Magazine : Archives : 3rd Quarter 2018

Is This Any Way to Run a Bank?

The first thing you notice when you walk into the main lobby at Live Oak Bank in Wilmington, North Carolina, is how casually dressed most of its staff are. Anyone adhering to the conventional baby boomer standards of business casual would be overdressed here. Most of the employees are millennials, and the standard-issue uniform on one hot and humid day in early June consists of shorts, a polo shirt and sandals. The lobby serves as the bank’s one branch as well as its headquarters, but there’s no counter or even a high-tech kiosk, just someone sitting at the reception desk...