Navigating Digital Transformation in Building Societies

In today’s technology-driven world, digital access to services are now a standard customer expectation meaning that all financial services providers need to evolve their digital services to keep their competitive edge. These front-end digital capabilities are only achievable by a shift to what we now recognise as ‘digital’ core banking platforms.

At Mason Advisory we have drawn on our experience of the financial services marketplace, and outcomes from working with some of the largest UK building societies, to discuss three key focus areas that need to be addressed to retain and grow market share in these challenging times.

In this series of insight articles covering the digital transformation tipping point, we take a deep dive into how Building Societies need to successfully navigate between meeting customer demand, retaining their unique market proposition and designing a secure digital future.

Insight 1: Building Societies face a digital transformation tipping point – but where do the challenges really lie?

Access to digital banking is now a standard customer expectation, and all financial organisations need to evolve their digital services to be competitive. As mutual organisations, building societies face complex challenges when it comes to deciding on how − and how far − to transition legacy core systems. Some of the headline challenges include balancing risk with reward, legacy with opportunity, and tradition with evolution.

To read the full article – click here or click the image below to download a PDF version.

Insight 2: For meaningful digital transformation, Building Societies must change the supply chain dynamic.

When it comes to facilitating front-end digital banking, building societies find themselves navigating a complex back-end challenge. And the challenges are not simply technical. Building societies must be inquisitive enough to re-examine the supplier/client status quo and seek a new, iterative partnership model to drive the transformation roadmap.

To read the full article – click here or click the image below to download a PDF version.

Insight 3: Digital value creation in the Building Society marketplace: how do we marry technology with tradition?

The consequences of supply chain disruptions at any level are significant. Whether it be impacting sales, actual supply, or negative effects on customers’ and colleagues’ confidence, the fallout of cyber-attacks on supply chains cannot be underestimated. In this article, we delve into some of the most notorious cases of disruption, the lessons learned, and the business-critical considerations that all organisations must bear in mind.

To read the full article – click here or click the image below to download a PDF version.

If you would like to speak to Catherine Randles regarding any of the insight articles, email our Financial Services & Insurance team to discuss further or to find out about our services click here