Case Study: Live Oak Bank achieves instant account verification and reduced fraud with Plaid

Live Oak Bank - Customer Case Study

Live Oak Bank, a digital bank known for zero-automation, turned to Plaid to address two pressing pain points: security and the slow, industry-standard account verification process (micro-deposits) that could take up to four days and generated customer complaints and heavy call volume. Live Oak implemented Plaid’s Auth and Identity products to bring its verification and fraud controls up to the same high standard as its customer service.

In less than eight weeks Plaid enabled instantaneous account authentication (replacing micro-deposits) and bank-data-backed identity verification, which led to a measurable decrease in fraud attempts, fewer customer complaints and lower call volume, and allowed customers to earn interest immediately while the bank began booking funds toward loans within a day. Because of Plaid’s solutions, Live Oak reallocated staff previously tied to fraud and support to higher-value roles, improving operational efficiency and customer experience.

Live Oak Bank

Mark Moroz

Director of Deposits