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About Arvest Bank:
Arvest Bank (Arvest) is a leading community-focused bank with over $26 billion in assets and 270 locations across the Midwest and Southwestern US. Arvest has identified equipment financing as an opportunity to address pain points with obtaining important business-sustaining equipment for commercial customers of all sizes.
Arvest’s legacy technologies had been highly customized for various businesses, which resulted in the bank’s limited ability to serve customer needs today and in the future.
Project overview:
- Arvest has launched a multi-year transformation journey to replace legacy infrastructure and differentiate its offerings with a solution that benefits both customers and associates through self-servicing on commercial loans
- Leveraging pre-built smart contracts in Vault Core’s Product Library, Arvest launched a new equipment finance lending product designed to address inefficiencies in the nation’s more than $1 trillion equipment financing market
- Arvest continues to build a best-in-breed banking service that supports the growing needs of its business customers, with commercial loans and deposits on the roadmap
Deployment approach:
- Coexistence and migration: integrated Vault Core into the existing technology stack and launched new customer propositions with existing customers, followed by migrating back book of existing customers.