From heritage to high-tech: reinventing building societies for the digital era

Episode 38 of “Banking Reinvented” explores how building societies in the United Kingdom are staying competitive by blending traditional approaches with cutting-edge digital tech.

In this episode, host Tim Rutten and Backbase Founder & CEO Jouk Pleiter are joined by Simon Broadley, Chief Commercial Officer at Furness Building Society. Together, they explore how building societies can innovate while staying true to their community-focused mission.

Tune in to learn how building societies can modernize their systems, create a cohesive brand experience across digital and physical channels, and collaborate with each other to accelerate industry-wide innovation.

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(00:00) - Introduction 

(01:28) - What are building societies?

(03:11) - Balancing heritage and modernization

(05:49) - Tech shift: from back-office to customer experience

(07:26) - Why building societies choose partnerships over in-house tech

(10:45) - Keeping branches relevant in a digital world

(14:27) - Expanding beyond savings and mortgages

(17:59) - Why all generations still value human interaction

(24:07) - How building societies collaborate

(28:35) - The case for collective innovation

(33:26) - Vision for financial hubs

(35:57) - Key takeaways

(38:04) - Episode wrap up