Not that long ago putting customer information in a public cloud was unthinkable. Now, financial institutions large and small are taking the plunge, enabling them to respond to customer expectations 'like a fintech.'
In the middle of the pandemic when the government instituted Paycheck Protection Program loans, Live Oak Bank asked its then-legacy core provider how quickly it could make the changes needed to ramp up PPP lending on a large scale. The answer: It would take six months to change the code.
