b1BANK and Covecta have partnered to deploy agentic AI across the US-based bank’s deposit and loan operational workflows.
This collaboration aims at automating routine, policy-driven processes within core banking operations to decrease manual effort and allow staff to concentrate on analysis, exception handling, and customer engagement. Unlike replacing existing systems, Covecta’s agents are engineered to integrate directly into b1BANK’s current operations without necessitating a platform transition.
Implementation and Functionality
Covecta’s agents will carry out structured, policy-aligned evaluations within b1BANK’s established procedures, generating referenced outputs for review by the operations and risk teams. The partnership encompasses a series of interconnected use cases spanning deposit and loan operations rather than being limited to a single deployment point, thereby supporting data integrity, consistency, and traceability throughout multiple lifecycle stages.
Given that the solution integrates into existing infrastructure, b1BANK anticipates moving from contract signing to operational launch within eight weeks. Covecta reports a 50% productivity gain among its UK-based clients due to enhanced throughput, assessment quality, and operational consistency.
Jude Melville, Chairman and CEO of b1BANK, highlighted the choice of working with Covecta on account of the availability of purpose-built agents equipped with banking domain expertise, facilitating deployment without extensive custom development. Scott Wilson, Co-founder and CEO at Covecta, elaborated that this partnership is about adopting a lifecycle approach to AI across b1BANK’s enterprise, starting from post-close review and extending into upstream and downstream applications.
Industry Perspective
Agentic AI, systems capable of autonomously executing multi-step tasks within set parameters, is gaining traction among financial institutions striving to alleviate operational bottlenecks in back-office and compliance-related functions. For community and regional banks, the capability to deploy such solutions without moving off existing core systems represents a practical choice, given the high costs and risks associated with infrastructure replacement. b1BANK’s collaboration with Covecta is indicative of a broader trend among banks opting for targeted AI deployments within their current technological frameworks rather than undergoing comprehensive platform transformations.
