The Building Society Balancing Act

The Building Society Balancing Act

The Building Society Balancing Act

Maintaining the personal touch in a digital world

Building societies have historically enjoyed a strong bond of trust with their customers, thanks largely to their mutual status. Ownership by customers offers a unique relationship worth nurturing, particularly at a time when traditional transaction and communications channels are changing so rapidly.

Since 2000 over 20 building society brands have disappeared from the High Street and the number of branches across the country has declined by more than a third. Branch closures remove crucial face to face customer touch-points reducing the opportunities for building societies to build personal relationships with their customers.

A personal touch that is threatened still further by a competitive digital marketplace, where new challenger brands offer instant access to fresh, enticing propositions.

In this paper we explore how building societies can maintain a personal touch in the digital world and offer some personal thoughts on what we think constitutes best practice.

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