Latest news with #ScottishBuildingSociety
Edinburgh Reporter
2 days ago
- Sport
- Edinburgh Reporter
Edinburgh's title at gathering of Inclusive rugby clans
Local inclusive rugby club, Edinburgh's Inclusive rugby team have been crowned champions at the fourth Scottish Building Society Inclusive Festival. For the first time, the celebration of inclusive rugby was held at Hive Stadium, Edinburgh, welcoming teams from across Scotland, including Borders Clan, Strathmore Clan and Ayrshire Clan. The festival followed a round-robin format, allowing each team to play against each other and with the teams using the same facilities as the full-time team, they each got a taste of what it would be like to be a professional rugby player. Inclusive rugby brings together both able-bodied players and individuals with physical or learning disabilities, playing side-by-side as unified teams. The multi-gender format promotes teamwork and inclusivity and proudly demonstrates that rugby is a sport for all. The tournament was established by Scottish Building Society and Edinburgh Rugby to spotlight grassroots rugby and highlight the exceptional work being done by inclusive teams across the country. Following the day's matches, players and coaches were joined by Edinburgh Rugby stars Luke Crosbie and Harry Paterson, who hosted a lively Queston and Answer session, sharing insights and encouragement with participants. During the recent sell-out Edinburgh Rugby v Ulster fixture, the victorious Edinburgh Rugby Inclusive Team, were invited to take a lap of honour around the pitch. Paul Denton, Chief Executive of Scottish Building Society, presented the winning trophy to the team in front of an enthusiastic crowd. Brian Smith, coach of Edinburgh Rugby Inclusive, said: 'It's never lost on everyone here how much the support of Edinburgh Rugby and Scottish Building Society benefits us. This is the first time the tournament has been held in the Hive, seeing how much it means to all the teams to play on the same pitch as they watch the pro team play on is brilliant, it means the world to them.' Paul Denton said: 'It was my pleasure to present Edinburgh Rugby Inclusive Team with their trophy; you can really see how much it means to the players and their families. The event is a brilliant way for players from teams across Scotland to come together and showcase their talents in a safe and positive environment, with many friendships being made along the way.' EDINBURGH, SCOTLAND – MAY 10: A squad photo of the Edinburgh Inclusive Rugby Team during a Edinburgh Rugby x Scottish Building Society inclusive festival at the Hive Stadium, on May 10, 2025, in Edinburgh, Scotland. (Photo by Ross MacDonald / SNS Group) That winning feeling for Edinburgh Inclusive Rugby team Like this: Like Related
Glasgow Times
5 days ago
- Business
- Glasgow Times
Glasgow community campus receives boost of up to £5,000
Bridgeton Community Learning Campus is one of eight charities and good causes in Scotland to receive a funding boost from the Scottish Building Society Foundation. The foundation provides individual grants of £5,000 to support charities' work in their communities. Read more: Primary school to gain new classrooms following £500k investment Bridgeton Community Learning Campus was awarded funding to "further its work supporting local businesses and organisations based in Bridgeton". As well as the Bridgeton-based charity, grants were awarded to Very Inclusive Play Club, Forth Canoe Club, Ochil Trail Association, The Birks Cinema Trust, Works+, Trossachs Tigers Hockey Club, and Duntocher Village Hall, who all received donations to support their initiatives in their community. Paul Denton, chief executive officer of the Scottish Building Society, said: "As we welcome members to our AGM this year, it feels fitting to celebrate the incredible work charities do in their local communities, and we are proud to support their efforts through this next round of funding. "All the charities and community organisations who have been successful in their applications have a fantastic cause and we look forward to seeing their positive work go further as a result of the funding they have received. "By investing in good causes, we are building stronger communities." The Scottish Building Society Foundation was established in May 2023 in partnership with Foundation Scotland. Since then, it has provided more than £150,000 shared among 43 charities. The latest funding round coincides with a successful year for the world's oldest remaining building society. In April, the society revealed a 17 per cent increase in total assets over the last 12 months. The society's assets have doubled since 2020 to £866.5 million, while its mortgage portfolio grew by 7 per cent and retail savings balances rose by 20 per cent. Additionally, for the fifth consecutive time, the Scottish Building Society was recognised as the 'Best Building Society' at the 2024 Scottish Mortgage Awards. Read more: 'I couldn't recommend it highly enough': Care facility earns high praise Mr Denton also received the 'Lifetime Achievement' award during the ceremony. He said: "Over the past 12 months, we've seen strong results driven by our commitment to the communities we serve, building loyalty and trust with our members to provide them with the services they need. "As a mutual, we make decisions exclusively for the benefit of our members, not shareholders, and today, that feels more important than ever. "That's why we continue to invest in relationship centres, passbook savings accounts, and a personal approach, while at the same time developing our digital tools to give members secure, convenient access to their accounts." More information on the society's efforts can be found on the Scottish Building Society Foundation's website.
