Metro Bank deploys agentic AI across commercial lending with Covecta
Metro Bank in the UK is deploying agentic AI throughout its corporate and commercial business operations through a new partnership with fintech start-up Covecta.
Metro Bank partners with fintech start-up Covecta for agentic AI
The high street bank has applied Covecta’s AI platform across its loan lifecycle which, since 2012, has originated and approved just over £10 billion in commercial lending.
The platform, launched last September with £1 million in pre-seed funding, spans lead acquisition to servicing, with supporting functions for customer profiling, financial analysis, portfolio management and reporting.
In a statement, Metro Bank claims that each task completed with agentic AI “evidenced a 60-80% reduction in time”, generating what are described as “significant improvements” in team efficiency, decision making and risk analysis.
Andy Veares, MD of corporate and commercial at Metro Bank, says the partnership coincides with the bank’s “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,” Veares comments. The lender previously sold a portfolio of prime UK residential mortgages worth £2.5 billion to NatWest last year.
Covecta’s solution will sit alongside Infosys Topaz, an applied and generative AI platform currently in use at Metro Bank as a result of a long-term partnership signed with Infosys in September.
