FAYETTEVILLE, Ark. — Arvest Bank is partnering with Google Cloud.
Arvest Bank and Google Cloud entered a five-year partnership for Google Cloud to enable and accelerate the bank’s multi-year digital transformation strategy, according to Google Cloud this month.
Arvest will overhaul its IT architecture and systems, including migrating Arvest data centers to Google Cloud.
The bank will also use Google Cloud’s machine learning (ML) and artificial intelligence (AI) tools to enhance customer experience (CX) and streamline banking services.
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Arvest cloud focus
Under the partnership, Arvest will use Google Cloud services to focus on several strategic imperatives:
Advance digital banking: with AI technology and solutions, such as Google Cloud Contact Center AI (CCAI) Insights, to improve the contact center experience.
Build business agility: to meet the changing needs of retail and commercial customers; from using Google Cloud Document AI to advance commercial lending decisions to using AI tools to help meet regulatory requirements.
Training and certification: opportunities for Arvest employees to learn Google Cloud’s tools and services.
Drive sustainability: by decreasing Arvest’s data center carbon footprint through cloud migration.
Prior to the deal with Google Cloud, Arrest Bank named Laura Merling, former chief transformation officer at Google Cloud, the bank’s chief transformation and operations officer this winter.
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“A better approach”
“Arvest is taking an innovative approach toward reinventing and transforming community banking,” said Janet Kennedy, VP, North America, Google Cloud.
“We see great value in leveraging the combination of Google Cloud’s leading experience in artificial intelligence and Arvest’s knowledge and expertise in community banking to establish a better approach to serving customers.”
Arvest Bank CEO Kevin Sabin said the “rapid shifts around consumer financial needs and behaviors, along with the expectation for consistent customer engagement across channels, impose unprecedented demands for technology and speed of execution.”
“Moving to the cloud is another key component to our transformation,” Sabin said.
Arvest’s Merling said the “disruption in the financial services industry has only just begun.”
“Data, insights, and artificial intelligence are the foundation for that disruption, from reshaping credit risk modeling and better supporting underserved communities to rethinking data-driven relationship management,” Merling said.
Google Cloud established partnerships with other leaders in banking and financial services industries in the last year: with Tokyo-based Mizuho and Google to “accelerate” the financial firm’s digital transformation; with Cleveland-based KeyBank on the bank’s cloud-first strategy; with London-based HSBC on the financial firm’s scenario risk tool; and with Toronto-based Scotiabank for more personalized and predictive customer experiences.
Arvest Bank also engaged with Thought Machine and Accenture last fall for the bank to adopt a “next-generation” core banking platform.
Google Cloud In The Cloud Market
Google Cloud held the No. 3 position in the cloud infrastructure market, with a 10% share in Q2 2022, behind AWS at No. 1 with 34% and Azure at No. 2 with 21%, according to Statista.
The company reported revenue of $19 billion in 2021, accounting for 7.5% of Google’s total revenue, according to Statista.
Google Cloud’s portfolio includes over 100 products, from migration to compute and storage.
The Growing Cloud Market
The global cloud computing market was valued at an estimated $483.98 billion in 2022, and it is projected to reach $1.55 trillion in 2030, with a compound annual growth rate (CAGR) of 15.7%, according to Grand View Research.
The market’s growth is being driven partly by emerging technologies, such as machine learning and artificial intelligence as well as infrastructure-as-a-service (IaaS), software-as-a-service (SaaS), and remote work.
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