Monzo Selects SAP for its ERP Solution GROW With SAP
SAP has announced that leading UK neobank Monzo has chosen GROW with SAP for its ERP solution.
The move enables Monzo to simplify its finance IT estate, helping it to embrace the full benefits of the cloud while increasing innovation and meeting the demands of customers and the market at large.
Monzo: Choosing SAP for depth of functionality
UK neobank Monzo says it selected SAP’s Business Technology Platform (BTP) and GROW with SAP for Scaleups due to its depth of functionality and out-of-the-box localisations.
Its transformation programme with SAP will be supported by systems integrator NTT DATA Business Solutions, which will give Monzo the flexibility to support its backend needs. This will help it adhere to current legal mandates and regulatory trends in the UK, and other countries in the future.
Monzo will also integrate SAP S/4HANA Cloud across the entire business. Alongside SAP’s scalable service, Monzo will be able to reduce the amount of manual work its finance department does, pulling and reconciling data from different areas of the business to improve insights and reporting.
In essence, this will enable Monzo to maintain industry best practices, keep up with market demands and offset macroeconomic turbulence.
Exploring GROW with SAP
But what makes GROW with SAP stand out as an ERP solution? For one, it is designed to support fast-growth organisations, combining a comprehensive suite of integrated modules covering critical functions like finance, sales, marketing, procurement and HR into a single platform.
This will support Monzo in streamlining operations while maintaining full control of its finance and sourcing processes as it grows.
Wesley Doyle, Head of New Business Growth Markets, UKI, says: “Since it started in 2015, Monzo has been on a meteoric rise. Sustained growth requires the right blend of forward-thinking management, cloud-based technology and strategic financial planning.
“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.”
Ben Foster, Sales Director, NTT DATA Business Solutions UK&I, adds: “We are thrilled to partner with innovative businesses like Monzo. NTT DATA Business Solutions understands the advantages and value of deploying SAP technology in the cloud.
“Monzo now has access to a readily deployable cloud ERP system that incorporates the latest industry best practices and ensures continuous innovation.”
Monzo: Leveraging several tech partners
Recently, we looked at how Monzo has been working with Google Cloud for data storage, visualisation and analysis purposes.
Monzo stands as an example of a challenger bank that, by leveraging advanced analytics and machine learning, can make faster, more accurate decisions, enhance risk management, and provide superior customer experiences.
Suhail Patel, Senior Staff Engineer at Monzo, emphasises the importance of this data infrastructure: “We empower all of our engineers and technical staff with BigQuery data across the organisation.
“With BigQuery, we can have all the data we need to effectively make business-critical decisions and analyse the impact of complex incidents when something goes wrong. For us, this is like having a superpower.”
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