Savana is a foundational component of Live Oak’s next-generation solution
Malvern, PA September 8, 2021. Savana, Inc. today announced that Live Oak Bank has successfully converted its legacy bank operations technology to the Savana process orchestration platform. Savana’s cloud-native solution provides seamless digital delivery of banking and customer service processes between the new Finxact core and bank associates. The system supports the bank’s call center and digitally orchestrates and routes business, regulatory, and customer processes throughout the bank’s operating departments. The Savana solution also provides digital customer communications, a digital content repository, and generates all customer statements and notices.
“Our goal was to re-define what banking could become when we embarked on our transformation journey” said Chip Mahan, the Chairman and CEO of Live Oak. “We knew that the only way to create a more compelling customer value proposition was to lead with technology that enabled innovation, convenience, and speed of delivery from the core to the customer.” Mahan continued. “Savana is a key component of our end-to-end solution.”
“I’ve been involved in dozens of conversions over my career.” Said Renato Derriak, the Chief Information and Digital Officer of Live Oak Bank. “This has been the smoothest by far and a testament to the capabilities of our internal teams and our technology partners.”
“I’ve known Chip for over 20 years and watched him innovate and lead the way for banks over that time” said Michael Sanchez, Chairman and CEO of Savana. “We are honored to be a part of this new journey with Live Oak Bank. This marks the beginning of what’s now possible for banks who want to thrive in the new world of digital banking.”
About Savana
Savana, Inc. (Malvern, PA) is a leading technology provider to financial institutions. The Savana SaaS platform enables our clients to modernize operations and customer engagement across all channels by providing extensive process automation and orchestration over the entire customer lifecycle from onboarding through servicing. Delivered as an API-first architecture, Savana’s platform enables frictionless interaction between bankers and customers through modern user experiences executing consistent underlying processes. The Savana platform is core agnostic, product agnostic, and channel-agnostic. In addition, the Savana solution is delivered with pre-configured best-of-breed process and workflow use cases that accelerate implementations while also providing for easy adaption to bank-specific requirements. More information available at www.savanainc.com.
About Live Oak Bank
Live Oak Bancshares, Inc. (Nasdaq: LOB) is a financial holding company and parent company of Live Oak Bank. Live Oak Bancshares and its subsidiaries partner with businesses that share a groundbreaking focus on service and technology to redefine banking. To learn more, visit www.liveoakbank.com
