Arvest Bank wanted to address inefficiencies in the trillion-dollar equipment financing market by leveraging Vault Core, modern technology, and the public cloud, to deliver cutting-edge products for its customers. Established in 1961, Arvest Bank recognised that many of its rural and community bank customers were struggling to access equipment financing in a seamless, efficient, and cost-effective manner. Vault Core was selected for its powerful product-building capabilities, smart contract framework, and ability to build and launch products quickly.
In a matter of months, Arvest Bank launched a new equipment financing product with the support of Accenture. The product is now live and offers Arvest customers a differentiated and streamlined product experience.
With bank locations in Arkansas, Kansas, Missouri and Oklahoma, Arvest Bank is supporting its customers who are looking to finance equipment for equipment for the agriculture, aviation, and commercial vehicle industries, and more.
To address the inefficiencies in the equipment financing industry, Arvest initiated digital transformation programme that would fully unlock product building, continuous innovation, and scalability. Arvest's multi-year transformation strategy kicked off in 2021, and began with a strategic partnership wtih Google Cloud, who would support the bank with its public cloud and infrastructure strategy. Thought Machine was selected shortly after, following a strict market search for the most flexible and powerful core banking platform available. Vault Core was the best match for Arvest's needs, offering a product-building framework that was unsurpassed by other vendors.
With the support of Accenture, Arvest rapidly designed its equipment financing product as a smart contract, written in widely-used Python, within Vault Core. The product was defined and launched within nine months, and is now live and supporting real-life use cases and loans.
This level of flexibility has spurred the bank on to consider new and interesting products that will help Arvest redefine itself as a pioneering and forward-thinking community bank.