Neo bank Monument Bank partners with Persistent Systems for developing its infrastructure

Neo bank Monument Bank has partnered with Persistent Systems to build a cloud-native digital banking platform for lending and deposit services to support Monument’s operations.

Monument’s target clients are typically pressed for time and feel underserved and undervalued by other banking providers, it claimed.

Persistent helped Monument design and plan its technology systems and supported the construction of the bank’s systems architecture using a building block approach. This approach enables new components to be added and swapped over time to take advantage of new technology. This gives Monument the power to choose and integrate multiple SaaS-based core component technologies.

Persistent SVP Jaideep Dhok said, “Customers today want a simple and seamless experience. Modern, improved and automated processes play a crucial role in meeting these expectations. Neo banks such as Monument can provide a tailored, specialised offering, giving their customers the flexibility and services they need.

“However, the architecture required to deliver simple and seamless experiences is complex, which calls for a trusted partner to help engineer and integrate the technology that makes it possible. Our ‘digital mosaic’ approach enables technology solutions that simplify processes and offer flexibility to the customers. Thus, allowing Monument to accelerate its development and focus on building a substantial mass affluent business.”

Monument claims to be the UK’s first neo bank that focuses on the needs of the mass affluent market. It received a full banking licence in November and has launched its property investment lending and initial savings products.

The bank previously raised £28m in funding in 2021, supplied by multiple angel investors.

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