Michael Fisher, Chief Product Officer from Mutual Vision sat down with us at the Fintech Talents Festival to discuss the digital journeys of mutual sector organisations.
Mutual in name and nature, Mutual Vision provides core banking plus digital products (eg online savings and lending platforms) to the UKs small and medium-sized Building Societies, as well as some small banks. Like Building Societies, Mutual Vision are owned by a portion of their client base. They can offer tech in ways that only a mutual organisation is able.
Are many mutuals lagging banks in their digital transformation? The short answer from Mike is yes.
From a budget standpoint, most Building Societies can’t match the large banks but that does not mean they are not innovative. They need, like other financial providers, to meet their customers’ needs through the digital channels they expect. Yet they also need to stay true to their role and place in the communities they serve.
Don’t ignore the mutual sector. The younger generation way well be aligned with their ethical positioning. Equipped with the right tech, they can extend their reach into the next generation and beyond.
From the learning opportunities to the fine food (and beer…) on offer, Mike offers some great insights on both the Festival and the future of mutuals.