Neo banks, or digitally-born banks, design their banking services like pre-approved loans, single-click accounts and tap-and-transfer funds with an eye toward speed, convenience and enhanced customer experiences in an omnichannel environment. With no technical debt, neo banks want to pivot as quickly as possible to satisfy customer requirements.
The Challenge
Monument, a neo bank catering to the UK’s mass affluents, was looking for a strategic partner to launch integrated, faster and more seamless digital banking services powered by automation, the cloud and third-party SaaS (Software as a Service) services. Our decades of experience working with leading banks and Digital Engineering capabilities made us Monument’s trusted partner of choice to co-drive this transformation.
The Solution
We started by creating a platform backed by Mambu, a cloud-based API-driven, SaaS platform for digital financial services. We built in rule-based process automation to streamline functions such as account openings, deposits and loan origination (including underwriting and Know Your Customer functions). We integrated third-party SaaS offerings for fin-crime checks (Trunarrative), direct debit setup and maintenance (Bottomline), valuations (PropertyData) and document management (S3). All of these services were designed for omnichannel experiences including via mobile app. A data lake on AWS supports report requirements, with an ETL layer that identifies tools to extract data from different source systems such as Mambu or Salesforce. We also leveraged a tool-driven automated framework to orchestrate quality assurance for faster releases. All of this provides Monument the ability to provide the kind of high-quality banking experiences that its customers desire.
We wanted a solutions partner to help us bring Monument to life and it was evident from our discussions with the Persistent team that they not only had a very strong understanding of the banking ecosystem, but were willing to build a strong partnership with us from the get-go. As a result, we have built an integrated ecosystem and platform that not only supports Monument, but also has the potential to power other banks in the future and with a partner like Persistent, we can rapidly enable that.
Steve Britain, Chief Operating Officer, Monument
The Outcome
Delivered the first digital product to market within six months.
Lowered turnaround time for banking services such as loans, account openings and more.
Ensured compliance with digital proofs of audit trails.
