Building societies urged to digitise

Building societies urged to digitise

Building societies are lagging behind when it comes to digital propositions, according to money management app Moneyhub.

Almost half (47%) of building society customers reported difficulties engaging with their services, with digital experience a frequent pain point for many.

Meanwhile three quarters (73%) of 18-34 year olds said they look for an easy-to-use app when choosing financial products.

Mark Horwood-James, managing director of personal finance technology at Moneyhub, said: “Building societies have traditionally been some of the most customer-centric organisations within financial services.

“It is clear that their customers are core to their values but Building Societies have generally failed to embrace and implement digital and data-led experiences. They are struggling to meet the needs of the customers of now, and will definitely fail to meet those of the future unless they take action.

“Building societies are at a pivotal juncture. There is still a huge opportunity for them to transform their digital capabilities and bridge the gap between consumer expectations and product offerings.

Moneyhub’s report is called ‘“Digitise or die”: a call to arms for building societies’.