A delegation from the building society sector recently participated in the BSA's United States Study tour aimed at learning lessons for the future from the thriving US mutual model.

Chris Hunter, Deputy Chief Executive at Darlington Building Society, took part in the tour and shares his experience of an innovative branch visit.  

I recently participated in the BSA's United States Study tour where I and four other liked minded building society executives and Robin Fieth (BSA CEO) explored the North Eastern coast of America in search of inspiration on how we as individual societies and a sector, thrive and collaborate. 

Like the UK, the mutuality model thrives in the States, and their wider financial services offering is known for innovation in the industry. Which is why I was honoured to participate in the latest study tour of Washington and Boston, with the Building Societies Association. 

Our delegation explored the northeastern coast of America in search of inspiration on how to develop our individual societies and from a broader sector perspective, we asked ourselves how might we adapt to stay relevant for current and future members?

In a world of fintech and modern banking, the term “innovative” is bandied around with reckless abandon. However, while in Boston, I was introduced to a wholly different delivery model, led by dynamic business partnerships in an engaging space, with servicing slotted seamlessly into the daily (coffee) grind. 

Would adopting a similar approach in the UK support the longevity of our high-street branch model?

Coffee with a side of banking

Within 50 yards of our hotel in Boston was CapitalOne Café, a brand new ‘bank branch’ in the city’s thriving Seaport district.  Capital One is a well-known credit card provider in the UK but a sizeable universal banking provider in the US.

Intrigued, I entered the café (or branch?) at 8am and met Carlos, a very friendly and helpful assistant armed with a laptop and the ever-present American enthusiasm for service. 

Carlos explained the concept. Partner with an up-and-coming coffee brand from California and create a social hub for the young affluent demographic at the entrance to Seaport, just over the river from the main financial district. Supply what they want and provide the services they need, all from a place where they evidently enjoy spending time.

Simple, really.