At a moment in time where the Building Society sector is weighing a crucial decision – to digitise the member experience or not – we’re delighted to share the findings from our latest report. Our research takes an in-depth look into the sentiment of members who have been provided digital experiences by their Building Society, and seeks to understand whether the investment in digital experiences has been forced for good, and where any gaps in current offerings may be.
Such insights include that:
- Members are actively adopting the digital services provided
- When available, 80% of respondents use digital platforms for managing their accounts.
- Digital experiences are driving the retention of members
- 90% of respondents are influenced to continue using their Society’s services by the provision of its digital experience.
- Investment in digital experiences is being rewarded by members in loyalty
- 83% of respondents indicated that improved digital services increase their loyalty to their building society.
- Gaps exist in the current digital offerings
- 80% of respondents would prefer more seamless digital journeys for interactions like renewals and new offers
Who this impacts, and why it matters
This report provides crucial insight for those sitting within the sphere of senior management, transformation and operations in the UK’s Building Society sector. The report includes vital insights around member expectations and behaviour that benefit not just the Building Society that is weighing up the decision to digitise, but also learnings for those Societies that have already begun their journey in providing digital experiences.
Moreover, the findings from our research indicate the risks and challenges that the Societies who fail to invest in compelling, highly capable digital experiences will face.
Key Findings and Observations
Our research shows that members are overwhelmingly ready for change towards digitisation – the member demographic is adopting digitisation when it’s available, and is showing increased satisfaction as a result. The report also details how digitisation is driving loyalty within the member-base, and is becoming a central influence in members deciding whether to stay with their society. That said, our research also found that current digitisation has some glaring gaps which will be essential for Societies to improve as they begin, or continue, the digitisation path.
From Our Founder
Josif Grace, Founder and CEO of Legado, emphasises the importance of this shift for the Building Society sector:
“This report comes at an important time for the [Building Society] sector. Consumer expectations on the whole are increasingly revolving around digital experiences, and Building Societies at large have not yet delivered on those expectations.
The report highlights how prescient those Societies who invested early in digital experience really were, and I think that serves to inform the wider Building Society sector that a digital era is here, and that members are receiving it well.”