“Digitise or die”*: a call to arms for building societies
A report examining the pressures on building societies to digitally transform to meet the needs of today’s and tomorrow’s consumers
*Quote from senior sector stakeholder
Building societies, with their deep-rooted community ties and commitment to member benefits, stand at a critical juncture. Historically, building societies have achieved the levels of customer-centricity that wider financial services have fallen short of. The digitisation of financial services mandates a strategic re-evaluation.
This report draws on interviews conducted with building society leaders from the likes of Nationwide, Skipton, Yorkshire, Coventry, The Building Societies Association and more, along with a nationally representative survey of 2,000 British adults.
We aim to provide building societies with insights and guidance on navigating the complexities of a marketplace that is increasingly governed by data and evolving consumer demands. It emphasises the necessity for firms to adapt and innovate, outlining the strategies required to secure customer primacy in a competitive environment.
Download this report to find:
Insights from new research among building society customers, wider consumers and building society leaders
Analysis of the gap between consumer expectations of digitalised services and building societies’ propositions
A breakdown of the digitalisation challenge for building societies
An outline of the opportunities presented by Open Banking-driven solutions