Metro Bank partners with Covecta to boost technology
Metro Bank has announced a new partnership with Covecta, an AI platform for financial services that will be deployed across its corporate and commercial credit businesses.
Covecta is a third-party Agentic AI solution that will deliver and complete tasks across the end-to-end loan lifecycle from lead acquisition to servicing. This helps compress work that might take hours of manual effort into minutes.
Metro Bank and Covecta found that each completed task evidenced a 60-80% reduction in time, creating significant improvements in team efficiency, decision making and risk analysis.
Andy Veares, MD of Corporate & Commercial, Metro Bank said: “Covecta’s AI capabilities will help us to continue to grow in the most efficient way. Metro Bank is rapidly growing lending to corporate and commercial businesses: last year, new loan originations increased by 71% and we want to do even more this year. This AI solution frees up more time for our corporate and commercial banking experts to spend servicing our customers, which goes to the heart of our relationship banking ethos”.
Ben Thomas, CRO of Covecta said: “Metro Bank has demonstrated a relentless focus on the customer throughout our engagement. We believe this ethos, paired with Covecta’s domain specific Agentic AI capabilities will deliver incredible value, so we’re delighted to be supporting Metro Bank on this journey.”