The publication focuses on the roles of strategy, mutuality, regionality and technology, also looking closely at the mortgage and savings markets. It highlights strong sources of differentiation for the building society sector across these areas.
The research involved a quantitative data analysis of all 43 building societies, interviews with 33 of the building society CEOs, and an online survey which received a total of 134 respondents.
Key members of the EQ Credit Services team are quoted throughout the report, including managing director Richard Carter, who sums up the role of technology in the building society of the future as being a balance between automated and human intelligence:
“It’s about incremental change and taking the manual processes even in underwriting – the decision will always be made by a human but there’s lots of parts of that journey that could be automated.”
Meanwhile, in the building society heartland of mortgages, EQ’s account director for mortgages, Mark Webster, talks about the growing sub-sector of later-life lending:
“Later-life is our specialism, and our platform works really well with it. There are lots of different routes building societies could go down in later-life products and services that I think they should be interested in.”
Some of the findings highlighted in the research include:
- 93% of building societies who responded say mutuality affects their decision making.
- 67% of building societies who responded identify digital transformation as the primary challenge over the next 5 years.
- 65% of all stakeholders surveyed believe Open Banking to be an opportunity for the sector.
You can read the full report and insightful findings here.
Notes to Editor:
About EQ (Equiniti Group plc):
EQ is an international technology-led services and payments specialist. With over 5,000 employees, it supports 36 million people in 120 countries. EQ’s purpose is to care for every customer and simplify every transaction, delivered with less of an impact on the environment.
EQ is listed on the London Stock Exchange as Equiniti Group plc.
Find out more https://equiniti.com/
EQ serves clients and customers through four divisions:
EQ Boardroom: Share registration, governance and investor relations advisory, and employee benefits services
EQ Digital: Helping regulated businesses and Government to manage customers through innovative digital solutions
EQ Paymaster: Pensions, annuities, flexible benefits and payroll for the UK’s largest public and private sector organisations
EQ U.S.: Transfer agency, equity compensation services and digital solutions for U.S. firms; serving the world's leading brands since 1929