Arvest Bank Collaborates with Technology Leaders Thought Machine and Accenture for Next Generation Banking Platform
FAYETTEVILLE, Arche .– (COMMERCIAL THREAD) – Arvest Bank (Arvest) today announced that it is working with Thought Machine and Accenture to adopt a next-generation banking platform to support the bank’s multi-year transformation strategy. Thought Machine’s native cloud-based core banking engine, Vault, will provide Arvest with the capabilities to build personalized banking services in real time.
“Since our inception almost 60 years ago, Arvest has been committed to serving our customers and communities by helping them find financial solutions for life,” said Kevin Sabin, President and CEO of Arvest. “As modern consumer lifestyles and digital banking expectations change, we want to make sure that we deliver a banking experience that makes their lives easier today and in the future. A new generation mid-engine powering Arvest will allow us to do just that. ”
Thought Machine was chosen for its modern approach to basic banking software development. By using Vault, Arvest will be able to offer highly personalized banking services available on demand, helping to deliver higher levels of customer satisfaction. The Vault core engine at the heart of the bank will help Arvest create superior digital experiences, products and processes to meet the needs of customers today and generations to come.
“Deploying modern, cloud-native core banking software will allow Arvest to truly lead the competition in customer experience, resilience and innovation,” said Paul Taylor, CEO of Thought Machine. “Banks of the future are embracing Vault to deliver cutting-edge experiences to their customers, create exciting new products and break free from legacy constraints. This is a pivotal moment for Arvest, and we are extremely excited to be working with the bank as it builds its future.
Accenture has also worked with mid-market banks to help them modernize their core systems and meet their digital transformation goals across retail, small and medium-sized businesses, commerce and enterprises. Accenture helps Arvest to strategically develop and structure its future banking proposition and to select the most suitable ecosystem partners.
“Arvest is taking bold steps to become a technology leader among its peers by deploying a next-generation banking platform, supported by a strong ecosystem of partners,” said Brett Goode, Managing Director and Head of Digital Banking at Accenture. “We are excited to help Arvest transform its technology infrastructure to create the digital experiences demanded by customers and employees, delivering the latest and most innovative technologies at scale and at high speed.
In addition to a core next-generation banking platform, Arvest’s forward-looking digital transformation strategy will include the introduction of new products, services and customer experiences to meet their digital banking needs today and in the future. The multi-year strategy will include innovation in emerging payments, digital applications and operational capabilities of the bank.
Accenture and Thought Machine are collaborating to bring core modernization and cloud-centric capabilities to financial institutions of all sizes around the world. Accenture is the first systems integration partner to implement Thought Machine in North America, where companies are initially focused.
Arvest operates more than 230 bank branches in Arkansas, Oklahoma, Missouri and Kansas through a group of 14 locally managed banks, each with its own board of directors and management team. These banks serve customers in more than 130 communities, with extended weekday bank hours in many locations. Arvest offers a wide range of banking services, including loans, deposits, cash management, credit cards, mortgages and mortgage services. Arvest is also one of the few banks in the country to have its mobile app – Arvest Go – certified by JD Power to provide an exceptional mobile banking experience. Arvest is an equal housing lender and member of the FDIC.
About the thinking machine
Thought Machine was founded in 2014 with a mission to empower banks to deploy modern systems and move away from the old computing platforms that plague the banking industry. We do this through our cloud-native core banking platform, Vault. This next-gen system was written from the ground up as a fully cloud native platform. It doesn’t contain a single line of legacy or pre-cloud code.
Founded by entrepreneur Paul Taylor, Thought Machine’s clients include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese, TransferGo and Curve. We are currently a team of over 500 people in offices in London, Singapore, Sydney, Melbourne, New York and have raised over £ 110million from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed. For more information, visit thinkmachine.net.
Accenture is a global professional services company with industry-leading digital, cloud and security capabilities. Combining unparalleled experience and specialized skills in more than 40 industries, we offer strategy and advisory, interactive, technological and operational services, all powered by the world’s largest network of advanced technology and intelligent operations centers. Our 569,000 employees deliver on the promise of technology and human ingenuity every day, serving customers in more than 120 countries. We embrace the power of change to create value and shared success for our customers, employees, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture’s Banking Industry Group Helps Retail and Commercial Banks and Payment Providers Drive Innovation; meet business, technological and regulatory challenges; and improve operational performance to build trust and engagement with customers and grow more profitably and securely. To learn more, visit https://www.accenture.com/us-en/industries/banking-index.