For UK challenger bank Monument the end of 2024 also meant the completion of an ambitious software testing project that the financial institution had awarded to digital transformation company Quinnox a year earlier.
In a detailed statement, both companies disclosed that Quinnox has completed the integration of advanced testing technology solutions, mostly driven by AI, into Monument’s digital infrastructure.
The primary aim of the project was to drive efficiency, boost security and reliability, as well as to improve service delivery, the bank explained.
The digital revamp, centered on Quinnox’s AI-powered test automation platform Qyrus, enabled Monument bank to streamline its testing processes.
Both companies claim this resulted in a 213% return on investment and over $1 million in savings within just six months.
Moreover, Monument bank saw a 90% reduction in QA and developer time, “allowing for faster and more efficient product releases,” the company stressed.
Rekha Raj, Quinnox’s chief operation officer, called the collaboration with Monument bank “an inspiring journey, and strengthens our resolve to drive innovation in software testing.”
In addition, Sudip Dasgupta, the chief technology officer of Monument bank, said in agreement that “with Qyrus, we’ve significantly improved our release cycles through automated regression testing.”
He explained that “Qyrus’s ability to integrate mobile, web, and API testing in end-to-end scenarios has been a game-changer for us, enabling our team to focus on core responsibilities with greater efficiency.”
“Within a few months, we have been able to create a comprehensive test suite of complex end-to-end test scenarios spanning multiple platforms and channels.”
– Sudip Dasgupta
Elaborating on 2024’s project, Dasgupta added that “within a few months, we have been able to create a comprehensive test suite of complex end-to-end test scenarios spanning multiple platforms and channels. The [Quinnox] team helped us embed the Qyrus solution, and the supporting processes around it, into our agile delivery methodology.”
Singling out a number of other improvements, he claimed that the average release time was reduced by four weeks, the launch of the new member services products was sped up by a few weeks, as well as further product features post-launch were accelerated by several weeks.

Somnath Chakraborty, since June 2015 head of UK & Europe at Chicago-based Quinnox, also weighed in by saying that “with Qyrus, Monument bank has enhanced product quality, allowing them to introduce complex features faster and deliver a superior customer experience.”
For example, Quinnox implemented automated around 550 test cases with 90% scripts on Qyrus, covering the end-to-end journey on mobile apps, both iOS and Android and validations on web applications, London-based Chakraborty pointed out.
Monument bank is generally considered one of the fastest-growing challenger players in the UK’s financial services space. It specifically targets professionals, entrepreneurs and other “affluent clients”, as it states on its website.
The FCA-regulated bank claims to serve around 11 million clients at present. Monument received its full banking licence in November 2021 and brought its app and first suite of savings products to the market at the start of 2022.
“2024 has been an amazing year for Monument. From the introduction of new products to scaling our savings balances from £1 billion at the start of the year to over £4.5 billion,” Dasgupta wrote on LinkedIn.
“It has been humbling to have the effort by our amazing team recognised by multiple industry awards,” he added.
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