Thursday, June 20, 2024

Thought Machine signs Mascoma Bank to take community banking into the cloud

Thought Machine, the cloud native core banking technology firm, today announces the signing of Mascoma Bank, the US mutual savings bank with offices throughout New Hampshire, Vermont, and Maine as its latest customer.

Mascoma Bank, a mutually-owned community bank and Certified B Corporation, has signed a license agreement to deploy and migrate its customers onto Vault, Thought Machine’s cloud native core banking platform, enhancing the service it provides in its branch, mobile and internet channels. 

The bank, which offers mortgages, checking accounts, loans, business banking, and more, will be using Vault to continuously innovate, adding and configuring products at a faster rate than ever before. 

Vault also gives the bank a single source of record by bringing all of its data into one space which allows it to better understand customer relationships and better serve customer needs. 

Clay Adams, president and chief executive officer of Mascoma Bank, said: “We believe that modern technology is the key to unlocking superior customer service. We are proud at Mascoma Bank to be different by design – we are adopting Thought Machine’s modern technology to deliver on our mission of better serving our customers and communities, to offer new products and be a leader in community banking.”

Paul Taylor, founder and chief executive officer of Thought Machine, said: “Working with Mascoma Bank is a testament to the flexibility and capabilities of our core banking engine, Vault. We have the unique product building capabilities not only to serve the biggest retail banks in the world, but the smaller, more focused communities banks, like Mascoma Bank – who deliver incredible customer service tailored to their communities. We look forward to this partnership developing and observing how community banking will benefit from modern core technology.”

Mascoma Bank will be the second publicly-named community bank running on Vault. This announcement closely follows the announcement of Arvest, an Arkansas-based community bank, signing to use Vault in September 2021.

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