Moneyhub recently commissioned research into building societies and consumers, which involved interviews with building society leaders from the likes of Nationwide, Skipton, Yorkshire, Coventry, and The Building Societies Association. Additionally, 2,000 British adults were surveyed to find out about the sector’s digital readiness and the opportunities a more data-led proposition might offer.
Here’s what Moneyhub found:
- Nearly 1 in 2 building society members report difficulties in engaging with their services.
- 80% of consumers believe that a good online platform is important when choosing a new financial provider.
- 66% of 18-34 year olds would like more convenient access to products and services without the need to visit physical bank branches.
Building societies are at a pivotal juncture. Traditionally known for their community focus and customer-centricity, they now face the urgent need to digitize to meet evolving consumer demands.
“Digitize or die”, a senior sector stakeholder said.
Moneyhub’s research highlights a stark reality: there is a gap between consumer expectations and the digital offerings of building societies. The company’s report – Digitize or Die: A Call to Arms for Building Societies – serves as a roadmap for building societies ready to embrace this essential transformation, ensuring they meet the needs of today’s and tomorrow’s consumers.