Why one size does not fit all for building societies – DXC at the Building Societies Conference

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Why one size does not fit all for building societies – DXC at the Building Societies Conference

London—7 May, 2021—DXC Technology, along with our partner, Temenos, were proud headline sponsors at this week’s Virtual Building Societies Annual Conference. The event hosted key panel discussions, including one in which our very own Trish Moore, Client Executive for Financial Services, took part to talk about the future for bank and building society branches and cash.

From providing mortgage holidays to supporting customers in branches and even – in one case – running a cash delivery service, building societies have been praised for their innovation and resilience during the COVID-19 pandemic.

In her panel discussion on Thursday the 6th of May, Trish was joined by David Martin, Joint Managing Partner at M Worldwide Ltd, Natalie Ceeney, Chair of Access to Cash Review, and Andrew Haigh, Chief Executive Officer at Newcastle Building Society.

During the lively 45-minute panel discussion Trish highlighted how building societies are recognizing the benefits of providing a truly customer-centric experience: higher revenues, lower costs, and increased customer and member loyalty.

Focus on customer-centricity
“Customers want to be empowered to make smart decisions themselves and that means putting the customer journey at the center of every business decision. However, delivering this experience is not a just a focal shift—to be future-ready, building societies must transform to align with the customer-focused experience people expect.”, Said Trish.

The discussion focused on the crucial point that true customer-centricity requires a significant company-wide culture change to achieve substantial transformation. But how can building societies embrace digital techniques to gain a real and sustainable advantage in today’s fast-moving, competitive financial landscape?

Has the pandemic caused banks and building societies to go full-on digital and what impact has that had on consumers? In response to an audience member’s concern that the pandemic may have accelerated the death of the branches, Natalie Ceeney said: “Though the pandemic has accelerated the demise of the branches, people still need a face-to-face interaction in a branch, and so that hybrid approach is important.”

Not just about a Single Customer View (SCV)
Trish went on to highlight that “Developing a platform that can be enabled in the branch to be able to provide a truly human touch and provide the best customer experience and service by technology is key. This is just about providing a Single Customer View (SCV) but a full 360-degree profile of the customer. The vulnerability of the customer’s needs should be looked at because not everyone is the same. Contrary to popular belief, you would be amazed at how many younger people are surprising not digitally savvy.”

Andrew Haigh agreed saying, “We need to be present in our community to be able to connect with our communities. The key is to have a hybrid approach where it is not just a total cashless society but where we have a healthy blend of digital and cash going together. Perhaps the best way is to share the retail space and cost whilst creating a community hub, such as cafés in branches and vice-versa.”

CBaaS ‘best way forward’
Rounding up, Trish mentioned that, “The best way forward is for building society branches to adopt the correct technology, and effectively educate customers so that they know how to correctly use that technology. Essentially, the key is to be able to bring that technology for ease of use for those who are not digitally savvy – that’s where the CBaaS solution helps.”

Developed for the building societies market, DXC and Temenos offer a unique Connected Bank as a Service (CBaaS) solution. This solution helps to enhance e-savings offerings, empowering building societies and banks to create new products and services that evolve with customer needs and delivering new and enhanced functionality for mobile banking.

Conclusion
To accompany the panel discussion and the conference, Trish deep dives in this blog into how building societies can adapt to their local markets and set strategic goals, and highlights that it’s not all about ‘one size fits all’.

Join our CBaaS webinar
Trish will be hosting a webinar on the 9th of June to provide insights into how our new Connected Bank-as-a-Service solution allows banks of any scale, maturity or complexity to truly transform, without the typical constraints. Click below to register now.

Register Now 

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