November 4, 2020
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Accelerating digital transformation within building societies
The latest event in Jumar’s Technology Leaders Roundtable Series was well-attended with delegates spanning a range of senior roles from the building society sector. The events are designed to give leaders an opportunity to discuss key challenges, and share best practice with peers from across the industry.
While the current challenges posed by Covid-19 were high on the agenda, the event also focused on digital transformation within building societies, and key challenges such as how organisations can adapt to compete with digitally native start-ups to continue to deliver value to their members.
Here are some of the key takeaways:
Covid-19 has changed priorities
There has been a refocusing of projects that has allowed organisations to interact with customers in a different way – using digital technologies as people limit face to face interactions. Organisations which have previously implemented successful digital transformations or were already digitally-native have adapted best to the current disruption.
Customers returning to towns
A move to ‘shop local’ during the pandemic has helped building societies to serve their local communities. With more people working from home there is likely to be an increase in people visiting their local high street for banking services rather than going into a city.
Digitalising branch networks
Keeping branch networks open could be seen as a unique differentiator as others look to close branches. Digital enablement enhances the experience of customers who continue to use their local branch by introducing digital channels to customers whilst they are within the branch environment.
Maintaining an ethical focus
With an increase in digital interactions, there is a risk that the customer journey can become faceless and transactional. It is important to ensure that the ethical focus of building societies is maintained when transacting with customers in this way.
Choosing the right partners
Engaging with partners that share the same principles and moral stance is important for maintaining the ethical nature of the business. For some, this even goes down to choosing certain technologies based on ethical stance.
Enriching customer experience through data
It is more important than ever to fully understand what data is held and how that data can be used to better support customers. By using data to enrich the customer experience, stronger personal connections can be developed and a more individual service can be provided, but it needs careful consideration – is it keeping customers engaged for far too long? Or being more disruptive to their lives than the added value?
If you would like to join us in our Roundtable Series, please get in touch. Upcoming roundtables will cover topics including realising value in technology partnering, and business models within mutual societies.