The Why Behind Liveoak – 2020 Edition

 In Digital Transformation, Liveoak

When we started Liveoak in 2015, our primary goal was to solve the problems that occurred with archaic paper-based customer workflow that was inherent in financial services. Due to regulatory requirements, enterprises were locked into sending paperwork through the mail or fax to their customers to be manually completed and returned. The process was riddled with procrastination and time delays because it was too complicated for customers to complete without assistance and once complete, high percentages were not in good order. Further, banking institutions required their customers to travel to a physical branch (sometimes long distances) to verify their identity and provide supplemental documentation for account opening/maintenance. In the insurance and retirement industries, representatives traveled to their customers to gather wet signatures and walk them through complex applications.

In all cases, the process was expensive, slow and cumbersome, and most definitely behind the curve in digital transformation. Our goal at Liveoak was to make it faster, easier and more cost-effective for enterprises to do business with their customers remotely by providing a secure, virtual business platform.

Fast forward to 2020 and Liveoak’s core mission is to enable enterprises to do business with their customers without having to be in person. In today’s environment, security needs have increased and business requirements have changed beyond simply digitizing paperwork. Enterprises today have been challenged to implement secure, convenient ways to conduct business and assist their customers on a remote basis. The demand has moved beyond turning paper into digital and is now focused on being able to serve customers from anywhere. This includes enabling employees to seamlessly transition from their place of work to their home office without missing a beat. Liveoak is continuously innovating and evolving our enterprise cloud platform to enable new ways enterprises interact with customers and enable business continuity and productivity.

Today there is no shortage of demand for transformation, IDC estimates that $7.4 trillion will be spent on worldwide digital transformation investments over the next three years. This projection from IDC aligns with the conversations that we are having daily with financial institutions. With the current health crisis in full swing, enterprises are investing in tools that will enable business continuity and resilience today and in the future.

Our customers are the true heroes in the ‘Why’ behind Liveoak. Together, we are changing how they engage, collaborate and transact with their customers. Here are a few examples of top use cases:

  • Business banking representatives remotely onboard new customer accounts, perform routine account maintenance and explore new revenue opportunities as they expand beyond their geographical footprint
  • Consumer banking representatives conduct remote identity verification and gather supplemental documentation required for KYC
  • Wealth management advisors remotely onboard new customers, complete ongoing account paperwork and perform account reviews
  • Insurance agents complete remote policy reviews with customers with the ability to cross-sell new coverage based on changing needs
  • Property insurance and warranty providers use Liveoak to conduct remote property claim inspections
  • Disability insurance providers conduct remote interviews, gather information and sign release and acknowledgment forms with policyholders to rule out suspected fraud

In all of the above examples, enterprises are offering convenient, faster solutions for their customers and workforce. Everything from: engaging remotely with secure conferencing, collaborating on applications and workflows, gathering supplemental documentation, verifying customer identity and capturing consent – can all be done remotely without having to be in the same physical location. All of the above functionality works together seamlessly and is wrapped in a protected envelope of bank-grade security with a Complete Audit™; a record of all customer interactions inside a Liveoak powered session.

In 2015, we described Liveoak as a platform that “recreates the face-to-face experience” for enterprises and their customers. Our focus was on creating the digital version of in person meetings that still required legacy paper based workflow. Today our focus includes the above, but has expanded and evolved to include all customer interactions and agreements in the banking, insurance and financial services industry that have traditionally been conducted face-to-face. We are continuing to solve last mile challenges such as Remote Online Notary for example.

What makes Liveoak unique?

We are purpose-built for financial institutions and enterprises that are subject to bank-grade security standards, compliance and regulation and we operate at the highest level with regards to our financials, privacy, data security and cloud governance. We are deployed in production with some of the largest and most respected financial institutions in the world, so we know first hand how challenging it is to modify existing core and legacy systems. Our platform can be deployed quickly within a business unit/use case and run in parallel with existing systems. We are an API centric cloud platform with the ability to integrate with systems of record and other core technologies that are part of the overall workflow.

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