Metro Bank has announced a strategic partnership with Covecta, an AI-powered financial services platform, to enhance efficiency across its corporate and commercial credit operations.
By integrating Covecta’s Agentic AI, Metro Bank aims to streamline the entire loan lifecycle, from lead acquisition to servicing, reducing manual effort and improving decision-making.
Boosting Efficiency with AI
Covecta’s AI-driven automation significantly accelerates traditionally time-consuming processes. According to Metro Bank and Covecta’s analysis, tasks that once required hours of manual work are now completed in minutes, delivering an impressive 60-80% reduction in processing time. This results in enhanced team productivity, improved risk assessment, and faster decision-making.
Driving Growth with Innovation
Metro Bank is rapidly expanding its corporate and commercial lending. In the past year alone, the bank saw a 71% increase in new loan originations, and it aims to grow even further. By adopting Covecta’s AI capabilities, Metro Bank can scale its lending operations efficiently while maintaining its commitment to customer service.
Andy Veares, Managing Director of Corporate & Commercial at Metro Bank, emphasized the importance of AI in supporting their growth strategy:
“Covecta’s AI capabilities will enable us to expand efficiently while staying true to our relationship banking ethos. By automating time-intensive tasks, our experts can focus on what matters most—serving our customers.”
A Strong Partnership for the Future
Ben Thomas, Chief Revenue Officer at Covecta, highlighted Metro Bank’s customer-centric approach and the potential of AI-driven transformation:
“Metro Bank has consistently prioritized its customers throughout our collaboration. By combining their relationship-driven banking model with Covecta’s industry-specific AI, we’re confident this partnership will drive exceptional value.”
With this AI-powered integration, Metro Bank is set to redefine efficiency in corporate and commercial lending, reinforcing its commitment to innovation, customer service, and operational excellence.
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