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Reviving UK Building Societies: Digitalization to Aid Sustained Growth

 

Sandeep Mishra

Client Partner and Director, Fintech Business, Banking, Financial Services, and Insurance, TCS

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Leveraging cutting-edge technologies and cloud-based platforms to drive growth

UK building societies have been striving to retain relevance and drive sustainable growth over the past few years. Challenges facing UK building societies include increasing competition within the segment, entry of new-age digital firms targeting the same niche markets, undiversified business models, limited pricing power, and low profit margins. Realizing that leveraging digital technologies is the solution, some societies have enabled digital channels to efficiently service members. However, to thrive in the future, rapid digitalization of UK building societies by adopting advanced digital technologies, including cloud-based platforms, artificial intelligence (AI), and machine learning (ML), will be key. This will also help UK building societies address the imperatives of resilience and adaptability as well as drive growth by equipping them to:

  • Leverage existing ecosystems

  • Personalize at scale

  • Enhance customer experience 

  • Provide secure services

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