According to a news release, community bank Arvest Bank has signed a five-year agreement with Google Cloud to quicken its digital transformation.
It follows the bank’s collaboration with banking FinTech Thought Machine and the hiring of growth strategist Laura Merling to lead transformation and bank operations.
Arvest intends to update its IT infrastructure and systems. For a “full scale” digital transformation, it will migrate its data centers to Google Cloud and utilize machine learning and artificial intelligence (AI) capabilities from Google to enhance customer support.
According to the press release, Arvest’s objectives for the partnership include concentrating on digital banking using tech and AI solutions, improving business agility to keep up with changing customer needs, using AI tools to meet regulatory requirements, and providing employees with training opportunities on Google Cloud tools. Arvest also wants to improve sustainability by reducing the carbon footprint of its data centers.
The expectations for constant client involvement across channels, together with the quick changes in consumer financial requirements and habits, place unprecedented demands on technology and execution speed, according to Arvest CEO Kevin Sabin. “Another important part of our shift is moving to the cloud.”
Customers are increasingly expecting their financial services providers to offer a “continuum” of financial solutions rather than just a product range, according to Merling. She said that all demographic groups share this goal.
Additionally, banks may use AI to predict when loans will soon be paid off, opening up new options to put the freed-up funds to use.