Innovation
Client spotlight: Banking on AI to improve productivity with Covecta
- Innovation
- Case Studies
- 4 minutes read
Covecta is an innovative AI-powered fintech startup. Find out how HSBC Innovation Banking are providing the support they need to grow quickly.
- Covecta is an ambitious tech startup looking to expand its engineering team and reach new milestones.
- The Covecta team required a suite of banking products to help utilise their recent fundraising round.
About Covecta: AI Agents for Lending & Credit teams
Scott Wilson, CEO and co-founder, Covecta"We remove the manual activity that creates unproductivity across financial institutions to allow them to spend more time on what matters, which is their customers and helping to grow their business."
Covecta is an AI-powered tech startup aimed at financial institutions. Their virtual agents help banks with activities such as customer profiling and research and report creation, eliminating many of the manual processes associated with activities such as creating credit memos and onboarding customers.
A key goal for Covecta is boosting productivity. Covecta’s fully-configurable AI agents can quickly build a full picture of a bank's customers and make the best recommendations without lengthy back-and-forths between departments. This helps banks meet their goals and fulfil their potential. For Covecta, innovation is about never standing still, continually pushing boundaries and changing the status quo.
Banking and beyond as Covecta builds its brand
Scott Wilson, CEO and co-founder, Covecta"With HSBC Innovation Banking, it's a very proactive team. They come to me with solutions and options without me realising there's a problem that we need to look at. That's really valuable to me."
Covecta chose us because they needed more than banking facilities. They also wanted a partner that could stand alongside them and was committed to helping them succeed.
When we first met, Covecta were in the middle of a pre-Seed fundraising round, which generated over £1 million of investment. Our portfolio of banking products can help the company access this capital and get their finances working for them. This allows them to invest with confidence to grow the business.
We also provide Covecta with access to our network - both within HSBC and beyond - to help them make connections and grow their business, opening doors that would otherwise have been closed.
Finances fit for the future
Scott Wilson, CEO and co-founder, Covecta"HSBC Innovation Banking have allowed us to free up the capacity to focus on some of the other things that are important ... It felt like it was all on my shoulders, but now I've got a trusted partner."
Covecta is an ambitious business. The team’s next priorities include investing in the engineering team to scale up and meet customer needs as they approach future platform release milestones and onboard new customers. We'll be on-hand to offer advice and support for this growth, using our team's experience with many similar startups.
We'll continue taking a proactive role to ensure Covecta is able to obtain and invest the resources they need to drive growth, build relationships and scale in their core markets.
Any opinions expressed are merely opinions and not facts. All information in this document is for general informational purposes and not to be construed as professional advice or to create a professional relationship and the information is not intended as a substitute for professional advice. Nothing in this document takes into account your company’s individual circumstances. HSBC Innovation Banking does not make any representations or warranties with respect to the accuracy, applicability, fitness or completeness of this document and the material may not reflect the most current legal or regulatory developments. HSBC Innovation Banking disclaims all liability in respect to actions taken or not taken based on any or all of the contents in this document to the fullest extent permitted by law. Nothing relating to this material should be construed as a solicitation or offer, or recommendation, to acquire or dispose of any investment or to engage in any other transaction.
