April 26, 2018
Live Oak Bank provides financial solutions for small businesses
Updated on October 29, 2019
In order to best serve its growing numbers of small business and personal banking customers, digital bank Live Oak Bank turned to Plaid to address two pressing pain points: security and speed. Conventional security methods simply were not up to Live Oak Bank’s high standards, and traditional customer verification processes require up to four days of waiting before a customer can fully utilize their new banking account.
In less than eight weeks after reaching out to Plaid, Live Oak Bank had taken major steps toward solving both concerns. The robust security offerings of Plaid Identity drove a decrease in fraud attempts across Live Oak Bank accounts. And while the time delay of traditional micro-deposit verification had caused noticeable customer complaints, Live Oak Bank now offers instantaneous account verification to happy customers with Plaid’s Auth. This hyper efficiency is a win-win for both the customers and bank: customers begin earning interest on their funds immediately, while Live Oak Bank can start booking money towards loans within a day of receipt.
Plaid integration allows access to cutting edge technology so that national banks like Live Oak Bank can continually deliver the top-of-the-line service and support that their customers expect.