In the fast-evolving landscape of the 21st century, businesses constantly face a critical need to adapt, or risk  being left behind by their customers and the market. Add to this pressure the landing of a global pandemic event, for Melton Building Society, a financial institution deep rooted in its community, the situation became one of a  need for a re-set. For up to a decade before I joined there had been no meaningful investment in IT and modern technology solutions. It was clear, the road ahead was going to be an interesting one.

Motivation for change

The Melton is an ambitious, innovative building society – so we wanted to not only navigate the challenges we  faced well, but also to grow and be around for another 150 years. This meant embarking upon a comprehensive digital transformation programme, the journey we are on offers valuable insight into the intricacies and challenges  when making such a monumental shift. The driving force behind our digital transformation was multifaceted. We  began by eliminating legacy systems and initiating a cultural shift starting with a complete overhaul of our head office, Mutual House, creating a modern inviting working environment. Adopting an “affects everyone, involve everyone” approach, ensuring the views of our colleagues were considered in every step, from supplier selection  to choosing carpet colours.

Our journey had a clear strategic vision and the Melton’s leadership team were committed to a phased approach,  two key milestones in the full programme, meticulously planning, and collaboratively executing each stage of the transformation with our partners. This approach allowed for structured incremental improvement and step- changes, reducing the risk of disruption through unforeseen events. The competitive landscape played a role too. As new fintech’s emerge offering innovative solutions and superior user experiences, at the Melton we recognised that staying technologically relevant was crucial in retaining and expanding its customer base.

Our first digital initiative was a broker portal, testing our and our partners’ capabilities. Its success led to the rapid deployment of our first programme milestone - a fully digitised mortgage origination platform with automated decisioning and underwriting.

This provided an intuitive interface that sped up and streamlined processes, eliminated internal paper use,  simplified client ID verification/referencing and included an online payment system. The new system has been very well-received by brokers, clients and colleagues alike.

Colleague engagement

The importance of buy-in from all colleagues across all levels cannot be understated. Melton Building Society has  invested heavily in change management initiatives, workshops, training programs, and regular internal communications ensuring everyone was informed and engaged in the transformation process. This helped build a culture of innovation, adaptability, inclusivity and trust.

Ongoing journey

As we navigate our ongoing journey, we have regular reviews which ensure we remain on track at the programme level, as well as being at the forefront of technological advancements. Milestone two will be implemented in the first quarter 2025 which will position the Melton to navigate and adapt to the challenges of the digital age and continue to provide exceptional service to our customers.

This article was first published in Society Matters magazine