Rapid change and the proliferation of data has created shifting business models and new opportunities for building societies and banks in recent years. But it has also led to a siloed customer experience, at a time when digitally empowered customers demand more from their lenders.

Traditional building societies and banks are already struggling with customer satisfaction, compounded by a fall in the number of branches (a 34% drop between 2012 and 2021), which can make it more difficult for customers to speak to an advisor in person.

While many will have already started their digital transformation journey, it can be a slow and expensive process. Meanwhile, others still don’t have access to the technology they need to offer a personalized service, or tailored products and services.

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Sopra Banking Software