Building societies need to step up and improve their digital tools, says the finance app Moneyhub. Almost half of their clients struggle to use their services online. Young adults, especially those between 18 to 34 years old, prioritize a user-friendly app when they’re choosing where to bank.
Moneyhub’s executive, Mark Horwood-James points out that building societies are known for valuing their customers, but they haven’t kept up with the digital age. They risk falling short of today’s customer expectations and even more so in the future if they don’t adapt.
Building societies are at a critical point where they can still make changes to their digital services to meet what customers want. The report from Moneyhub sends a stark warning with its title, ‘“Digitise or die”: a call to arms for building societies’.
