UK challenger Monument partners Persistent to build digital banking platform
UK challenger bank Monument has partnered with digital engineering firm Persistent to build a cloud-native digital banking platform for its lending and deposit services.
Persistent’s “building block” approach to systems architecture will allow the challenger bank to add new Software-as-a-Service (SaaS) components as new products and services as required.
Persistent SVP and general manager for banking, financial services and insurance, Jaideep Dhok, says the architecture needed to deliver modern customer experiences is “complex”.
Dhok adds: “Our ‘digital mosaic’ approach enables technology solutions that simplify processes and offer flexibility to the customers.”
The partnership has already seen core banking, CRM, payment services, AML/KYC, general ledger and regulatory reporting components built into the architecture of the bank, joining its existing property investment lending and savings products.
Monument caters to the UK’s mass affluent population, a 4.8 million-strong cohort that consists of business professionals, entrepreneurs and property investors.
Monument Bank chief operating officer (COO) Steve Britain says that through working with Persistent, the bank has built an “integrated ecosystem and platform that not only supports Monument, but also has the potential to power other banks in the future”.