Responding to social need, Building Societies set out to offer something new – a collective way to help members achieve financial goals.
Fast forward over 200 years and Building Societies remain proud pillars of their communities. Regardless of scale, they are committed to providing services which meet genuine need and don’t leave anyone behind.
This purpose will not change any time soon. But the way in which they fulfill it will evolve.
No organization can escape the current pace of technological change. Digital solutions have quickly become an expected aspect of daily interactions, which the recent international pandemic has escalated to a necessity.
Each on a unique digital journey, Building Societies are looking to harness transformative technologies and fintech solutions, empowering them to continue delivering the best outcomes to current and future customers.
These institutions may be long-established, but their potential for innovation should not be overlooked.
Innovation is wherever you build it, and a digital future has infinite possibility.
If customer confidence in the process can be built, Open Banking could present a real opportunity for data driven insights to inform the Building Society product offering. It has the potential to improve services and open the door to holistic wealth management.
Machine learning, digital identity, automation and other technologies could be set to shake up the world of residential mortgages and SME lending. How do these innovations fit into the process alongside experienced lenders and intermediaries?
Technology, while an enabler for some, may be an inhibitor for others. Even in a new world of remote working, the Building Society approach requires technology to augment, rather than replace the trusted human interaction many members value.
The challenges facing Building Societies as innovators vary depending on their structure, culture and scale. Which route – in-house development, 3rd party partnership, purchasing fintech – is best to overcome legacy, meet regulation and produce gradual, scalable change?
Building Societies look beyond efficiency and profitability, striving to only implement digital change which has measured, positive impacts for the communities they serve. How can innovation drive inclusion, diversity and sustainability, rather than being for innovation’s sake?
How can Building Societies develop their product offering to reflect an evolving socio-economic climate and a growing appetite for digital-first services. How can they bring on board the right digital expertise to make innovation work for staff and customers?
I’m working to implement digital transformation and FinTech at a Building Society. But why should I be part of this event?
I’m from an innovative FinTech company and want to explore opportunities to collaborate with Building Societies. But what can I gain from being part of this event?