CORE BANKING,MOBILE BANKING
Monument Bank and Persistent | August 03, 2022
Monument Bank, UK's first neo bank focused on the needs of the ~4.8 million 'mass affluent', has partnered with Persistent Systems, a Global Digital Engineering provider to build a bespoke, cloud-native digital banking platform for lending and deposit services to support Monument's ongoing operations. Monument's target clients are usually pressed for time and often feel underserved and undervalued by other banking providers. Monument's mission is to help its clients prosper and optimise their time by offering smart, efficient and flexible solutions.
Persistent was engaged in the designing and planning of Monument's technology systems and subsequently helped construct the Bank's bespoke systems architecture using a flexible building block approach. This approach enables new components to be added and swapped over time to take advantage of the latest innovations, allowing Monument to choose and integrate multiple SaaS based core component technologies.
Monument is dedicated to providing exceptional, high-value customer service, enabled by a host of innovative, industry verticalised, cloud technology solutions. Persistent has been instrumental in advancing the Bank's strategic goals by helping to build the Bank's architecture that combines services with an adaptable, cloud-based platform, including components to provide core banking, CRM, payment services, AML/KYC, general ledger and regulatory reporting.
Monument is focused on the 'mass affluent' client market, which includes business professionals, entrepreneurs, and property investors. Having received its full banking license in November, Monument quickly launched its property investment lending and an initial range of savings products using advanced in-app capabilities for client interactions. It will continue to enhance its range of products and services to serve the evolving needs of its mass affluent clients.
"Monument's ambition has always been to create a significant financial institution for the mass affluent market in the UK, recognising the future opportunities to better serve the needs of the mass affluent in other jurisdictions."
-John Saunders, Chief Commercial Officer, Monument Bank.
Becoming a bank was a huge challenge but we were delighted to achieve this during a pandemic. It requires significant investment of both time and money to accomplish and it didn't make sense for us to take on the journey alone. 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, saidSteve Britain, Chief Operating Officer, Monument Bank.
Customers today want simple and seamless experience. Modern, improved and automated process plays a crucial role in meeting these expectations. Neo banks such as Monument can provide a tailored, specialised offering, giving their customers the flexibility and services they need. However, the architecture required to deliver simple and seamless experiences is complex, which calls for a trusted partner to help engineer and integrate the technology that makes it possible. Our 'digital mosaic' approach enables technology solutions that simplify processes and offer flexibility to the customers. Thus, allowing Monument to accelerate its development and focus on building a substantial mass affluent business, saidJaideep Dhok, SVP & General Manager, Banking, Financial Services & Insurance, Persistent.
The company takes its name from the Monument, a globally recognised commemoration of the Great Fire of London and celebration of the rebuilding of the capital. It represents the end of the old era and a transition to modernity and the future as wooden buildings were replaced with the newer, stronger structures that are now synonymous with the City's longevity and security. And many people don't appreciate the Monument was also built to serve as a giant telescope to enable a level of vision that didn't exist previously.
With over 21,500 employees located in 18 countries, Persistent Systems is a global services and solutions company delivering Digital Engineering and Enterprise Modernization. Persistent was named to the Forbes Asia Best Under a Billion 2021 list, representing consistent top-and bottom-line performance as well as growth.
Fieldpoint Private | July 29, 2022
Fieldpoint Private, the fast-growing private bank serving entrepreneurs, families, businesses and institutions, received three honors from the Global Private Banking Innovation Awards, 2022. The firm was recognized as Best Boutique Private Bank – global, Best Pure Play Private Bank - United States, and honored in the Strategy and Technology award category for Most Innovative Business Model.
Collectively, the awards recognize innovation in advisor capabilities, the use of technology to nurture long-term client engagement, strength in digital solutions, and performance. The Best Boutique award is Fieldpoint Private’s second such global recognition in 2022.
“It is extremely gratifying to be recognized among the top private banks, wealth managers and asset managers in the world,” said Russ Holland, President and CEO of Fieldpoint Private.
“It is extremely gratifying to be recognized among the top private banks, wealth managers and asset managers in the world,” said Russ Holland, President and CEO of Fieldpoint Private. “These awards, judged by an esteemed panel of our peers, underscore our commitment to using digital innovation to empower human advice in meeting the sophisticated needs of our ultra-high-net worth clients in all categories. We are beyond honored to be selected.”
Presented annually by the Global Private Banker and sister publication, The Digital Banker, the Global Private Banking Innovation Awards recognize and celebrate the world’s best private banks, wealth managers and asset managers that champion innovation across advisory, services, product, customer experience and more. The awards are co-judged by senior leaders from consultancies, family offices, tax service providers, fund houses and asset managers from around the world.
About Fieldpoint Private
Headquartered in Greenwich, Connecticut, Fieldpoint Private (www.fieldpointprivate.com) has more than $1.6 billion in bank assets and provides personalized, custom private banking and wealth transfer services. Catering to successful individuals, families, entrepreneurs, businesses and institutions, Fieldpoint Private develops a comprehensive understanding of our clients’ individual financial circumstances and furnishes comprehensive advice and personal service to free up the one resource that regardless of means no one can ever have enough of: time.
Finotta | July 20, 2022
Finotta, a provider of embedded fintech for digital banking, has been selected to demo its Personified platform at FinovateFall 2022, taking place September 12-14 in New York.
Finotta’s Personified platform is a combination of products that help financial institutions better meet the needs of their customers directly in their mobile banking application. Finotta launched its Personified platform earlier this year in partnership with First United Bank & Trust, a $12.5 billion bank headquartered in Durant, Oklahoma.
“The Finovate stage is renowned for showcasing cutting-edge innovation in banking,” said Greg Palmer, VP of Strategy at Finovate. “Combining personalization and gamification, we look forward to having Finotta join us this Fall and show how they are empowering banks’ customers to make better financial decisions but in a unique way.”
In addition to being bank-tested, Finotta is led by a team of ex-bankers and bank technologists, providing the company a unique and powerful understanding for what financial institutions need to better engage their customers and members.
Finotta also partnered with Q2 this year to integrate its Personified platform with Q2’s Digital Banking Platform. Now, Finotta’s Personified platform is available to the more than 450 financial institutions that work with Q2, providing a way to add compassion back into banking at scale. Finotta is also a part of the Q2 Partner Accelerator program and was a winner of Q2’s Innovation All-Stars Contest last month.
“Unlike other platforms, Finotta focuses on more complex financial strategies than budgeting and spending,” said Parker Graham, Founder and CEO of Finotta.
“Unlike other platforms, Finotta focuses on more complex financial strategies than budgeting and spending,” said Parker Graham, Founder and CEO of Finotta. “The platform takes a holistic view of users’ financial lives and guides them towards financial independence, but in an encouraging way. Rather than making users feel guilty about their purchases, the platform encourages healthy financial habits. I look forward to showcasing our platform at FinovateFall and the value it will bring to financial institutions and consumers alike.”
Finotta empowers its financial institution customers to deliver precisely the right experience, service or product at the right time to their users with a gamified Financial Health Level that helps improve their financial life. By combining the importance of financial wellness with the fun of gamification, customers have a fun, interactive and engaging way to improve their financial health regardless of what journey they might be on.
Finotta helps banks and credit unions personalize their mobile banking experience to increase engagement, combat larger financial institutions, and create new revenue streams. Built by bankers, Finotta’s Personified platform is a combination of products that help financial institutions better meet the needs of their customers directly in their mobile banking application. Finotta empowers financial institutions to deliver customers and members the right experience, service, or product at the right time with a gamified Financial Health Level, all while helping improve their financial life.