R
a p i d c h a n g e a n d t h e p ro l i fe r a t i o n o f
d a t a h a s c re a t e d s h i f t i n g b u s i n e s s
m o d e l s a n d n ew o p p o r t u n i t i e s fo r
b u i l d i n g s o c i e t i e s a n d b a n k s i n re c e n t
ye
a r s . B u t i t h a s a l s o l e d t o a s i l o e d
c u s t o m e r ex p e r i e n c e , a t a t i m e w h e n
d i g i t a l l y e m p owe re d c u s t o m e r s d e m a n d
m o re f ro m t h e i r l e n d e r s .
Tr a d i t i o n a l b u i l d i n g s o c i e t i e s a n d b a n k s
a re a l re a d y s t r u g g l i n g w i t h c u s t o m e r
s a t i s f a c t i o n , c o m p o u n d e d by a f a l l i n t h e
n u m b e r o f b r a n c h e s ( a 3 4 % d r o p b e t w e e n
2 0 1 2 a n d 2 0 2 1 ) , w h i c h c a n m a k e i t m o r e
d i f f i c u l t fo r c u s t o m e r s t o s p e a k t o a n
a d v i s o r i n p e r s o n .
W h i l e m a n y w i l l h ave a l re a d y s t a r t e d
t h e i r d i g i t a l t r a n s fo r m a t i o n j o u r n ey, i t
c a n b e a s l ow a n d ex p e n s i ve p ro c e s s .
M e a n w h i l e , o t h e r s s t i l l d o n ' t h ave a c c e s s
t o t h e t e c h n o l o g y t h ey n e e d t o o f fe r a
p e r s o n a l i ze d s e r v i c e , o r t a i l o re d p ro d u c t s
a n d s e r v i c e s .
I n c re a s i n g c u s t o m e r ex p e c t a t i o n s a n d a
d i s c o n n e c t b e t we e n c u s t o m e r s a n d t h e i r
b u i l d i n g s o c i e t i e s a n d b a n k s h a s a l s o
c o m e a t a t i m e w h e n yo u n g e r c u s t o m e r s
ex p e c t m o re p e r s o n a l i z a t i o n o f p ro d u c t s .
M e a n w h i l e , t h e n e e d fo r f i n a n c i a l s u p p o r t
a n d e d u c a t i o n h a s n eve r b e e n h i g h e r, a s
t h e r i s i n g c o s t o f l i v i n g p u t s eve r m o re
p re s s u re o n c u s t o m e r s ' i n c o m e .
I
N
T
R
O
D
U
C
T
I
O
N
W H I T E P A P E R
of UK adults say the quality of
online experience determines
who they bank with **
81%
8.4 million Brits (16%) stopped using bank
branches before lockdown and may never return ***
* Source: https://commonslibrary.parliament.uk/research-briefings/cbp-8570/
** Source: https://www.ukfinance.org.uk/news-and-insight/blogs/digital-banking-experience-
trends-2022
*** Source: https://www.finder.com/uk/banking-branch-usage
