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The Future Challenges of Building Societies

The defining feature of building societies since their inception has been playing to the interests of their members. As a result, their customer service is some of the most respected and sought after in the financial services industry.

In a general sense, there are few financial industries that are both an ideal candidate for digitisation and remain largely untapped by transformative technological advancement. We can argue that the benefits of digital tools fall into a few major categories: client experience, workplace transformation, expedited compliance procedure, streamlined operations and new products.

Whichever element a building society might choose to enhance, it will be both interesting and highly consequential to the industry to see how their first forays into technology develop.

Interested to learn more? Read the full whitepaper here.

Key Ideas

  • 7% higher customer satisfaction at building societies than banks
  • Building society's offering, without affecting the high standards of customer service
  • £1.2tn of assets are due to be passed to the under-45s by their baby boomer parents