Metro Bank taps Covecta Agentic AI to streamline loan processing

By Gloria Methri

UK-based Metro Bank has partnered 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 delivers and completes tasks across the end-to-end loan lifecycle, from lead acquisition to servicing. This helps compress work that might take hours of manual effort into minutes.

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

Andy Veares, MD of Corporate and Commercial, Metro Bank, said, “Covecta’s AI capabilities will help us continue to grow most efficiently. Metro Bank is rapidly growing its lending to corporate and commercial businesses: 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.”

Ben Thomas, Covecta’s CRO, said, “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 are delighted to be supporting the bank on this journey.”