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Mambu’s Banking Insights for Growth:
How Building Societies are embracing technology for community-centric growth
As part of our Mambu's Banking Insights for Growth series, we were joined by Mutual Vision to discuss the future of building societies. Read more about how they are attracting a new generation of customers, whilst continuing to deliver a competitive and attractive service.
In collaboration with Nick Lawler, our Market Director, EMEA at Mambu, and Michael Fisher, Chief Product and Technology Officer at Mutual Vision, we delve into the future of building societies.
In the world of banking and financial services, building societies stand out for their unique business model that places a strong emphasis on community focus. These institutions take pride in understanding and reflecting the needs of their local communities, developing and marketing products which cater specifically to their customers.
With a unique go-to-market approach, building societies have the advantage of the best of both worlds. With a strong, traditional regionalised, community-focused networks with a high-street presence and consistent footfall to cater for the older generations and a national reach through brokers, there is a prime opportunity for these institutions to scale their operations and reach a wider audience. And, for those who have yet to make a start on the housing ladder, digital solutions are increasingly appealing to a wider market.
Technology is a crucial driver
Technology is a crucial driver in the transformation and growth of building societies. In today's digital age, technology serves as a core enabler for scaling operations and reaching new, diverse markets. For instance, the shift towards online savings platforms has allowed the best building societies to expand their reach nationally, breaking away from their traditional regional constraints. By leveraging technology, these institutions can offer niche products and services, making them more accessible and attractive to customers - whatever their needs.
In a recent interview, Nick Lawler and Michael Fisher discussed the benefits and considerations for building societies on a transformation journey.
Key highlights
- Technology is a facilitator for innovation: Nick Lawler, Market Director EMEA at Mambu, emphasised that modern technology stacks provide building societies with the opportunity to develop customer-friendly products and attract a broader audience base, a feat that legacy systems struggle to achieve.
- Modernisation beyond upgrades: Michael Fisher, Chief Product Officer and Technology Officer at Mutual Vision, highlighted that modernisation entails a departure from monolithic systems. Upgrading existing systems may not fundamentally change the way organisations meet customer needs, emphasising the shift towards solutions that offer a seamless experience, moving away from reliance on a single supplier.
- Tailored technology solutions - Building societies have a plethora of technology solutions at their disposal, ranging from end-to-end options to composable banking cores and managed services. Clarity on short-term and long-term needs is essential for selecting technology solutions that align with the business's vision.
- Organisations need to assess internal capabilities: Few organisations have the skills, capacity and knowledge to carve a path to modernisation, whilst maintaining business as usual. In the journey towards modernisation, building societies must assess their internal capabilities to drive change effectively. This includes ensuring they have the necessary skills, resources, and capacity to implement changes while continuing to serve their customers seamlessly.
- Embrace composable banking. A composable banking approach allows building societies to leverage modular, interoperable technology components that can be easily integrated and customised to meet specific business requirements.
Undoubtedly transformation requires time, resource, investment and careful consideration of business needs. However, given their standing within their communities, building societies have an incredible opportunity to modernise their platforms and further grow their customer base and product solutions to deliver exceptional customer value.
Learn more about how Mambu can support this transition with our cloud banking platform, purpose-built for agility, innovation and a changing market.
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