This report demonstrates why building societies put such an onus on their role in their communities; from providing valued services and skilled employment, to working with and supporting local institutions and infrastructure such as town centres, and looking after the world around us.
Published today, the BSA’s Reinvigorating Communities report shows that:
With many high streets in decline, building societies are responding by adapting their branches to serve their members and the local community in different ways.
Community partnerships with local authorities, businesses and schools play a crucial role in creating branch ‘hubs’, resulting in more vibrant town centres and stronger community bonds.
Complementing this, investment in technology is equipping societies to build on digital relationships, and meet the demands of changing consumer behaviour as the use of digital rises.
Mike Regnier, BSA Chairman and Yorkshire Building Society Chief Executive comments:
“The purpose of this report is to help the sector learn from each other. By demonstrating to potential partners how we might work together, we can further strengthen and invigorate our local communities.
“This plays directly into the philosophy of the building society sector: Community and social purpose are the bedrock of building societies and of mutuality.
“The landscape of financial services has transformed over the years through shifts in consumer expectation, attitude and public policy. But our ethos of putting our customers first, personal connection and community remain central to what we are.”