Oakhaven Bank rebuilds its mobile app from scratch
The old app dated from 2016 and crashed twice a week on average
Oakhaven Bank will release a completely rebuilt mobile app next month, replacing software that dated from 2016 and, by the bank's own admission, crashed about twice a week for the average customer.
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"The companies that will come out of this stronger are the ones that treated the slowdown as a chance to fix their cost base, not as a reason to freeze," said Ingrid Sauer, who follows the industry for Ashgrove Research.
Executives at Lumen Retail Group said the plan will be rolled out in three stages, beginning with its largest markets. A second stage, covering smaller regional units, is scheduled for the second quarter of next year.
Not every investor is convinced. Shares in Lumen Retail Group slipped 2 percent after the announcement, with some analysts questioning whether the projected savings of $75 million a year are achievable on the stated timeline.
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The figures are modest by the standards of the largest players but significant for a company of this size. According to its latest filing, Lumen Retail Group generated $75 million in revenue over the past twelve months, with margins improving in each of the last three quarters.
For Ingrid Sauer, who founded her first company in 2015 and sold it four years later, the lesson is familiar. "Growth hides mistakes," she said. "When it slows down, you find out which decisions were good and which ones you just got away with."
The deal was approved after the parties agreed to divest two overlapping business lines, a condition regulators had signaled early in the review. Supporters called it a pragmatic compromise; critics said it left the hardest questions about market concentration unanswered.