26 July 2018
Originally published in American Banker magazine.
Building societies are the U.K.’s answer to mutual thrifts and credit unions. They stick to bread-and-butter banking, raising retail deposits and using that money to make mortgage loans in their communities. They also share many of the same challenges facing mutual banks in the United States. They want to know whether mutuality still has a place in the global financial system, and they wonder how to communicate their philosophy to the next generation.