Arvest Bank (Arvest) today announced it is working with Thought Machine and Accenture to adopt a next generation core banking platform to support the bank’s multi-year transformation strategy. Thought Machine’s cloud-native core banking engine, Vault, will provide Arvest with the capabilities to build personalized, real-time banking services.
“Since our founding nearly 60 years ago, Arvest has been committed to serving our customers and communities by helping them find financial solutions for life,” Arvest president and CEO Kevin Sabin said. “As modern consumers’ lifestyles and digital banking expectations change, we want to ensure we deliver a banking experience that makes their lives easier today and well into the future. A next-generation core engine powering Arvest will allow us to do just that.”
Thought Machine was chosen for its modern approach to developing core banking software – an emphasis on product innovation, faster time-to-market and its cloud-first capabilities were a key factor in selecting Vault. Using Vault, Arvest will be able to offer highly personalized banking services that are available on-demand, helping to deliver superior levels of customer satisfaction. Vault’s core engine at the heart of the bank will help Arvest create superior digital experiences, products and processes to address the needs of customers today and for generations to come.
“Deploying modern, cloud-native core banking software will allow Arvest to truly step ahead of the competition in terms of customer experience, resilience and innovation,” said Paul Taylor, CEO, Thought Machine. “Banks of the future are adopting Vault to deliver cutting-edge experiences for customers, build exciting new products and free themselves 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 been working with middle-market banks to help modernize their core systems and achieve their digital transformation goals across retail, small and medium-sized business, commercial and enterprise capabilities. Accenture is helping Arvest develop and strategically structure its future bank proposition and aiding in the selection of the best-suited ecosystem partners.
“Arvest is making bold moves to become a technology leader among peers by deploying a next-generation core banking platform, supported by a strong ecosystem of partners,” said Brett Goode, a managing director and digital banking lead at Accenture. “We are thrilled to help Arvest transform its technology infrastructure to create the digital experiences that customers and employees demand, by offering the latest and most innovative technologies at scale and speed.”
In addition to a next generation core banking platform, Arvest’s forward-looking digital transformation strategy will include introducing new products, services and experiences to customers to address their digital banking needs today and into the future. The multi-year strategy will include innovation in the bank’s emerging payments, digital applications and operational capabilities.
Accenture and Thought Machine are collaborating to bring core modernization and cloud-first capabilities to financial institutions of all sizes globally. Accenture is the first systems integration partner to implement Thought Machine in North America, which is where the companies are initially focusing their efforts.