Monzo is implementing a new technology suite to simplify its IT estate and facilitate the bank’s cloud rollout.

The UK’s largest digital bank, which is partnering with SAP for the tech rollout, will also use the suite of tools to help it adhere to legal mandates and regulatory compliance in the UK and across other countries in the future.

Monzo will combine functions including finance, sales and marketing onto one platform as part of the move.

Additionally, the company also aims to launch cloud technology to reduce manual processes across data management.

The technology will be adopted across the entire business and SAP services will be deployed via a cloud-based infrastructure platform. Additionally, Monzo will have access to a cloud ERP system designed to incorporate best industry practice.

“Sustained growth requires the right blend of forward-thinking management, cloud-based technology and strategic financial planning,” said Wesley Doyle, head of new business growth markets, UKI at SAP. “Monzo has all these elements in place and with the speed, flexibility and agility of the cloud, it will be able to accelerate its growth, react quickly to external trends and continue to innovate.”

Last month, Monzo announced plans to launch a new pension consolidation feature on its app.
The feature will help the challenger bank’s customers track down old pensions and combine them on the platform.

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