Embracing digital transformation in times of uncertainty

70% of the UK’s building societies have less than 10 branches

Source: Based on number of branches from BSA Yearbook 2019/20

Slow service and poor online systems are the biggest issues for brokers working with building societies

Source: Smart Money People Building Societies in 2020 - July 2020

76% of UK households use internet banking

Source: Statista Internet Banking in Great Britain

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It’s time to transform your digital saving and lending platforms

Unlike new fintechs, Sandstone Technology have been working with building societies across the globe for over 20 years. During this time we have established a reputation of being a trusted digital partner for several of the UK’s largest building societies including The Cumberland, West Brom and Market Harborough.

At Sandstone, we understand that building societies exist to help members achieve their financial goals, giving them a greater sense of financial security by providing simple solutions to their core financial needs, like saving and borrowing. We also appreciate that your existing members and new customers expect to be able to open and manage their financial accounts on their own time using a channel of their choice.

TRANCHE MANAGEMENT LATEST FEATURE

Major changes in the financial sectors has put immense pressure on treasury, product management and financial teams within banks and building societies who traditionally manually manage the inflow of retail and business deposits. These archaic physical processes have highlighted the risks associated with manually managing and predicting future trends for deposit account tranches - the need for an automated, efficient process has been clearly identified.

To assist building socieities in their handling of savings product tranches, Sandstone Technology developed Tranche Management functionality for BankFast Apply. This new feature helps organisations manage the flow of retail and business deposits within the admin console of BankFast Apply.

Traditionally managing the liquidity risk ratio for financial organisations is a very manual process and places pressure on product management and treasury teams. This back-office feature takes the guess work out of predicting when a savings product tranche is full which supports risk management.

Sandstone can help you meet your members online needs while bolstering your other channels of member engagement

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In recent times, the way in which building societies have had to engage with their members has changed. Digital channels have had to be brought to the forefront of banking, sitting alongside the more traditional means of member engagement. Increasing an organisation’s online presence has provided a new channel in which you can talk to your members and meet their immediate needs. In addition, it has opened a new demographic of members operating online - those members who have never used the digital channel before, are now becoming proficient in the way they engage with their financial institutions online.

With our vast experience, knowledge and proven, in-market solutions, Sandstone has a range of digital solutions that can be quickly deployed to any core banking platform with minimum downtime for your members. We work closely with your IT transformation teams to run agile, efficient and successful projects.

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