Building societies and fintech: A powerful combination for community finances

Building societies are often seen as much more community-focused than their banking counterparts.

They are often “local” to the geographical area that they serve, sometimes with just a handful of branches covering a specific patch, and their customers may be referred to as “members”. Indeed, nearly three quarters of members agree that building societies are fully-fledged pillars of the community, significantly higher than the 52% of major bank customers that think this is the case.

This community approach is one that works. Building societies have total assets of nearly £500 billion, with residential mortgage balances of over £366 billion – equating to 23% of all outstanding mortgages in the UK. They also hold over £342 billion of retail deposits – 18% of all such deposits in the UK.

Against such an important backdrop, and with the 2023 UK Building Societies’ Annual Conference taking place this week, on the 3^rd and 4th of May, let’s take a closer look at how building societies can further cement their place in the community as trusted providers for the future.

Continue reading: https://ukfintech.co/building-societies-and-fintech-a-powerful-combination-for-community-finances/