Metro Bank is to implement an agentic AI platform from Covecta to slash the time taken to process loans across its corporate and commercial credit businesses
Metro Bank says Covecta will be utilised to deliver and complete tasks across the end-to-end loan lifecycle from lead acquisition to servicing, compressing work that might take hours of manual effort into minutes.
Early test runs between the bank and the vendor 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 says: “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”.