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HomeBankingEcology Building Society set for 2025 core banking overhaul with Monument Technology

Ecology Building Society set for 2025 core banking overhaul with Monument Technology

Date:

  • Partnership Overview:
    • UK-based mutual Ecology Building Society has partnered with Monument Technology, a technology division of domestic challenger bank Monument, for a significant overhaul of its technology infrastructure.
  • Technology Implementation:
    • Ecology will implement Monument’s banking platform, which includes native mobile apps integrated with core banking (provided by Mambu) and customer relationship management (CRM, provided by Salesforce) systems, along with tools for managing general ledger and regulatory reporting data.
    • The solution will be delivered on a cloud basis, hosted by Amazon Web Services (AWS), featuring a composable architecture and bespoke integration and orchestration engine to deliver a holistic solution.
  • Technology Providers and Collaboration:
    • Monument works with Indian tech firm Persistent Systems for building and integrating its platform, comprising 18 providers, and Accenture for mobile app and website development.
  • Monument’s Background:
    • Monument Bank, based in London, received a full banking license in late 2021, offering savings and lifestyle products to the UK’s mass affluent segment via its mobile app and planning to venture into lending. It completed a £40 million Series B funding round last year.
  • Ecology Building Society’s Ethical Focus:
    • Founded in 1981 and headquartered in Silsden, West Yorkshire, Ecology is dedicated to improving the environment by supporting ecological building practices and sustainable communities. It offers ethical savings and lending products, including mortgages, and has funded over 4,500 sustainability-focused projects.
  • Expected Benefits:
    • Gareth Griffiths, CEO at Ecology, anticipates that the new platform, expected to go live next year, will facilitate growth and enable the mutual to attract future customers at pace and scale.

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