National Leading SBA Lender is Live on Finxact
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.
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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.
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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.
