to pre-pandemic levels.
However, with the cost of living crisis affecting millions of people across the country, it's now vital for
many people to make the most of the money that they have saved over the past two-and-a-half
years.
As we take into consideration the uncertain financial climate, there is an opportunity for building
societies to support their members' financial wellbeing via the implementation of innovative financial
tools.
ince early 2020, lockdowns and pandemic restrictions have limited opportunities to
spend, with many people unable to go on vacation or spend time and money socializing. As
a result, savings in UK households have increased by £200 billion relative
presence.
The building society sector is one such segment, which is now seeing a wave of organizations
embarking on digital transformation programmes to ensure that their current and potential future
members are provided with the best possible experience.
Those building societies that develop their digital capabilities are now setting the groundwork for
long-term success. The days of a limited online and mobile presence are gone, and societies that
enhance their offerings will be able to combine their core strengths of mutuality and trust with
increased digital capabilities, allowing them to better meet member expectations.
igital channels have become increasingly ubiquitous, changing the nature of interactions
everywhere. The pandemic has only accelerated this shift across all demographics,
reinforcing the need for public-facing organizations to have a strong and effective online
