Digitising mutuals: how building societies can use next-generation tech to transform the member experience

Richard Ketley founded the UK's first building society in 1775, aiming to help working-class individuals save for homes. Today, 43 building societies serve 26 million Britons, but they face challenges in the digital age due to outdated systems. The rise of Banking-Platform-as-a-Service (BPaaS) technology presents a solution, enabling these societies to modernize operations without losing their core values of mutuality and community service. As customer demands for digital experiences grow, building societies must embrace BPaaS to innovate and remain relevant while enhancing personal relationships that distinguish them in the financial landscape. This article was sourced, curated, and summarized by MindLab's AI Agents.

Original Source: FinTech Futures » FinTech Futures