Nikhil Sengupta, Commercial Director at 10x Banking, shares learnings from a recent round table event with leaders from the building societies sectors. He explores how composable tech and collaboration can power the next era of mutuals.
There’s something powerful about bringing people together in a space designed for ideas. Last week, we hosted a dinner at the British Library with senior leaders from across the building societies sector. It was an evening of shared ambition, honest reflection, and a clear sense that mutuals need to enter a new era of transformation to stay relevant to modern customers.
Our CEO & Founder, Antony Jenkins, was joined by Martin Boyle, COO of West Brom Building Society, and Jason John, Partner at Deloitte, for a fireside chat that sparked lively discussion around the table. What followed was a rich exchange of perspectives on how mutuals can modernize without losing their community ethos. Here’s some of the key takeaways from the evening.
Mutuality as a strategic compass
The ethos of member-first thinking remains the bedrock of building societies. Across geographies, mutuals are united by a commitment to community over shareholders. This shared DNA is increasingly resonant with younger generations, who seek brands that reflect their values. But mutuals must do more than stand for something – they must demonstrate what they stand for visibly, digitally, and seamlessly.
The issue isn’t relevance, it’s resonance. Younger customers aren’t questioning the value of mutuality; they simply don’t know what building societies do – if they’ve even heard of them. In a world of slick fintech apps and instant onboarding, mutuals risk being invisible to the very audiences most aligned with their values. The challenge isn’t just delivering modern, always-on banking; it’s making principles and products visible, accessible, and meaningful.
Gone are the days when tech was a back-office concern. Today, transformation sits firmly on board agendas. Mutuals are bringing in senior leaders and non-executive directors with deep digital expertise, recognizing that technology is a strategic enabler – not just a tool.
West Brom Building Society, who has partnered with 10x, is leading the charge. Their transformation journey, shared during the fireside chat, exemplifies how mutuals can modernize while staying true to their purpose. It’s a blueprint for others: bold, member-centric, and digitally ambitious.
One of the most energizing themes of the evening was the shift away from rigid, monolithic platforms. Building societies now have the freedom to choose best-of-breed technologies and integrate them into flexible, composable ecosystems. With cloud-native, event-driven cores, like the 10x Banking Platform, mutuals can evolve at their own pace, swapping out components as better tech emerges, without being locked into a single vendor.
This flexibility is especially powerful in the context of brownfield transformation. While greenfield innovation often grabs headlines, the real opportunity lies in helping long-established building societies modernize without losing their heritage. Many mutuals have loyal member bases and rich histories. The future opportunity is in integrating modern platforms to unlock new capabilities – without starting from scratch.
Building societies were founded 250 years ago on the basis of mutual support and shared purpose, when neighbors pooled their savings together to buy houses. Collaboration has always been essential to their identity and today it’s more vital than ever.
Across the sector, there’s a growing appetite for cross-mutual collaboration. Societies are exploring ways to share learnings, co-invest in innovation, and are even considering a multi-tenanted technology solution that could serve multiple mutuals. Such a platform could help mutuals accelerate collective transformation while preserving their individual identities. This isn’t just about efficiency; it’s about amplifying impact.
Ultimately, transformation is about mindset. The societies making the most progress are those fostering cultures of agility, innovation, and continuous improvement. Leadership matters, but so does belief. Belief that mutuality and modernity aren’t opposites, but partners.
In an era where trust is currency and purpose drives loyalty, building societies have a unique opportunity to redefine what banking means for a new generation. The conversations around the table made one thing clear: the future of mutuality is digital, flexible, and community-first. And it’s already underway.
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