Finding the Sweet Spot: How Building Societies Need to Strike a Balance
BUILDING SOCIETIES RESEARCH REPORT FINDING THE SWEET SPOT: HOW BUILDING SOCIETIES NEED TO STRIKE A BALANCE. For professional use only 2 BUILDING SOCIETIES RESEARCH REPORT BUILDING SOCIETIES RESEARCH REPORT 3 EXECUTIVE SUMMARY For building societies, the rise of a week, and 84% use their building society’s website the digital banking environment Building societies remain “Building societies are at the heart at least once a month. heavily dependent on branches changes not just their strategy of their communities, but the way for product purchases. Most rate these services highly, with three quarters but also their fundamental their customers want to interact giving them a score of eight out of ten or more. going forward will change. Whilst nature. How do organisations Half (50%) of customers They’re also going to be increasingly important traditionally rooted in – opened their savings account branches have been at the core of revenue generators. and owned by – their local in branch against only 37% distribution, customers are telling using the building society’s us more and more that they want Insurance, among the most commoditized of financial communities fulfill their vision website. to buy their products and services services products, has long been the bread and butter in a society dominated by the online as well as through the of price comparison sites, for example. Yet at the Internet? 45% bought their mortgage in moment the branch is still the most common sales branch, against 19% online. branches.” channel for holders of life (47%), home (43%), critical Politicians, regulators, product Mark Holweger, Managing Director, illness (38%) and income protection (33%) insurance.
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