Ecology Building Society set for 2025 core banking overhaul with Monument Technology
UK-based mutual Ecology Building Society has partnered with Monument Technology, a technology division of a domestic challenger bank, Monument, for a major overhaul.
Ecology Building Society modernises technology with Monument
The mutual will implement Monument’s banking platform, which includes native mobile apps integrated with core banking (provided by banking tech vendor Mambu) and customer relationship management (CRM, provided by Salesforce) systems as well as tools to manage general ledger and regulatory reporting data. The solution will be delivered on a cloud basis, hosted by Amazon Web Services (AWS).
The offering’s composable architecture and bespoke integration and orchestration engine enable Monument to deliver “a holistic solution which makes ‘bank in a box’ a reality”, the provider says.
Monument works with Indian tech firm Persistent Systems, which helped to build and integrate its platform, made up of 18 providers, and Accenture, which assisted with the mobile app and website building.
The platform is already in use at Monument Bank. The London-based challenger received a full banking licence in late 2021, and currently offers a range of savings and lifestyle products to the UK’s mass affluent segment via its mobile app. It also plans to venture into lending.
Last year, it completed a £40 million Series B funding round.
Founded in 1981 and based in Silsden, West Yorkshire, Ecology says it is “dedicated to improving the environment by supporting and promoting ecological building practices and sustainable communities”. It offers a range of ethical savings and lending products, including mortgages, and says it has funded over 4,500 sustainability-focused projects to date.
It is understood to be a long-standing user of the ProVision core banking platform from a UK-based vendor, Mutual Vision (MV).
Gareth Griffiths, CEO at Ecology, says the new platform – expected to go live next year – will help the mutual to grow and “attract future customers at pace and scale”.
