Live Oak Bank Transforms its Digital Banking Operations Running Finxact Cloud-Native Core
Live Oak Bank has integrated Finxact's Core-as-a-Service platform to enhance its digital banking operations, now offering business savings and CDs.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
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.
Details
News Market Reaction – LOB
The recorded move for LOB in the trading session of this news was -6.38%.
Data tracked by StockTitan Argus. Session date unavailable.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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
"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
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
View original content to download multimedia:http://www.prnewswire.com/news-releases/live-oak-bank-transforms-its-digital-banking-operations-running-finxact-cloud-native-core-301134874.html
SOURCE Finxact
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.