Building societies have differentiated based on their risk profile, and the associated ability to lend to that risk. Coupled with excellent, largely in-person customer service alongside being an integral part of the community they serve, Societies play an integral part in UK Financial Services.

However, with an ageing client base and the challenge of meeting the expectations of younger generations courted by digital-first market entrants, Societies have made some progress in the modernisation of their front-end customer experience, as well as standardising their offerings across a greater span of membership channels.

Product innovation and an ability to launch new products and services, alongside a need to onboard and originate more quickly (to drive deposit growth, for example), is often limited by ageing core technologies many Societies run.

It is true to say in this dynamic market, a ‘one size fits all’ does not represent any given Society’s need. Instead a clear and progressive strategy for delivering product, customer onboarding and business origination innovation through the modernisation of the core and surrounding ecosystem is required.

Big bang approaches to re-platforming are often costly, high risk and have a greater overall failure rate. Many Societies are considering modernisation for their mortgage origination and broker portal process whilst externalising customer and product from the ecosystem core.

This facilitates the innovation needed for the Society to remain relevant, deliver against key benefits associated with primary product offerings and mitigates the risk associated with a big bang approach, enabling the society to benefit from quicker realisation of value to Members and greater lifetime value.

A leaner legacy core, can over time be fully replaced by a new core or a BaaS solution or left in situ with a range of SaaS based ecosystem technologies to leverage and supplement Member services. For the evolving Building Society market, this is the pathway to a modernised, more agile Go To Market strategy.

Find out more

DXC works closely with Quantum Six, a leading independent assurance provider. DXC and Quantum Six take a different approach to Application Modernisation and Management, leveraging their collective experience to deliver step-change in transformation journeys which champion leading-edge design and delivery.

Together, we occupy a unique position in a crowded consulting marketplace. Our team of highly experienced professionals equip our clients with the skills they need to succeed. 

www.quantumsix.com

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