhance its digital banking operations.

How many small businesses does Live Oak Bank support through its PPP loan portfolio?

Live Oak Bank supports over 10,000 small businesses through its PPP loan portfolio.

What are the benefits of Live Oak Bank using Finxact's platform?

The integration is expected to lower operational costs, improve banking integrations, and expedite the launch of new products.

What is the total asset value of Live Oak Bank as mentioned in the press release?

Live Oak Bank has over $8 billion in assets.

What products are now being offered by Live Oak Bank via Finxact's platform?

Live Oak Bank is now offering business savings accounts and CDs on the Finxact platform.