Prioritising innovation and providing new services are key factors for building societies in order to reach a younger demographic and achieve long-term sustainable growth, according to new research.
A survey by Unisys Corporation has revealed that 86% of consumers under the age of 35 wanted a simple, intuitive digital current account from a building society.
In the study, which comprised more than 300 participants, 74% of all respondents said they would be interested in such an account.
Technological innovation, security and using a trusted bank were found to be the most important deciding factors when choosing a banking provider.
Digital offerings that could rival challenger banks were cited as the key driver in choosing new savings and current accounts.
Simon Healy, industry director for Unisys Financial Services, EMEA, said: “It’s important to be able to offer a limited current account to the teenage demographic so that building societies don’t lose them when they want financial freedom; and at the same time attract new, younger members through innovative offerings.”
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