New digital-first bank – Monument – coming to the UK
Monument has today revealed that it is in the latter stages of its application for a UK banking licence. Monument plans to launch to the market of millions of mass affluent clients who have a net worth of between £250k and £5m.
The client demographic – spanning traditional ‘premier’ and private banking customers – busy professionals, doctors, lawyers, accountants, entrepreneurs and investors – has been largely unaddressed by the challenger bank boom in the UK until now and underserved by premier and private banking.
Digital-first bank, Monument – whose executives and board have held senior roles in HSBC, Barclays, McKinsey & Co, UBS, Goldman Sachs, Apollo Global Management, PWC, Coutts and the UK regulators, amongst others – will offer savings and property investment lending products to clients, with cutting edge technology enabling entirely digital app-based and online services.
Monument will be the only bank to offer its clients an entirely digital journey for buy-to-let and property investment lending of up to £2m
During the current COVID-19 pandemic, demand for digital interaction has soared and the shift to remote working has demonstrated the potential for an innovative digital banking model, serving customers using technology. In this context, Monument says it intends to meet the needs of their demographic with a digital-first offering when it launches.
Mintoo Bhandari, CEO and one of the founders of Monument, said: “We never planned to launch a bank during a global pandemic. But it turns out – as we now find ourselves in the latter stages of the regulatory approval process – the timing is highly relevant. Clients want the ability to bank effectively at their convenience and wherever they are, on their phone or computer and more robustly than they would have imagined possible just last year.
“Increasingly, private banking is focused on the ultra-high net worth and lags when it comes to embracing modern technology. And Premier banking really only exists in name only. We recognise there is a substantial community who deserve far more than they currently experience from their existing bank. Within this underserved segment are doctors working tirelessly through the pandemic, lawyers and accountants working remotely around the clock to help clients navigate the situation, and entrepreneurs and founders of scaling businesses that are crucial employers and represent the future of our economy. They do not experience the level of care and attention from banks that they deserve and expect, and that they deliver to their own clients, especially in these challenging circumstances. Neither do they feel that their loyalty is appreciated.
“Our goal is to create an institution that truly understands this community, treats their time as more valuable than its own, appreciates their loyalty, helps them save and grow their wealth, but which also recognises that there is more to wealth than money.”