Arvest Bank launches new lending product powered by Thought Machine
Arkansas-based Arvest Bank has launched its first product running on Thought Machine’s cloud-native core banking technology.
Arvest Bank partners Thought Machine
The bank selected Thought Machine’s Vault as its new core banking system in September 2021, part of a multi-year transformation.
Through this partnership, Arvest says it has built and deployed a new equipment finance lending product – initially rolled out in October – in less than nine months.
Arvest claims it is the first US bank to offer lending capabilities on Thought Machine’s Vault core banking platform.
“As we think about the future of banking, we identified equipment financing as an area of opportunity to address pain points with obtaining important, business-sustaining equipment for commercial customers of all sizes,” says Laura Merling, chief transformation and operations officer at Arvest.
Arvest says its adoption of Thought Machine’s platform is a “significant step” in its multi-year transformation journey to replace legacy infrastructure. In July, the bank teamed up with Google Cloud to boost its digital transformation efforts.
Paul Taylor, CEO and founder of Thought Machine, says its core banking platform gives banks “the power to build, launch and manage any financial product through its universal product engine, providing highly personalised, targeted products to specific customer segments”.
Thought Machine’s recent customers include Bpifrance, C6 Bank and Trust Bank.
Last February, Italy’s largest bank Intesa Sanpaolo tapped Thought Machine for a new digital bank offering.
The new digital banking app is now ready for testing, with Intesa staff reportedly being asked to sign up for a trial beginning 1 March, according to Reuters.
