He will be responsible for overseeing Vernon Building Society’s IT projects and transition to a new technology system. This will include an upgrade of its banking ecosystem, which connects members to intermediaries and fintechs. 

Vernon Building Society is a partner of Mutual Vision, a customer-owned technology provider based near the mutual. 

Monaghan will lead the mutual’s IT Change team as Mutual Vision works on its cloud banking engine from software company Mambu. Mutual Vision and Mambu partnered last year, and this is expected to bring further choice and flexibility to Vernon Building Society’s banking staff. 

Monaghan joins from not-for-profit housing association Housing Plus Group, where he delivered large organisational projects. He has experience with improving operational performance, efficiency and customer satisfaction. 

Monaghan (pictured) said: “I’m delighted to join Vernon Building Society during their hugely exciting centenary year. They have a really high-performing IT team already, and I’m confident we’re ready to handle some game-changing transformational projects that will really improve things for staff and ultimately members.”

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Steven Fletcher, CEO at Vernon Building Society, added: “Our IT department has grown 200% over five years as we continue to keep ahead of the fast pace of technology and digital. Reliable and secure software is vital in the world of finance, and Stephen is essential in our smooth adoption to some exciting upgrades that will ensure we can offer the best service to our members over the next 100 years.” 

Fletcher spoke to Mortgage Solutions earlier this year, and said it wanted to be one of the first lenders brokers thought of when a complex case landed on their desk.

In March, the mutual celebrated its 100th year in business, and its results for 2023 showed a 10.4% growth in its mortgage book.