Building a digital bank for the mass affluent: Ian Rand on 11:FS Fintech Insider Insights
Clients come for rates, stay for service
Monument attracts clients with intuitive products and competitive savings rates, but what keeps them with us is something more fundamental. Mass affluent clients want the confidence that comes from speaking to someone who knows their needs. They value having a real person at the end of the phone. Ian puts it simply: "We get clients who will come to us for a great rate, but actually they stay for the service."
The right brand attracts the right loyalty
Monument's positioning resonates with mass affluent clients in a way that creates genuine loyalty. Our clients aren't just looking for somewhere to park their savings. They're looking for a banking partner that understands their needs and reflects their values. As Ian notes, "The whole brand feels right for the mass affluent clients, we attract that level of loyalty."
A mix of fintech agility and banking expertise
We're not just a team of either only fintech experts or only experienced bankers. We're a real mix. This diversity allows us to challenge ourselves and think outside of the box when it comes to finance and banking. The magic and innovation happen at the intersect of different areas of expertise and experience.
Democratising wealth management services
Monument is bringing services previously reserved for ultra-high net worth individuals to the mass affluent market. Concierge services are one example. Ian describes this as "the democratisation of the wealth business" and it's central to our mission. It means that we can stay true to our mission of helping our clients save, build, live.
Building a digital space clients want to visit
Our app isn't just functional banking infrastructure. We're creating a place where clients genuinely want to spend time managing their wealth. Ian describes our approach: "We are very agile in build but we are very considerate in design."
About the podcast
Fintech Insider is 11:FS's podcast covering everything from finance and banking to technology and the latest trends in financial services. In this special Insights edition, David M. Brear, Group CEO at 11:FS, sits down with Monument's CEO Ian Rand for a conversation about building a digital bank for the mass affluent market.
Rapid growth with laser focus
Since Ian joined Monument in 2022, the bank has grown rapidly whilst staying focused on a segment often overlooked by traditional banks and fintechs alike. This conversation offers a rare look inside Monument's approach to balancing digital innovation with personal service.
Listen to the full conversation
Ian shares more about Monument's technology strategy, our approach to building the right team culture, and what's next for digital wealth management in the UK.
Listen to the episode on 11:FS
