The report will be published in the same year as the 250th anniversary of the UK’s first building society and falls within the United Nations ‘Year of the Cooperative’. It also comes hot on the heels of the Government’s stated aim to double the size of the mutual sector, as announced by the Chancellor Rachel Reeves in her recent Mansion House address.
The new report will provide insights into the future direction of the sector, taking into account key developments since the last report, discussing current trends, and looking ahead at how the landscape could change by 2030 and beyond. Key areas of focus will include strategy and mutuality, mortgages, savings, the branch of the future, the homebuying process / property market, green finance, diversification opportunities, technology, FinTech & data developments, regulation & policy, risk, and collaboration.
Whitecap led a similar project in 2021, which culminated in the publication of a high profile and widely acclaimed industry report. The strategy consultancy will lead and deliver a collaborative project including a programme of research, analysis, and interviews with CEOs of a range of building societies and key industry stakeholders. A project steering group has been formed and will meet monthly, made up of the Whitecap project team, the BSA, and representatives from sponsor and partner organisations.
Robin Feith, Chief Executive of the Building Societies Association, said:
“The New Year marks an important milestone for the building society sector as it celebrates 250 years since the first building society was founded in 1775. With the Government’s recent commitment to double the mutual and co-operative sector, now is a good opportunity to reflect on the future and we look forward to working with Whitecap on their sector analysis.”
Chris Little, Chief Revenue Officer at finova, comments:
“Building societies play a pivotal role in ensuring the financial resilience and wellbeing of communities across the UK. As the sector continues to navigate an evolving economic landscape, including rising interest rates, cost-of-living pressures, and shifting customer expectations, this report provides a timely and insightful reflection on past progress, current challenges, alongside the opportunities that lie ahead. At finova, we’re proud to support this analysis, helping building societies adapt to emerging trends, innovate their mortgage and savings offerings, and prepare for what 2030 may bring. Collaboration and technology will be critical to empower these organisations to thrive in a rapidly changing environment.”
Tim Bowen, CEO at Mutual Vision, said:
“Everyone at Mutual Vision is excited to be part of the Building Societies Report 2025. This has the potential to be a defining year for mutuals and an opportunity to build a future that is as rich as their past. If building societies, co-operatives and credit unions can compete with the banks and neobanks on tech and customer experience, they will always win the other half of the battle — competing on purpose.”
Sponsors include: BJSS, Digilytics, finova, Mambu, Mast, Monument Technology, Mutual Vision, nCino, Ohpen, PEXA, Phoebus, RSM UK, SBS, Unblu, Unisys, Vilja Solutions.
Julian Wells, Director at Whitecap Consulting, said:
“We are excited to be working with the BSA and on this project at such a fascinating time for the mutual sector. Since our 2021 report, building societies have navigated challenges including high interest rates, the cost of living crisis, and the continued evolution of technology. More recently, we have also seen M&A activity involving some of the largest building societies. The report will reflect on these developments and look at the potential future evolution of the sector.”
Whitecap has extensive experience in strategy across multiple financial services sectors, including mortgages and savings. The firm supports building societies on a range of strategy, commercial, and technology / FinTech related projects, as well as facilitating board strategy sessions.
Anyone wishing to contribute to the research process will be able to provide input via an online survey which is soon to be published, or can contact the Whitecap team directly via [email protected]
The BSA has also published a blog announcement about this project, which can be found here.