Arvest Bank Launches Real-Time Banking Features Using Core Thought Machine Technology

Arvest Bank (Arvest), a leading community-focused bank with over $26 billion in assets, today announced the launch of its first product powered by cloud-based core banking technology provided by Thought Machine.

Launched in October 2022, the Equipment Financing Lending product was built, tested and delivered by Arvest in less than nine months using Thought Machine’s global product library. The dedicated product makes Arvest the first U.S. bank to offer lending capabilities on Thought Machine’s main banking platform, Vault Core, and is designed to address inefficiencies in the nation’s $1 trillion in equipment financing market.

“Thinking about the future of banking, we have identified equipment financing as an area of ​​opportunity to address the challenges of acquiring critical business support equipment for commercial clients of all sizes.” said Laura Merling, director of transformation and operations at Arvest.. “With Thought Machine’s state-of-the-art cloud platform, Arvest is able to differentiate its entire banking experience and launch financial products faster. This is just the first of many exciting services we plan to create as we continue to create best-in-class banking services that meet the growing needs of our business customers.”

The implementation of this platform is an important step in Arvest’s multi-year transformation journey to replace legacy infrastructure and differentiate its offerings with a solution that benefits both customers and partners through commercial loan self-service.

In July 2022, Arvest announced a partnership with Google Cloud to overhaul its IT architecture. By hosting its technology on the Google Cloud Platform, Arvest will be able to scale its services in the cloud and deliver new solutions to customers faster.

“Think Machine Core Banking Platform was designed to give banks the ability to create, launch and manage any financial product through a one-stop product engine, delivering personalized, targeted products to specific customer segments. We are delighted that Arvest has launched its lending product and look forward to seeing the bank expand its offering of products powered by our underlying cloud technology.” said Paul Taylor, CEO and founder of Thought Machine..

“The turnaround in the financial services industry has just begun,” Merling continued. “From redefining credit risk modeling to reimagining data-driven relationship management, the new Arvest cloud platform will enable us to increase business agility, ensure resilience and improve our digital banking services to better support our customers now and in the future.”