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Monument Bank and Quinnox: A Winning Collaboration at TESTA 2024

In a remarkable display of innovation and excellence, Monument Bank, a leading neo-bank in the UK, in conjunction with Quinnox, an AI-first technology leader, has been honored with the Best Use of Technology in a Project award at the 2024 European Software Testing Awards (TESTA). This accolade highlights the impressive strides made by both companies in harnessing advanced technology to bolster the efficiency and quality of their financial services.

Innovative Technology Deployment: The Project Behind The Award

The award-winning project revolved around Quinnox’s AI-driven test automation platform, Qyrus. By utilizing this sophisticated tool, Monument Bank was able to significantly streamline its testing processes. The implementation has yielded a staggering 213% return on investment (ROI) while generating savings exceeding $1 million within a rapid six-month period.

One of the standout achievements of this initiative is a remarkable 90% reduction in both Quality Assurance (QA) and developer time. This efficiency gain has allowed Monument Bank to accelerate its product release cycles, thereby fostering a more agile and responsive service model for its clientele.

Insights from the Leadership Team

Rekha Raj, COO of Quinnox, expressed her enthusiasm about the recognition, stating, "We are thrilled to receive this award alongside Monument Bank, as it validates our commitment to leveraging advanced technology for tangible business outcomes. Our collaboration has been an inspiring journey, and this recognition strengthens our resolve to drive innovation in software testing."

Sudip Dasgupta, CTO of Monument Bank, added, "With Qyrus, we've significantly improved our release cycles through automated regression testing. The platform’s ability to integrate mobile, web, and API testing in seamless end-to-end scenarios has been a game-changer, enabling our team to focus on core responsibilities with greater efficiency."

Somnath Chakraborty, SVP – Head of UK and Europe at Quinnox, noted, "With Qyrus, Monument Bank has accelerated release cycles and enhanced product quality. This allows them to deliver complex features to market more rapidly and provide an elevated customer experience."

About Monument Bank

Launched as the first challenger bank in the UK, Monument Bank aims to address the needs of mass affluent clients—approximately 11 million professionals, entrepreneurs, and individuals looking for financial solutions to help them save and grow their wealth, which is estimated at over £6 trillion in the UK and £80 trillion globally. The bank received its full banking license in November 2021, followed by the launch of its app and first suite of savings products in early 2022. In 2024, Monument Bank proudly joined the Future Fifty cohort, further establishing its presence in the competitive landscape of pre-IPO companies in the UK.

About Quinnox

Quinnox stands as a transformative force for digital businesses, leveraging cutting-edge AI technology and next-generation tools to define new operational parameters. The company excels in digital transformation, modern application development, and high-performance product engineering, all while enhancing productivity and fostering innovation. Quinnox’s AI-first methodology transforms challenges into competitive advantages, empowering organizations to expedite their time-to-value and build resilience in a dynamic marketplace.

This prestigious win at the European Software Testing Awards not only marks a significant achievement for both Monument Bank and Quinnox but also underscores the critical role of innovative technology in shaping the future of financial services.