The Building Societies going digital during lockdown

17 June 2020

Mike Russell

To say it’s been a challenging few months for banks and building societies would be an understatement, but despite the adverse circumstances we’ve been incredibly proud to see our clients adapt to their customers’ needs and respond quickly to a rapidly changing landscape.

Moving meetings online

Swansea Building Society moved its AGM online for the first time in its 97-year history. They allowed members to vote by ballot paper, and donated £1 to Wales Air Ambulance for every vote cast, totalling an impressive £2,000 by the end of the day.

Chief Executive Alun Williams said: ‘These are unprecedented times and we have been forced to adapt. Despite not being able to hold the AGM in a physical form, members remained engaged in the process, casting votes and submitting questions in advance.’

Digital mortgage valuations

Both Mansfield and Teachers Building Societies worked hard to be able to offer no-contact, digital valuations by early May, to keep the property industry moving.

Paul Lewis, National Development Manager at Mansfield, said: ‘We pride ourselves on being a flexible and pragmatic lender that’s eager to help…we’re keen to ensure that we’re supporting the mortgage market as much as possible.’

Head of Lending at Teachers Building Society, Keith Hannibal, added: ‘We’re committed to ensuring that all customers can progress their plans without delays resulting from the current climate.’

Virtual mortgage documents

Darlington Building Society recognised that with lockdown comes a difficulty in collecting physical documentation for mortgage applications. They reacted quickly and are now able to accept high quality photos or scans of official documents.

Delivering virtual training

Here at MV we’ve also worked hard to find new ways to support our clients. In May, we delivered our first virtual onboarding session for new staff members at Buckinghamshire Building Society.

Louise Watt, our Head of Professional Services, said: ‘As we continue through this unprecedented time, we and our customers are finding new and inventive ways to support business projects. Our friends at Buckinghamshire Building Society had recently recruited two new members of staff and we were delighted to offer remote ProVision Accreditation training for them to support their induction.’

Tim Vigeon, Head of Lending at Buckinghamshire Building Society, added: ‘Even though our new members of staff have joined us in unusual circumstances, we are providing excellent remote support…Mutual Vision have provided valuable remote training on our core banking system.’

These are just some of the changes that our clients and colleagues have been making to keep things running smoothly during lockdown. We’re looking forward to seeing how things continue to develop as Building Societies adapt to the new digital normal.

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