CGI is proud to sponsor the Whitecap Consulting Building Societies Report, created in collaboration with the Building Societies Association.
The report highlighted the focus on investment in tech with AI the most prominent theme in the research, although mobile apps and platforms are viewed as top priority for technology investment. Commitment to the digital broker market was a key trend with more than 60% of survey respondents identified investment in intermediary-facing digital capabilities as a key focus area for the next five years. Some other key findings and reflections from the report are:
Enabling customer growth
There’s strong growth potential in the 18–34 market through expanding digital services and showcasing the member-owned model of building societies. However, as organisations increase the range of digital services, they will need to ensure the systems and underlying infrastructure can accommodate a multichannel banking approach.
The future of branch access
Research from Nationwide shows that 50% of 16–24-year-olds have been frustrated by the lack of in-branch access. While maintaining branches is costly, collaboration offers a potential solution. Community banking hubs can evolve into multi-brand spaces, sharing both physical locations and resources for digital transformation and IT modernisation. This model helps smaller societies stay relevant, efficient, and accessible to the next generation of customers.
Tackling legacy systems
57% of IT spend goes toward maintaining legacy systems. Transformation is essential but knowing where to start can be a major challenge.
Access to real-time account data is essential. Building societies must find solutions that integrate in-branch platforms with modern, real-time banking systems. By breaking down transformation projects into small, achievable goals, organisations can build confidence and momentum within the project.
Exploring the potential of AI
Despite concerns around ethics and losing human connection, AI offers opportunities to streamline operations and enhance customer services. From automating tasks to improving system usability. However, many building societies need to firstly address modernisation and data hygiene to ensure the successful use of AI.
Embracing sustainable tech
Sustainability is a growing focus for customers and regulators. Building societies can use cloud tools to measure, report and forecast carbon emissions. Enabling them to manage consumption, realise cost efficiencies and showcase green credentials.
The path ahead
The future holds great potential, however realising this will require ongoing investment in technology, increased cross-brand collaboration, and sustained transformation.
