This whitepaper will explore some of the arguments supporting greater digitisation of the Building Society industry, and discuss the potential picture of the Building Society of the future.
It will cover a combination of obstacles and opportunities that face these businesses - from burdens like regulation, the impending large scale generational transfer of wealth, engaging a new generation of customers, all while preserving an ethos of stellar customer service over the long-term.
In a general sense, there are few financial industries that are both an ideal candidate for digitisation and remain largely untapped by transformative technological advancement. We can argue that the benefits of digital tools fall into a few major categories: client experience, workplace transformation, expedited compliance procedure, streamlined operations and new products.
Whichever element a building society might choose to enhance, it will be both interesting and highly consequential to the industry to see how their first forays into technology develop.
The defining feature of Building Societies since their inception has been playing to the interests of their members. As a result, their customer service is some of the most respected and sought after in the financial services industry.