CASE STUDY
Live Oak Bank, headquartered in Wilmington, North Carolina, employs around 1,015 people and manages assets exceeding $13 billion. As the bank expanded into transaction accounts, it required a real-time monitoring system capable of analyzing transaction and digital activity efficiently to prevent fraud and ensure compliance.
“With our plans to move into transaction accounts, we needed a system to analyze transaction activity and digital data that occur in real-time.”
Erin Armstrong
VP , Senior BSA Fraud Analyst
Live Oak Bank
Great Lakes Credit Union (GLCU), located in Bannockburn, Illinois, manages $1.4 billion in assets, serves 111,090 members, and employs approximately 231 people. The credit union faced challenges in managing its risk assessment and governance processes. The existing systems were disjointed and labor-intensive, making it difficult to produce meaningful reports and maintain an accurate overview of their cybersecurity posture.
Axos Bank, headquartered in San Diego, California, employs approximately 1,375 people and manages over $23 billion in assets. The bank faced challenges with a previous cybersecurity provider that lacked attention to detail and operated inefficient global processes that were not customized for the bank’s specific needs. This lack of tailored service led to inefficiencies and vulnerabilities across its digital infrastructure.
Community West Credit Union, located in Kentwood, Michigan, operates with approximately $250 million in assets, 65 employees, and around 19,000 members. In early 2021, Community West CU was preparing for an examination that would elevate them to the next peer group. Faced with the challenges of having only two personnel managing their security, numerous disjointed systems, and impending reporting obligations, they recognized the need for a more efficient cybersecurity solution.
