Arvest Bank, a community bank with more than $26billion in assets, announced a five-year partnership with Google Cloud to enable and accelerate its multi-year digital transformation strategy. The announcement follows the bank’s partnership with technology leader Thought Machine, and comes on the heels of its announcement that growth strategist Laura Merling has joined Arvest to lead transformation, technology, and bank operations.
Arvest will overhaul its current IT architecture and systems, including migrating Arvest’s data centres to Google Cloud and undertaking a full-scale digital transformation. The bank will also leverage Google Cloud’s artificial intelligence (AI) and machine learning (ML) tools to enhance customer experience and streamline banking services.
“The rapid shifts around consumer financial needs and behaviors, along with the expectation for consistent customer engagement across channels, impose unprecedented demands for technology and speed of execution,” said Arvest CEO Kevin Sabin. “Moving to the cloud is another key component to our transformation.
Through this partnership, Arvest will use Google Cloud services to focus on the following strategic imperatives:
- Advance digital banking by using AI tools, technology, and solutions such as Contact Center AI (CCAI) Insights to improve the contact centre experience.
- Build business agility to meet the changing needs of retail and commercial customers; from using Document AI to advance commercial lending decisions, to using AI tools to help meet regulatory requirements.
- Offer training and certification opportunities for Arvest employees on Google Cloud’s tools and services.
- Drive sustainability by decreasing Arvest’s data center carbon footprint through cloud migration.
“The disruption in the financial services industry has only just begun,” said Laura Merling, Arvest, bank chief transformation and operations officer. “Data, insights, and artificial intelligence are the foundation for that disruption, from reshaping credit risk modeling and better supporting underserved communities, to rethinking data driven relationship management. 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.”
“With its storied history of delivering on the promise of helping people find financial solutions for life, Arvest is taking an innovative approach toward reinventing and transforming community banking,” said Janet Kennedy, vice president, North America, Google Cloud. “We see great value in leveraging the combination of Google Cloud’s leading experience in artificial intelligence and Arvest’s knowledge and expertise in community banking to establish a better approach to serving customers.”