September 16, 2021
Arvest Bank Collaborates with Tech Leaders Thought Machine and Accenture for Next Generation Core Banking Platform
FAYETTEVILLE, Ark.; Sept. 16, 2021 – 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.
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 and management team. These banks serve customers in more than 130 communities, with extended weekday banking hours at many locations. Arvest provides a wide range of banking services including loans, deposits, treasury management, credit cards, mortgage loans and mortgage servicing. Arvest also is one of a select few banks in the nation to have its mobile app — Arvest Go — certified by J.D. Power for providing an outstanding mobile banking experience. Arvest is an Equal Housing Lender and Member FDIC.
About Thought Machine
Thought Machine was founded in 2014 with a mission to enable banks to deploy modern systems and move away from the legacy IT platforms that plague the banking industry. We do this through our cloud native core banking platform, Vault. This next generation system has been written from scratch as an entirely cloud native platform. It does not contain a single line of code which is legacy, or pre-cloud.
Founded by entrepreneur Paul Taylor, Thought Machine’s customers include Lloyds Banking Group, SEB, Standard Chartered, Atom bank, Monese, TransferGo and Curve. We are currently a team of more than 500 people spread across offices in London, Singapore, Sydney, Melbourne, New York and have raised more than £110m in funding from Eurazeo, Draper Esprit, SEB, British Patient Capital, IQ Capital, Playfair Capital, Nyca Partners, Lloyds Banking Group and Backed. For more information visit thoughtmachine.net.
Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services — all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 569,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities. Visit us at www.accenture.com.
Accenture’s Banking industry group helps retail and commercial banks and payments providers boost innovation; address business, technology 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.
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