Yorkshire Building Society taps Covecta for AI underwriting

By Milan Rojan

Yorkshire Building Society has partnered with Covecta to strengthen its underwriting capabilities through the deployment of agentic artificial intelligence, as the mutual has sought to combine technology-driven efficiency with human expertise in lending decisions.

The partnership has focused on supporting underwriters with AI-powered tools designed specifically for financial services. Covecta’s platform was developed to automate routine tasks, surface relevant information and provide contextual insights, enabling teams to spend more time on complex cases and customer interactions.

Simone Fox, Director of Customer Support at Yorkshire Building Society, said: “ This partnership with Covecta helps us further that purpose by giving our underwriting colleagues more time to focus on supporting customers and making fair, informed lending decisions, while reducing the manual effort involved in reviewing documentation. ”

According to the companies, the initiative was designed to enhance Yorkshire Building Society’s existing human-centred approach to underwriting rather than replace it. The AI technology was integrated into workflows to help underwriters process information more efficiently while maintaining oversight and accountability throughout the decision-making process.

Scott Wilson, Founder and CEO of Covecta, said: “Financial institutions do not need technology that replaces expertise; they need technology that amplifies it. We have designed Covecta to work alongside experienced professionals, helping them make faster, more informed decisions while maintaining appropriate controls and oversight.”

Covecta has specialised in AI agents for banks, building societies and lenders, with its platform supporting activities across customer acquisition, screening, underwriting, fulfilment and monitoring. The company has said its technology has been built to align with the regulatory and operational requirements of financial institutions.

The collaboration has reflected a broader trend across the UK financial services sector, where lenders have increasingly explored agentic AI to improve productivity, streamline operations and enhance customer outcomes. Covecta has recently expanded its presence across banking and lending organisations through partnerships focused on underwriting, screening and operational workflows.

The partnership has demonstrated how building societies have continued to adopt AI technologies in a measured way, balancing innovation with governance requirements as they seek to modernise lending operations and improve service delivery.