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Monument picks tech vendors to build bank for mass affluent

Monument picks tech vendors to build bank for mass affluent

Monument, a new digital-first UK bank for the mass affluent, has brought in Mambu, Salesforce, Amazon Web Services, Persistent Systems and Accenture for its technology build.

The startup, which secured its banking licence with restriction last month, has brought in the providers to help build its bespoke technology platform ahead of a launch next year.

Mambu is providing the central core banking engine, alongside Salesforce for CRM, and AWS for cloud services. Persistent Systems and Accenture Interactive will support the build.

Monument says its "lego-like" technology platform is its answer to the huge challenges faced by the legacy systems of established banks. In addition, it says it only wishes to develop its own technology where it can deliver significant competitive advantage, for example in mobile and web services.

Steve Britain, COO, Monument, says: "We have been working closely with our chosen providers for some months now, to lay the foundations for the build of our platform. We are delighted at how much we have already achieved, particularly as much of the work has been done by a highly distributed team because of Covid-19.

"We are now focused on completing the work to build a unique configuration of best in class software components that will make us highly flexible for the future and deliver market leading client service.”

Founded by a group of industry veterans, Monument will serve professionals, property investors and entrepreneurs with a net worth of between £250,000 and £5 million. It will offer savings and property investment lending products to clients, with entirely digital app-based and online services.

Comments: (1)

Melvin Haskins
Melvin Haskins - Haston International Limited - 18 November, 2020, 10:54Be the first to give this comment the thumbs up 0 likes

I'm unsure that the target demographics will be happy to be known as mass-affluent. It is a poor choice of words and will not attract me.