Leeds Building Society has announced the launch of pilot digital savings on Mambu’s cloud banking platform as part of its multi-year digital transformation plans.
The move comes as the UK’s fifth largest building society looks to modernise its technology stack after operating on a legacy core system for more than 20 years.
The organisation’s savings product go-live has been achieved less than a year after starting its development, marking the first step in a wider overhaul which will eventually include its mortgage offering.
Established in 1845, Leeds Building Society operates as a mutual, which means it is owned by its one million members across the UK.
The building society has a range of accounts and services, with a core focus on helping members save money to buy homes.
“We’ve spent the past year building the engineering foundations for the complete overhaul of our technology and we are delighted to see the technology being used for live savings accounts,” said Rob Howse, chief operating officer, Leeds Building Society. “These foundations provide the sustainability we need to support our million members and the £30 billion of their money we look after, while also giving us the flexibility to continue to help ever more people into home ownership.”
He went on to say that the move, which coincides with the 150th anniversary of the building society, will enable it to focus on its members and spend less time worrying about its legacy technology.
Leeds Building Society joins over 40 financial services firms using Mambu’s cloud-native core banking technology, including Allica Bank, Interbridge Mortgages, Chetwood Bank, Recognise Bank, Tandem Bank, and Tide.
