By Abby Foulkes, Marketing Operations Manager – UK & Ireland, Sopra Banking Software

This article was first published in Society Matters magazine.

As building societies face increasing pressure to deliver personalised products and services at scale, the race is on to attract and retain members by rethinking their approach to digital experiences.

Transcending the traditional bricks-and-mortar experience, mobile banking users are shown to be significantly more engaged with their finances – with over 71% of UK account holders projected to use a banking app this year. 

The rise of mobile banking, though, is not a trade-off. Members who interact digitally demand the same quality of service they would receive in branch or telephone, with 62% of Brits mentioning that they would change bank after a poor experience with its mobile banking services. 

Over a third of consumers expect their banking experience to be more personalised, and mobile apps are helping pave the way for societies to excel in this space. By leveraging advanced mobile technology, building societies can offer a seamless, intuitive user experience that meets the evolving demands of their members. This integration not only enhances convenience and accessibility, but also fosters a deeper connection between members and their societies, ultimately driving loyalty and long-term engagement. 

Though, to build true customer loyalty, it’s not just about adopting a ‘one-size-fits-all’ approach. For some members, digital solutions are not fit for purpose - they may find it easier to visit a branch or speak to a colleague over the phone. A truly personalised experience needs to be inclusive; and applying generalised personas across certain demographics is no longer enough. 

Combining the best of digital and physical touchpoints to deliver a seamless, tailored offering is the key in securing lasting customer relationships. By integrating online and offline channels, such as mobile apps, websites, and in-branch services, each member can navigate their banking needs with confidence, regardless of how they choose to engage with your society. 

As we navigate through the ever-changing terrain of mobile banking, one thing remains clear: adaptation is key. Embracing digitalisation is not just a choice, it’s a necessity for building societies to remain relevant in the digital era, while preserving their unique identity and commitment to their local communities. 

Newbury Building Society’s commitment to an omnichannel approach 

Newbury Building Society is the first financial service provider in the UK to benefit from Sopra Banking Software’s fully integrated mobile app, as part of their ambitious digital transformation journey. The utilisation of a modern technology stack not only accelerates the Society’s time to market, but also guarantees a secure omnichannel experience for the member. 

The new mobile self-service capabilities provide Newbury Building Society’s members with the convenience of managing their savings and mortgage information and handling deposits seamlessly, among other valuable features. The soft launch of Newbury’s mobile app in March 2024 has so far seen almost 2,000 downloads and a steady increase of transactions week on week. 

Newbury Building Society will continue to benefit from Sopra Banking Software’s continued innovation, with a mutually ongoing commitment to the integration of new features to continually enhance the member experience. 

Darren Garner, CFO & Mobile App project sponsor at Newbury Building Society: 

“ The mobile app is a great example of balancing digital functionality with the human touch that we know is so highly valued by our members. The launch of a fully integrated app coincides with continued investment in the modernisation of our branch network, further demonstrating our commitment to providing a consistent omnichannel experience and award-winning service to our members through whatever channel they choose”. 

To find out more, visit: https://www.soprabanking.com