Metro Bank has launched 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 completes tasks across the end-to-end loan lifecycle, from lead acquisition to servicing.

Metro Bank and Covecta found that each completed task allowed for a 60-80% reduction in time, creating significant improvements in team efficiency, decision making and risk analysis.

MD of corporate and commercial at Metro Bank, Andy Veares, said that “Covecta’s AI capabilities would help the bank to “continue to grow in the most efficient way”.

“Metro Bank is rapidly growing lending to corporate and commercial businesses,” Veares commented. “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.”

Covecta CRO, Ben Thomas, added: “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.”

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