The sector needs a body that can make the case for customer-owned financial services with greater force, convene practical collaboration, and help build what no individual building society or credit union can build alone.

The BSA's strategy to support the sector is built around achieving three outcomes:

The strategy sets out an agenda for change: to influence the conditions for building society and credit union growth, make customer ownership meaningful and more compelling, and turn the sector’s willingness to work together into practical collaboration that builds capability and reduces cost.

This will enable the sector to be the trusted partner for people’s complex financial lives. Its success will depend on pace, discipline and shared commitment from the BSA, from member leaders and from partners in government and regulation.

If we act together now, the sector can grow its relevance, strengthen its voice and help many more people to build financial security through institutions that are owned by, and run for, their customers.

Alongside the launch of our strategy, BSA member CEOs are supporting a joint letter to the new Prime Minister setting out how the sector can help more people into homes, strengthen financial security and support communities across the UK.

Read the letter

The BSA strategy drew on detailed analysis and research from a range of partner organisations. These partners have explored different aspects of future trends, how these might change over coming decades, and what that might mean for building societies and credit unions. 

This is set out in the following section, which broadly explore what consumer needs might be in the future, how people might consume services, and how both the market and the regulators might respond.