We are thrilled to share our journey in revolutionising digital banking with a cloud-first approach, a journey that has recently earned us the prestigious 'Best Use of Cloud' award at the Banking Tech Awards.
Born in the Cloud
When we set out to build Monument, our vision was clear: create a digital-first challenger bank, built from the ground up, to serve the mass affluent market, a demographic often overlooked. This vision guided us to start designing a born-in-the-cloud platform, fully leveraging leading cloud platform providers to construct a robust, scalable, and agile banking infrastructure.
Embracing a Comprehensive Cloud Philosophy
At Monument, our cloud philosophy is not just about infrastructure. It's an ethos that extends into every facet of our operations, extending from our actual banking platform, to design and development toolsets, to software enabling our technology operations. This comprehensive approach has been pivotal in our recognition by industry experts, including Forrester, for our innovative use of technology.
Read the Forrester report: https://www.forrester.com/report/monument-bank-using-banking-application-ecosystems-to-deliver-great-cx-and-agility/RES178645
The Monument Bank Cloud Platform: A Digital Banking Revolution
Our entry into the Banking Tech Awards, the "Monument Bank Cloud Platform," encapsulates our successful implementation of a cloud-first strategy. Unlike traditional models that transition from on-premises to virtual infrastructure, we chose to build a cloud-native architecture from scratch. This has enabled us to integrate and orchestrate an ecosystem of best-of-breed SaaS solutions, delivering unparalleled digital banking services to our clients.
A Tailored Service for the Mass Affluent Market
In-depth research and interaction with the mass affluent market revealed a gap in services offered by existing banks. Monument was built to bridge this gap, focusing on what this demographic values the most: speed, tailored service, convenient access, transparency, and loyalty rewards. Our cloud platform has been instrumental in delivering these elements effectively and efficiently.
Implementation: Leveraging the best of Fintech and Cloud
Our architecture leverages an array of cloud-based SaaS products, ensuring seamless integration and operation across all banking services. This cloud-first philosophy also extends to our development and collaboration tools, enabling us to maintain high standards of productivity and innovation. This meant even COVID couldn’t stop us!
The Power of Agility
The agility of our cloud banking platform has been a game-changer. It has allowed us to rapidly adapt our savings products to fluctuating market conditions. Today, we can reprice our savings products in less than an hour, and are able to do so multiple times during the week. This agility is a cornerstone of our competitive advantage, reflecting our commitment to responsive and client-centric banking.
Achieving Seamless Client Experience
Ensuring a seamless and defect-free client experience has been at the forefront of our cloud strategy. Rigorous testing automation and refinement processes have been implemented to ensure that our clients enjoy a hassle-free banking experience, evident in the growing client base and high satisfaction rates we've achieved.
Looking Ahead: A Sustainable and Innovative Future
As we look to the future, we are excited about the prospects of our cloud-first approach. The recognition we have received from Forrester and at the Banking Tech Awards is not just an accolade; it's a confirmation of our commitment to innovation and excellence in digital banking.
Our journey is a testament to the transformative power of cloud technology in the banking sector. It's a story of how we are not just keeping pace with technological advancements but are at the forefront, leading the charge in redefining digital banking for the mass affluent market.
Stay tuned for more updates as we continue to innovate and deliver exceptional banking services.
