The Intermediary – April 2025 - Flipbook - Page 38
Stinton says: "Even as a lot of financial services
and we’re committed to offering support, raising
go digital, we have kept close to our community
awareness and providing resources to enhance
roots by keeping branches open and making sure
the wellbeing of our members."
members can always talk to a real person. This
Yorkshire Building Society’s spokesperson says:
builds trust, emphasises accessibility, and keeps
"In 2021, we piloted a partnership with Citizens
our service personal.”
Advice, which has since expanded to over 40% of
Family Building Society also assisted
customers during recent difficult times.
Bogard says: “About 16% of our mortgage
customers asked for a mortgage holiday during
our branch network.”
The society’s funding enabled Citizens
Advice advisers to provide free, face-to-face
consultations, offering independent and
Covid-19. We spoke to every one of them where
unbiased guidance on a variety of issues at
we could, and treated them as an individual
numerous high street locations.
according to their own circumstances.”
He adds: “As the mortgage market evolved and
Tim Bowen, CEO of Mutual Vision, emphasises
the continued importance of building societies'
times got tougher for brokers, we equalised the
historical trust, and their ability to understand
proc fee we pay for a product transfer – we hoped
local needs.
more providers would join us in supporting
brokers in this way, but they haven’t.”
Pheasey notes: “During the Covid-19 pandemic,
He says: "Building societies still have a unique
position as member-based mutual organisations
that really rely on fostering strong relationships
[Marsden] took the time to reflect on our
with their members. Some of these organisations
contributions to the community, and identified
are over 150 years old, which is incredibly
areas where we could be more involved in the
important because it leads to the understanding
neighbourhoods we serve.”
of local needs, and then the ability to respond to
He adds that, for members, branches remained
open with health and safety measures in place,
local opportunities and needs."
and support was readily available via phone and
Social responsibility
email. Within the organisation, Marsden also
Building societies are deeply invested in
implemented strategies such as hybrid working,
community wellbeing, with a focus on
adoption of Microsoft Teams, and wellbeing
contributions to social good, local initiatives, and
initiatives like virtual social events and mental
sustainability. Fieth highlights that societies are
health resources, ensuring a holistic response to
not only maintaining their branch networks, but
the challenges of the time.
reimagining them to serve a more active role in
Today, the cost-of-living crisis and housing
affordability remain pressing challenges for
the community.
He says: "We’re seeing societies using the
many individuals and families across the UK,
space in their branches for wider community
influencing the strategies and offerings of
involvement, and quite a few are designating
building societies.
branches as safe spaces for women."
Pheasey says: "We recognise the impact the
cost-of-living crisis can have on our customers,
Building
THE FIRST
Societies
Richard Ketley
founded the Ketley
Building Society at the
Golden Cross Inn in
Birmingham, England.
This mutual society
was created to help
members build and
own homes.
Timeline
A timeline of
significant
events and
advancements
in the building
society movement
BUILDING SOCIETY
1775
Additionally, societies are collaborating with
organisations like Citizens Advice to facilitate
NATIONWIDE
EXPANSION AND
BUILDING SOCIETY
EVOLUTION
FOUNDATION
Many new societies
formed, including
permanent societies as
opposed to terminating
ones, where the society
would dissolve once
members had homes.
Originally founded as
the Provident Union
Building Society, it
later merged with
Nationwide, one of the
largest mutual financial
institutions in the UK.
1830s
1846