Coventry Building Society: ‘Digital first, human always’
Transforming with technology
Today’s financial consumers expect to manage their money with digital services
They’re important for convenience and control, allowing us to view our accounts and transactions on the go. But when we’re choosing who to entrust our financial security to, other things matter too.
Good rates for example, and good customer service. And what about values?
In an age when we expect more from the brands we support, how about being confident that a company has a strong sense of social purpose?
For over a century, Coventry Building Society has been present in UK communities, helping its members buy homes and save for the future. With no shareholders to pay dividends to, profits are reinvested to benefit members and support the local communities it serves.
With plans well underway to engage a new generation of members, Coventry Building Society is adapting to the demands of the digital era. It’s introducing the new, tech-enabled services today’s savers and borrowers have come to expect with the excellent customer service it’s known for.
Collaborating with the society’s colleagues, a team from Deloitte is supporting a transformation described as 'digital first, human always'.
Digital services and someone to talk to
In 2024, Coventry Building Society launched a new app for its members. It’s just one part of the Society’s plan to put technology at the heart of its future and better serve members with convenient, digital services and tools.
Equally important is protecting the community ethos members value and the customer service and resilience that’s sustained the Society for 140 years. That means retaining a welcoming, physical presence in communities too.
In branches, colleagues can support members planning their future. Or in Contact Centres, experts can offer reassuring advice to members who might, for example, be making the biggest purchase of their life in the form of a new home.
In the context of the wider financial services market, in a sea of new fintech offerings, services and commentary, the value of such support shouldn’t be underestimated, and could be especially helpful for a younger generation trying to get to grips with its future.
Evidence suggests the noise and choice might just be making young people more confused. For example, research from LIMRA finds Gen Z and millennial respondents less confident than older generations about their financial security.
And did you know that a quarter of 18-24s turn to social media, rather than regulated sources, for financial guidance, with a fifth even investing money based on recommendations from their feeds?
A vision for the future
Working together, Coventry Building Society, Deloitte and AWS have planned a multi-year tech transformation based on a shared vision of the Society’s future.
To frame a plan to support growth, Deloitte’s digital strategists worked with Coventry Building Society to explore questions like ‘what are we great at and how can we build on it?’ and ‘what can we do better to serve our members’ future needs?’
Progress to date includes embedding new tech foundations, an AWS cloud-based digital platform, beginning a phased migration of the company’s processes including onboarding, and building customer journeys for its new app: registration, logins, accounts servicing, and payments.
For the Deloitte specialists collaborating with Coventry Building Society, work to date illustrates how technology is at its most valuable when aligned to specific business goals.
“We’ve used Converge by Deloitte to bring together the right software for Coventry Building Society’s transformation, quickly and cost effectively,” says Michael Robinson, partner and CTO at Deloitte UK.
“It meant Coventry Buliding Society's people could spend less time focusing on the technical foundations and more time on how to better serve members and support colleagues – that’s something the organisation prioritises in everything it does.”
Introducing seamless digital processes, like those on the app, that encourage greater interaction with members has led to some great feedback. And it’s just the start.
A transformation based on people
With a far-reaching impact across Coventry Building Society’s business, the transformation is already enabling colleagues across its 3,000-strong workforce to approach their work differently.
“While technology is key to serving a new generation of members, this is a transformation based on the Society’s people,” continues Michael.
“With new technology and tools, Coventry Building Society is re-thinking its ways of working, create new, effective processes that add value across its business.”
This includes being able to test and deploy service additions more quickly and enabling colleagues to spend more time on, for example, the quality controls that can vastly improve services. The transformation is also offering colleagues new avenues for personal development, if they choose.
With more work to do, the combined Deloitte and Coventry Building Society team is getting on with the task at hand. Its immediate focus includes migrating the remainder of the Society’s data and processes onto its new cloud-based platform and phasing in new services for members, for example the ability to open new accounts on the mobile app.
Today, across different areas of Coventry Building Society, the confidence and ambition to use new technology as a springboard for growth is riding high, with leaders and teams concepting and delivering projects to push the transformation further forward.
“There’s excitement across Coventry Building Society about what the future holds.
“The team is on an ambitious journey to offer the best possible services for members - and set to keep on going.”
Michael Robinson, Partner and CTO, Deloitte UK.
