Monument’s proven, cloud based, end-to-end banking platform has powered the growth of Monument Bank to a balance sheet of more than £2bn in just over two years.

Monument Technology’s solution includes native mobile applications, integrated with core banking and CRM systems, as well as tools to manage general ledger and regulatory reporting data, all of which will enable the growth and modernisation of Ecology.

Having signed Heads Of Terms, following an extensive selection process, the two parties expect the building society to adopt Monument’s banking platform next year, subject to contract and regulatory approval.

Gareth Griffiths, CEO at Ecology Building Society, said: “For more than 40 years, Ecology has led the way in challenging the status quo and daring to be different.

“To continue this journey and support our ambitions to deliver a greater impact, we must provide a service which is second to none, to ensure we satisfy the expectations of our existing Members and are able to attract future customers.

“Monument Technology’s banking platform will enable us to do this at pace and at scale, using their tried and tested model, and I look forward to sharing further updates as we progress.”

Steve Britain, CEO at Monument Technology, said: “We are very excited to be working together with Ecology to enable their digital transformation. Through Monument Technology’s platform, we will enable a digital led future for Ecology’s Members that will drive the Society’s future growth and impact in the world.”