Persistent helps Monument take personalised banking to the UK’s mass affluent

How Persistent and Monument built an integrated cloud-native, core banking infrastructure

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Persistent Systems

Persistent helps Monument take personalised banking to the UK’s mass affluent

Technologies, especially the cloud, accelerate the pivot from vision to value and help enterprises synergise to unleash growth.

Persistent, with its three-decade-long digital engineering legacy, helms technology-led modernisation for global enterprises across industries. With domain expertise, engineering capabilities, and a robust partner ecosystem, Persistent helps enterprises take the unchartered head-on.

One such journey has been Monument- a challenger bank that caters to the financial needs of the UK’s mass affluents, who are a hugely underserved demographic by UK retail and private banks. Monument set out to revolutionise banking for this segment with hyper-personalised services that are easier to navigate, faster to access, and scalable to meet evolving demands.

Cloud was the answer, and Monument wanted a strategic partner to build integrated, faster, and more seamless digital banking services powered by automation and third-party Software as a Service (SaaS). Persistent, with its expertise and experience in designing cloud-based digital banking platforms, was the top-of-the-mind choice.

Persistent’s cloud and banking experts worked with Monument’s leaders to co-drive a cloud-backed banking platform that is agile, data-driven, and flexible to onboard new technologies. Persistent’s expertise in building composable, configurable architectures that leverage microservices, open APIs, and third-party integrations was key to Monument’s growth strategy.

We built an integrated cloud-native, core banking infrastructure that allows Monument to integrate best-in-class services. The layered solution leverages Amazon Web Services (AWS) for data management, Salesforce Financial Cloud and Services Cloud for customer relationship and service management, PowerBI for strategic decisions, Bottomline for direct debit setup and maintenance, PropertyData for valuations, and Mambu, the leading cloud-based SaaS platform for banking functionalities such as deposits, lending, account opening, and Know Your Customer.

Compliant by design, the solution integrates with Trunarrative, a third-party provider for financial crime checks. Automated workflows provide audit trails as proof of compliance. This helped Monument achieve the required milestones for fulfilling the UK banking licensing from a technology perspective.

A tool-driven automated approach to quality assurance ensures faster releases – enabling Monument to launch its first digital banking product within six months.

This cloud-native solution enhanced customer experiences through smooth onboarding, secure communications, fast transactions, and pre-authenticated interactions and enabled:

Rapid customer onboarding with seamless account opening in an average of four minutes

A single pane view of historical customer interactions with Customer 360, enabling internal teams to elevate customer experience

Leverage customer data via open banking and open finance to offer lifestyle services based on customers’ financial health

Since then, Monument has achieved several milestones. In July 2024, it crossed £3 billion in deposits and is among the pioneers in the UK’s banking as-a-service market, offering its cloud-based platform as a blueprint for other financial institutions. Supporting this is Persistent, with its in-house accelerators, IP, and cloud-first innovations, for which it was recognised as a Challenger in the Gartner 2024 Magic Quadrant for Public Cloud IT Transformation Services, the second year in a row.