Daily Record
06-05-2025
- Sport
- Daily Record
Dumfries Saints youngsters get once in a lifetime training session with top Scotland rugby stars
Scotland prop Pierre Schoeman and fellow Edinburgh Rugby players Boan Venter, D'arcy Rae and Ben Healy put the youngsters through their paces. Youngsters from Dumfries Saints took part in a once of a lifetime training session with some of Scotland's top rugby stars. They were among one of four junior clubs chosen across Scotland in a Scottish Building Society and Edinburgh Rugby competition to train like a pro at Edinburgh's Hive Stadium. Scotland prop Pierre Schoeman and fellow Edinburgh Rugby players Boan Venter, D'arcy Rae and Ben Healy joined, in putting more than 100 youngsters through their paces. Duhan van der Merwe then led a question and answer session with the Edinburgh Rugby players, giving the youth players an insight into what it is like being a full-time professional rugby player. The day concluded with a signing session for the young players to cap off a memorable experience. Edinburgh Rugby and Scotland, prop, Pierre Schoeman said: 'It was an incredible day and it was great to see all the teams come along to Hive Stadium and give their all in the training sessions. Even the questions we got were tough. 'There are a few players who I will need to keep my eye on in the coming years. This might be the first of many games they play here at Edinburgh. 'I would like to thank the Dumfries Saints players for all their effort and wish the players all the best in their upcoming games'. The session was part of Scottish Building Society's Win a Training Session programme, which has now provided more than 20 youth clubs with the opportunity to train and be coached by some of Scotland's top rugby players. Paul Denton, chief executive, Scottish Building Societ,y said: 'When we first launched the programme back in 2021, we wanted to give youth teams a once in a lifetime experience, giving back to young players to inspire the next generation of rugby stars. 'We have now provided over 20 clubs the chance to train in an elite environment and inspired over 500 young rugby players with training sessions with their heroes. 'The coaches and players at Dumfries Saints were fantastic and I am glad they all enjoyed their day.'
