The UK-based mutual, Ecology Building Society, has recently announced a substantial partnership with Monument Technology for a core banking overhaul scheduled for 2025.
This collaboration entails Ecology integrating Monument’s cloud-based banking platform into its core banking and customer relationship management systems. The mutual intends to leverage this technology to manage its general ledger, regulatory reporting data, and to power its mobile app.
As stated in a joint release by the two organizations, the integration is anticipated to occur next year, subject to contract and regulatory approval. This venture is designed to facilitate the growth and modernization of Ecology.
Monument Technology has previously employed its banking platform to offer savings accounts and lifestyle services through Monument Bank in the UK. This endeavor resulted in the bank’s balance sheet expanding by over £2 billion in just over two years.
Although Ecology also provides savings accounts, its primary focus is on lending, especially in the provision of mortgages for properties that promote environmental sustainability and support sustainable communities.
Ecology Building Society, headquartered in Silsden, West Yorkshire, has been financing sustainability-focused projects since its inception in 1981, having supported over 4,500 such initiatives to date.
Gareth Griffiths, CEO of Ecology, expressed strong confidence in Monument Technology’s adoption, stating that it will enable the mutual to meet the expectations of its current members and attract future customers at a rapid pace and on a larger scale.
The partnership between Ecology Building Society and Monument Technology represents a significant stride in embracing innovation in the banking sector. With a focus on environmental sustainability and community support, this collaboration is expected to result in positive, long-term growth for the organization, while addressing the evolving needs of its members and customers.
Source: FinTech Futures: Fintech news