A new report published by Whitecap Consulting in partnership with the Building Societies Association (BSA) finds that societies continue to leverage mutuality, regionality and technology to create customer value and differentiation in the UK Financial Services market; however the degree to which societies utilise each of these assets varies across the sector.
The research for the report involved a quantitative data analysis of all 43 building societies, interviews with 33 building society CEOs, and an online survey which received a total of 134 respondents. The project was funded through the Building Societies Association partnership and sponsorship from a number of industry stakeholders including: Credera, DPR, EQ Credit Services, Mambu, Moneyhub, Mutual Vision, Nivo, Sandstone Technology, Sopra Banking Software, Shoosmiths, and Phoebus Software.
The report identifies four key themes:
- There are a range of viable proposition-led strategies from which societies can choose; but selection and focus are critical to success.
- Mutuality can become a point of difference with greater relevance to customers, possibly with a modernised focus on social purpose.
- Meaningful community engagement is core to regional success, customer engagement and branch-based savings.
- Societies will need to continue to invest for a digitally enabled future, to support customer engagement, distribution and operating efficiency.
The implications of each of these key areas are highlighted in the report, together with the potential opportunities for societies to consider.
Read the full launch announcement here.
The report was launched via webinar which can be viewed here.
