The Mutual Ethos – Financial Mutuals, Friendly Societies, and Building Societies
The Mutual Ethos – Financial Mutuals, Friendly Societies, and Building Societies
Whitecap Consulting, in partnership with the Association of Financial Mutuals (AFM), recently published a report analysing the strategic landscape for financial mutual organisations in the UK. The Whitecap team is summarising the key findings in a series of blogs.
In this article, Luke Freeman and Chloe Thompson of Whitecap Consulting compare and contrast Whitecap’s research with AFM to its analysis of the building society sector, which was published in partnership with the Building Societies Association (BSA) earlier this year. Key similarities that can be identified include the successful deployment of a range of strategies and business models; organisations being extremely purpose driven; the importance of mutuality but also evidence of the associated challenges surrounding tangibility and member benefits; the appetite for collaboration, especially on technology and lastly, the challenge of navigating digital transformation in order to stay relevant to current and prospective members.