We’ve said it plenty of times before, but now we have it confirmed: building societies do play an important role in supporting local communities, with this research showing that building societies generate an estimated £7.6bn in social value across the UK.
We are proud to have contributed to this research through surveying customers across our branch network. You can read the full report here.
What is social value, and how do building society branches deliver it?
Building societies are known for the financial services they provide to customers – primarily mortgages and savings. However, this is just a small part of what customers rely on building society branches for.
From community initiatives to in-branch services, access to cash to financial education, building society branches not only help generate valuable footfall in town centres, but provide many communities with services they would otherwise be without, such as our OneBanx kiosk in Thatcham. In fact, 44% of people said their building society was the main reason they visited their local high street, whilst 91% said their branch was important to their financial wellbeing, demonstrating the real need for building society branches in towns, particularly where there is little or no representation from banks.
Building societies also have a part to play when it comes to keeping people – and their money – safe. The research found that 1 in 4 (26%) building society employees have helped customers to avoid or resolve a scam, adding a vital layer of protection in an environment where scams are not only on the rise, but becoming more sophisticated and difficult to spot. Our own branch and customer service teams are always available to support customers if you’re worried about scams – check out our fraud hub for more information.
See how we can support you
At Newbury Building Society, we’re proud to play a part in keeping the vibrant building society branch network thriving across the country. Our ten high street branches are open, staffed by real people, and ready for you to visit, whether you’re looking for support with your savings, advice on a mortgage, or simply a face-to-face chat.
Discover our branches and their opening times here.
All figures taken from Building Community: The Social Value of Building Societies report by the Building Societies Association and RealWorth.