Customer expectations are changing, and recent events have accelerated the shift towards remote interaction. Now, more than ever, Building Societies must embrace innovation, to enhance and future proof the unique financial services they provide.
Looking towards a Digital Future, Building Societies each face unique circumstances depending on their culture, scale, structure and regulatory environment. Along with our partner Mambu, we gathered a snapshot of insights from a diverse range of organisations, on the obstacles and opportunities that come with innovation:
- How will emerging technologies align with existing infrastructures?
- Can the right partners help accelerate transformation?
- Will the role of a mutual bank evolve as we enter a digital age?
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Here is a taster of what our contributors had to say:
Julie-Ann Haines, Chief Executive Officer, Principality Building Society
“At the heart of every decision we make as a Building Society are our members needs and protecting their assets. That, in turn, can create a risk averse culture that is sometimes at odds with really innovative thinking. Our challenge has been to balance the two, protecting the Society whilst making sure that it’s fit for the future.”
Chris Harrison, Chief Executive Officer, Furness Building Society
“As we shift away from large-scale, waterfall implementations, we move into much more agile methodology being used to test and learn and fail fast. Directionally you may know where you’re going, but the definition becomes a lot clearer as you go along that path. It’s important to be carrying the right skills within the organisation to achieve this.”
Jamie Bridge, Digital Experience Manager, West Bromwich Building Society
“Wholesale change is time consuming, expensive and slow, so much so that by the time you get to where you were heading, you find that is no longer the ideal solution. Emerging technologies need to exploit the capability of speed to market, whilst working alongside historic systems and helping to transition them into modern solutions.”
Manila McLean, Chief Information Officer, Newcastle Building Society
“It’s easy to fall into the trap of involving customers when something has already been conceived or built. But that really is too late. With an experience or product already defined, customer involvement is limited to refining what is put in front of them. And what if that isn’t the right thing in the first place?”
Elliot Limb, Chief Customer Officer, Mambu
“While I think the core values and principles of Building Societies won’t fade with the times, these organisations will need to continue to keep up with the ever-changing customer demands of the younger generation. This can be made possible by prioritising and embracing modernization through the implementation of new digital services.”