Leading UK neobank Monzo has selected GROW with SAP as its ERP solution, according to a statement from SAP.

Through the move, Monzo can streamline its finance IT infrastructure, allowing it to fully benefit from cloud computing, increase innovation, and better satisfy the needs of its consumers and the broader market.

Monzo: Choosing SAP for depth of functionality

The Business Technology Platform (BTP) and GROW with SAP for Scaleups were chosen by UK neobank Monzo owing to its extensive capabilities and creative localizations.

Systems integrator NTT DATA Business Solutions will help Monzo's SAP transformation effort, providing the flexibility it needs to manage its backend requirements. This will make it easier for it to abide by the regulations and legal requirements that are in place in the UK and other nations going forward.

Additionally, Monzo will incorporate SAP S/4HANA Cloud within the whole company. Monzo's finance department will be able to do less manual labor by utilizing SAP's scalable service to extract and reconcile data from various business divisions for better insights and reporting.

Essentially, this will allow Monzo to continue adhering to industry best practices, meet consumer demand, and counteract macroeconomic volatility.

Exploring GROW with SAP

However, what distinguishes GROW with SAP as a unique ERP solution? The platform is engineered to cater to rapidly expanding companies by offering an all-inclusive range of seamlessly linked modules that address vital operations such as finance, sales, marketing, procurement, and human resources.

This will help Monzo streamline operations and keep complete control over its sourcing and finance procedures as company expands.

According to Wesley Doyle, Head of New Business Growth Markets at UKI, Monzo has seen a rapid ascent since its founding in 2015. The correct combination of forward-thinking management, cloud-based technology, and intelligent financial planning is needed for sustained success.

"Monzo has all these components in place, and by utilizing the cloud's speed, flexibility, and agility, it will be able to grow more quickly, adapt swiftly to outside trends, and keep innovating."

"We are thrilled to partner with innovative businesses like Monzo," says Ben Foster, Sales Director of NTT DATA Business Solutions UK&I. NTT DATA Business Solutions is aware of the benefits and worth of using cloud-based SAP technology.

"Monzo now has access to a cloud ERP system that is easily deployable, integrates the most recent industry best practices, and guarantees ongoing innovation."

Monzo: Leveraging several tech partners

We recently examined the ways in which Monzo has been utilizing Google Cloud for data processing, visualization, and storage.

Monzo is a prime example of a challenger bank that can improve risk management, make quicker, more accurate decisions, and offer better client experiences by utilizing sophisticated analytics and machine learning.

The significance of this data architecture is emphasized by Monzo's Senior Staff Engineer, Suhail Patel, who says, "We empower all of our engineers and technical staff with BigQuery data across the organization."

"When anything goes wrong, we can analyze the impact of complicated situations and make business-critical choices with all the data we need thanks to BigQuery. This is like having a superpower to us.