The Intermediary – April 2025 - Flipbook - Page 40
Bogard says: "My mother will never use online
banking – she doesn’t trust it, and the message
about scams has been reinforced to her over and
over again. There are huge numbers of people
who feel the same and need to be looked after."
At the same time, he highlights his
The BSA remains committed to helping people
achieve their homeowner dreams.
Fieth says: "Part of the inspiration for the
future is how we continue to help people from all
parts of the UK community to fulfil their dreams
of homeownership, and importantly, build their
organisation's commitment to technological
financial resilience through having a reasonable
advancement, emphasising the importance of
pot of savings, so when something goes wrong,
striking a balance between hands-on customer
they have something to fall back on.
service and modernisation.
"We have invested heavily in IT and have a slick
online service,” he adds.
"Whether we’re in a traditional branch-based
environment or an AI-driven virtual environment,
our fundamental purpose remains the same – a
Bowen envisions artificial intelligence
(AI) and automation playing pivotal roles in
revolutionising in credit assessment, fraud
detection, customer service, and advice in
general. According to Bowen, these technologies
safe home for your savings, and savings for
your home.”
Bowen advises societies to embrace technology
without losing their core touch.
"The most important things are being prepared
will become essential, enabling societies to
to embrace digitisation and technology adoption,"
access broader market areas, improve member
he notes, underscoring the importance of
experiences through advanced front-end
balancing innovation with personalised member
solutions, and support data-driven decision-
engagement.
making while ensuring compliance with
Bowen adds: "There are huge waves of change
coming – market forces, regulatory changes, tech
regulatory standards.
Mutual Vision's strategic vision over the next
and AI. Firms that embrace change early and
five to 10 years is to "integrate and aggregate best-
adopt a change of mindset will be the ones who
in-class solutions to produce a banking stack
thrive the most.”
suitable for a tier one or tier two bank, without
the prohibitive price tag."
Bowen argues that this commitment to
Challenges include changing customer
behaviours and expectations, evolving
marketplace dynamics, and uncertainty in
technology and innovation ensures that building
regulatory approaches, alongside global
societies can maintain their foundational trust
economic impacts. Bowen emphasises the
and community focus, while adapting to the fast-
need for building societies to keep pace with
paced digital era.
larger industry players through digitisation
Meeting future challenges
and technology, which requires a shift in
boardroom and executive mindsets. Additionally,
While many societies boast the flexibility to
cybersecurity and data risks present ongoing
adapt to the modern age, what challenges and
concerns that must be addressed.
opportunities lie ahead for the sector as it
navigates an ever-evolving financial landscape?
On the other hand, there are several
opportunities that building societies can leverage
DIGITAL
FINANCIAL CRISIS
RETURN TO
Halifax converted to
a bank, reflecting a
broader trend as some
societies sought access
to capital markets.
Public trust in mutuals
grew as they were seen
as more customerfocused compared to
traditional banks.
Building societies have
increasingly adopted
digital technology,
including online
banking and mobile
apps, to enhance
customer experience.
1997
2008
2010s
2020s
DEMUTUALISATION
34
TRANSFORMATION
The financial crisis
affected many financial
institutions, but some
building societies
remained resilient
due to conservative
lending practices.
HALIFAX
MUTUALITY
