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US community bank Arvest has entered into a five-year partnership with Google Cloud to accelerate its digital transformation strategy.
Arvest will migrate its data centres to Google Cloud, overhauling its current IT architecture and systems.
The community bank will also leverage Google Cloud’s artificial intelligence and machine learning tools to enhance customer experience and streamline banking services.
According to the bank, it will use the cloud platform’s AI solutions such as Contact Centre AI insights to improve the customer experience. It will also use the platform’s Document AI to advance commercial lending decisions.
Beyond the AI tools, the bank will also offer training and certification opportunities for its employees on Google Cloud’s tools and services.
The partnership will also boost Arvest’s sustainability drive by decreasing its data centre carbon footprint through cloud migration.
“The disruption in the financial services industry has only just begun. Data, insights, and artificial intelligence are the foundation for that disruption, from reshaping credit risk modelling and better supporting underserved communities to rethinking data-driven relationship management,” said Laura Merling, chief transformation and operations officer at Arvest Bank.
“Collaborating with Google Cloud means we will not only gain access to the best tools, technologies, and expertise to deliver community banking in a digital world, but also we will be able to drive sustainability and reduce our carbon footprint by moving to the cloud.”
Arvest Bank’s collaboration with Google Cloud builds on the group’s multi-year transformation strategy to upgrade its banking platform and enhance its capabilities in digital payments and services.
As part of the strategy, the bank partnered with the UK cloud banking platform Thought Machine and Dublin-based IT group, Accenture, in September 2021. The collaboration with Thought Machine will enable Arvest to build a personalised, real-time banking service, while Accenture will help the bank develop and strategically structure its future banking proposition.
In February 2022, the bank brought in former Google Cloud CTO and managing director, Laura Merling to lead the group’s transformation strategy.
In May, the group hired new chief product and strategy officer Richard Pulliam from payroll services company TriNet to boost the bank’s transformation goals.
Smaller banks switch to cloud
Arvest is the latest in the series of community banks and credit unions to switch to cloud-based services.
The move comes amid the growing demand for digital services among increasingly tech-savvy consumers.
According to Mckinsey’s 2021 global retail banking consumer survey, 40% of retail clients have opted to bank with fintech or a big technology company, underscoring the importance of banks’ digital capabilities.
Mantl, a banking technology provider for community banks and credit unions, also highlighted in its 2021 banking impact report that 44% of consumers expect banks to offer online account opening.
In response to these emerging demands, banks have been looking to partner with cloud providers to migrate their legacy technology and provide a more seamless digital experience to clients.
In January, Mascoma Bank sought the services of Thought Machine to use the latter’s cloud platform.
In April, ORNL Federal Credit Union chose Alkami, a US cloud-based digital banking service provider, as the cloud platform to host the bank’s digital banking capabilities.
In May, Pennsylvania-based APCI Federal Credit Union (APCI FCU) partnered with US fintech Lumin Digital for a cloud-native platform for mobile and digital banking services.
The A-Z of financial technology solutions