Metro Bank has announced the adoption of an advanced AI platform from Covecta, aimed at significantly reducing the time required to process loans within its corporate and commercial credit sectors.
The implementation of Covecta’s technology will streamline operations across the entire loan lifecycle, enhancing tasks from initial lead acquisition to ongoing servicing. What traditionally might take hours of manual work can now be accomplished in just minutes.
Initial trials between Metro Bank and Covecta have shown impressive results, with each completed task demonstrating a reduction in processing time by 60-80%. This efficiency boost not only enhances team productivity but also improves decision-making and risk assessment processes.
Andy Veares, Managing Director of Corporate & Commercial Banking at Metro Bank, stated: “Covecta’s AI capabilities will empower us to grow more efficiently. Our lending to corporate and commercial businesses has seen remarkable growth, with new loan originations surging by 71% last year. We aim to achieve even greater heights this year. This AI solution allows our banking experts to dedicate more time to customer service, which aligns with our commitment to relationship banking.”