The Zühlke’s Senior Leaders’ Roundtable recently hosted five building society CEOs. Discussing the challenges and opportunities presented by the pandemic, they highlighted how the unique circumstances had enabled most of them to accelerate digital transformation initiatives. Responding to enforced branch closures (due to Covid), the first myth the CEOs dispelled was that only younger customers expect to interact digitally. “Age is no barrier to digital; mindset is,” one CEO said.
Most people – across all age groups – want to be able to check their balances, take action or get help digitally. It isn’t just ‘neo-banks’ and challenger brands that have changed customer expectations for building societies. Everyone from Uber to Amazon and even the NHS has raised the bar regarding how people access services and manage their affairs digitally.