BankingSourced

Case Study: Live Oak Bank lowers fraud 27% year over year and cuts investigation time 30% with Alloy

Live Oak Bank Case StudySourced & dated by Case Study Desk

Key facts · TL;DR

Company

Live Oak Bank

Industry

Banking

Challenge

Automating manual onboarding to scale lending

Headline result

27% decrease in fraud year over year

Key results

27%

Decrease in fraud

Year over year

30%

Reduction in investigation time

26%

Decrease in manual review rate

The challenge

Live Oak Bank needed to automate manual onboarding processes and scale its small-dollar lending portfolio without the time constraints of legacy systems.

The solution

Live Oak used Alloy for customer onboarding, transaction monitoring, credit underwriting, and KYC/KYB identity workflows, taking advantage of Alloy's modular data orchestration to move quickly.

“Not only does Alloy help us make more informed decisions, it's also faster.”
JT
Joe Thompson
Head of Live Oak Express, Live Oak Bank

The results, in context

Live Oak decreased fraud by 27% year over year and reduced investigation time by 30%, while lowering its manual review rate by 26%.

Products used

Alloy Alloy (onboarding)Alloy Transaction monitoringAlloy Credit underwritingAlloy KYC/KYB identity verificationAlloy Data orchestration