Working in partnership with the Building Societies Association (BSA) and industry partners, Whitecap Consulting is to conduct an analysis of the building society sector which will culminate in a report to be published in March 2021.

The research will address how the building society sector can differentiate itself in a competitive market, taking into account the future role and value of regionality, mutuality, and the impact of technology and FinTech on the mortgages and savings sectors. The project is being conducted in partnership with the BSA, with support from sponsors Mambu, Mutual Vision, DMW Group, EQ Credit Services, Sandstone Technology, Sopra Banking Software, DPR, Shoosmiths, and Phoebus Software.

There are 43 building societies in the UK, the largest of which is Nationwide, which offers a full range of banking products. The majority of societies primarily offer only mortgages, typically distributed via national intermediaries, and savings products provided online and through a network of regional branches.

Andrew Gall, Chief Economist at the Building Societies Association:

“The BSA is delighted that Whitecap is undertaking this important project and we look forward to working with them. The rapid evolution of technology is reshaping the face of financial services in the UK. This report will analyse the key trends for the sector and identify how building societies as regional and mutual organisations can continue to thrive.”

Richard Coates, Managing Director of Whitecap Consulting:

“There have been several structural changes impacting the building society sector over recent years. Many of these changes have been accelerated as a result of the coronavirus pandemic, including digital transformation across the economy. As the potential longer-term impacts of Covid become clearer, this is an appropriate time to reassess what the future holds for the building society sector. I am grateful to the BSA and the organisations partnering with us on this project, and we look forward to publishing our report in the New Year.”

Elliott Limb, Chief Customer Officer of Mambu:

“Building societies are pillars of our communities. They play a critical role that evolves as our world rapidly changes. We’re pleased to sponsor this research along with BSA and Whitecap in order to highlight the key trends that impact the sector and the innovations that will enable building societies to continue thriving.”

Andy Atkinson, Business Development Director of Mutual Vision:

“Mutual Vision has an absolute belief that the building society sector can not only survive, but thrive in the future, and as the Digital Mutual, we are 100% dedicated to helping make that a reality through collaboration and technology. We are thrilled to be supporting and contributing to this report being published by Whitecap and supported by the BSA.”

Chris Dean, CEO of DMW Group:

“Building societies are one of the cornerstones of financial services and their focus on communities is something that echoes through our own value-led organisation. We are delighted to be sponsoring and contributing to this research as we are a strong believer in the power of collaboration.”

Over recent years the BSA has helped bring increased focus on the impact of technology on the sector, including a series of events called ‘Digital Mutual’ which have created a forum for building societies, technology provides and FinTech firms. The most recent Digital Mutual Virtual Conference, took place on 3rd & 4th November and focused on the latest digital trends for the sector. Covering technology and social purpose, savings and mortgages, it also showcased how mutuals are using technology to better engage with customers.

Whitecap has worked extensively in the building society sector over recent years, building relationships across multiple organisations, presenting at the BSA’s Local & Regional and Digital Mutual events. The firm has with a number of building societies on topics including strategy, FinTech and technology vendor selection processes, and has also conducted and published reports on topics including FinTech, Legal Tech, and innovation ecosystems.

Anyone interested in taking part in the research or supporting it as a sponsorship partner should contact [email protected]

UPDATE: January 2021

If you have an interest or involvement in the sector please take 10 minutes to complete a short online survey:

Take the survey

Individual responses are confidential, but all contributing organisations will be listed in the report as having provided input.

The report will be published in March 2021.

Thank you for your participation.