“It is the moment of truth for building societies. They need to embrace emerging technologies and innovate to prosper, or they risk widening the digital gap further.”
– Puja Prabhakar – Head of Financial Services, Technology Executive
Innovations such as AI and Cloud are revolutionising the way financial institutions operate, rapidly widening the gap between building societies and the rest of the market. And with the relevance of physical location continuing to dwindle, building societies are facing growing difficulty in retaining the attention of a rapidly changing demographic of members. Members that are drawn towards more agile competitors with a stronger digital offering.
The challenge is, there is a reluctance amongst building societies to embrace wholesale digital transformation. With a huge emphasis on distributing profits back to their members, many find themselves holding onto their legacy systems in fear of wasting their members hard earned money; a real concern considering 70% of transformation initiatives fail to meet their main objectives [Forbes, 2023].
Continue to operate on outdated tech and you’ll not only fall behind your competition but also be vulnerable to significant talent loss, operational inefficiencies, and security threats. So, the question is raised: how will you utilise technology to achieve superior customer experience, retain talent and drive growth securely?
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