Banking

Arvest Bank picks Thought Machine’s Vault as new core banking system

Arkansas-based Arvest Bank has selected Thought Machine’s Vault as its new core banking system, part of a multi-year transformation.

Thought Machine has its eyes on expansion in the US and Asia

Kevin Sabin, Arvest CEO, says his bank wants to make customers’ lives easier with a new digital banking experience.

The bank says its transformation includes new products and services in payments, digital applications, and operational capabilities.

Thought Machine claims its Vault system will enable “superior experiences, products, and processes”.

Founded in 1871 and based in Bentonville, Arkansas, Arvest Bank holds around $26 billion in assets under management.

It is also working with Accenture for the modernisation of its middle office systems for retail banking and corporate banking.

Accenture is the first systems integration partner to implement Thought Machine in the USA, a region the vendor has placed heavy emphasis on.

The vendor picked up Amazon Web Services (AWS) veteran Brad Steele as its new country manager for the US in May this year.

Its flagship core system, Vault, has been deployed at Lloyds Bank, Standard Chartered, SEB, and UK challenger Atom Bank.

Thought Machine is expected to announce a new funding round that would push its valuation into unicorn territory.




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