Arvest Bank launched its first product running on cloud-native core banking technology provided by Thought Machine. The equipment finance lending product, which launched in October 2022, was built, tested and delivered by Arvest in fewer than nine months leveraging Thought Machine’s global product library.
“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,” Laura Merling, chief transformation and operations officer at Arvest, said. “Through Thought Machine’s modern, cloud-native platform, Arvest is able to differentiate its entire banking experience and release financial products faster. This is just the first of many exciting services to come as we continue to build a best-in-breed banking service that supports the growing needs of our business customers.”
“Thought Machine’s core banking platform has been designed to give banks the power to build, launch, and manage any financial product through its Universal Product Engine – providing highly personalized, targeted products to specific customer segments,” Paul Taylor, CEO and founder of Thought Machine, said. “We are delighted that Arvest has gone live with its loan product and look forward to the bank expanding its product offering running on our cloud-native core technology.”
“Disruption in the financial services industry has only just begun,” Merling said. “From reshaping credit risk modeling to rethinking data-driven relationship management, Arvest’s new cloud-based platform will enable us to build business agility, drive sustainability and advance our digital banking services to better support our customers now and in the future.”
