By the time Generation Alpha walks through your door, digitally or otherwise, the question will not be whether you are ready for them. It will be whether you are still relevant in their world at all. Generation Alpha, born from 2010 onwards with the eldest now approaching 16, will begin opening adult bank accounts from 2028. The customer relationships that banks, building societies, and credit unions build with this
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 3rd 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/
