Leeds Building Society has initiated a pilot digital savings product, implemented through cloud banking platform Mambu, as part of its long-term core technology overhaul.
The transition represents the society’s first major step in moving away from a legacy system that has been in use for over two decades.
The go-live of the digital savings product forms the initial phase of a broader multi-year technology transformation project aimed at overhauling the society’s core operations.
The programme, which began less than a year ago, is expected to extend beyond savings to cover mortgage offerings in future phases. The organisation is utilising Mambu’s composable cloud-native architecture to strengthen service delivery for its UK-based member base.
Operating as a mutual organisation since 1875, the society serves one million members and manages £30bn in assets.
Leeds Building Society chief operating officer Rob Howse said: “Our partnership with Mambu continues to go from strength to strength. 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.
“These foundations provide the sustainability we need to support our million members and the £30bn of their money we look after, while also giving us the flexibility to continue to help ever more people into home ownership.”
Howse added that the Mambu platform’s cloud-based functionality would enable the society to spend more time focusing on customer service delivery, while reducing operational strain caused by outdated systems.
Mambu chief revenue officer Mark Geneste said: “Leeds Building Society’s move to Mambu is a landmark moment for both the organisation and the building society sector at large reflecting our strengthening presence in the sector and our strong track record of providing transformative solutions to banks, fintechs, and other financial services organisations across the United Kingdom.”
He noted that Mambu’s platform would support improved efficiency, operational resilience, and expanded capability to deliver mortgage and savings products consistent with the society’s objectives.
Earlier this year, Mambu announced a collaboration with Spain-based Ibercaja Banco to support the development of a dedicated consumer finance business through its innovation-focused Ibercaja Technology Solutions division. That engagement is similarly focused on enabling legacy institutions to adopt agile, fintech-style operating models.