The Herald Scotland
24-04-2025
- Business
- The Herald Scotland
Historic Scottish mortgage provider doubles in size
The company said total assets have more than doubled since 2020, now at £866.5 million, which it said is 'the strongest organic growth of any building society in the UK'. The firm said the growth trajectory mirrors the time Paul Denton, chief executive, joined the organisation with a new leadership team in 2019. The firm said: 'Having cultivated a positive, inclusive, and engaging workplace environment, the building society continues to invest in its people to deliver consistently high levels of customer service to its members. 'In 2024, the mortgage market remained subdued due to high interest rates and ongoing affordability challenges. Despite this, Scottish Building Society's mortgage portfolio grew by seven per cent.' Savings members benefited from an additional £7.6m in interest - 1.45 per cent above the market average – which it said highlighted 'the value of mutual ownership'. Mr Denton said: 'From the moment I joined this historic organisation, I could sense something special. For over 175 years, our commitment to the communities we serve has never wavered - if anything, it feels more vital today than ever. 'Our ethos of offering simple, easy-to-understand products has stood the test of time—especially through today's economic challenges. While others close branches and shift to digital-only services, we remain focused on choice—offering what truly works for our members. 'You see this in our continued investment in relationship centres, passbook savings, and a personal approach to mortgage underwriting. At the same time, we're enhancing our digital tools to give members secure, convenient access to their savings and their documents online. The steady growth in our membership reflects the real value offered by Building Societies.' It posted pre-tax profits of £2.8m, mortgage balances at £577.2m, and retail savings balances of £588.3m. Researchers produce life-saving new test for developing countries A Scottish university has helped produce a new blood test that can help identify infectious diseases and save lives across the developing world. Abertay University has teamed up with Bangor University in Wales and they have produced the prototype flow through assay test that can detect up to five infections, and the results are able to be analysed and communicated via a specialist smartphone app. The group used tuberculosis as a pilot case with researches using serum samples provided by the World Health Organisation (WHO) from countries where the disease is common. The process has the potential to speed up diagnostics that would have previously taken weeks and is also far more affordable than the current testing model, which requires analysis in a lab. New Moray wind farm will get UK 'off the fossil fuel rollercoaster' A Scottish wind farm hoped to power up to 1.3 million homes will help the UK in 'getting off the fossil fuel rollercoaster', Energy Secretary Ed Miliband has said ahead of it being switched on. The Moray West development – built by Ocean Winds – employed 1,500 people during its construction and is hoped to reach an output of 882 megawatts at full capacity. The development also included building the largest turbines in British waters, with some of the 60 structures rising up to 257 metres above sea level. Mr Miliband said the wind farm will contribute to the UK 'getting off the fossil fuel rollercoaster' in the coming years as the UK Government aims to increase offshore wind outputs to between 43 and 50 gigawatts.
The Independent
09-04-2025
- Business
- The Independent
6 challenges building societies face in the age of digital challengers
Backbase is a Business Reporter client Discover the challenges building societies face in the digital age and strategies to successfully adapt. Building societies have a long history of serving local communities, often dating back more than a century. The oldest dating back to 1848, Scottish Building Society, and only three societies younger than a century. Their mutual ownership model—serving members rather than external shareholders—has cemented them as trusted financial partners for generations. However, the rise of digital challenger banks and fintech startups has introduced heightened competition in the financial sector. Building societies now must address the question: How do they preserve the values that have defined them for decades while embracing innovative, technology-driven transformation? Backbase recently spoke with Simon Broadley (formerly CCO and now CEO of Furness Building Society), together with Jouk Pleiter (CEO and founder at Backbase) and Tim Rutten (CMO at Backbase) and captured the conversation in a Banking Reinvented podcast episode which is available here. From the podcast we've pulled together the 6 primary challenges building societies face in today's world of fast-moving, digital-native competitors. 1. Balancing heritage and modernization For building societies, heritage is both an asset and a potential stumbling block. Their longstanding community presence instills loyalty and trust. Yet, there is a perception that being 'traditional' means being slow to adopt new tech. Meanwhile, digital challengers are cloud-native, app-first, and quick to iterate on new features. Customer expectations: Customers of all ages, including older individuals, increasingly expect easy-to-use online and mobile banking experiences. This shift in customer behavior means that building societies can no longer rely solely on a branch-based model to meet customer needs. They must adapt to an omnichannel approach where journeys could begin on one channel and end on another. Strategic modernization: To remain competitive, building societies need to invest in technology solutions, partner with technology providers, or adopt a hybrid approach. The goal is to create digital channels that are as good as those offered by newer, digital-native banks, while still maintaining their focus on personal relationships and customer service. Time-to-market is also an important metric to focus on. 2. Pressures of 'Buy vs. Build' Historically, many building societies tried to build and maintain their own proprietary systems in-house. That approach is costly—both in terms of up-front development and long-term upkeep—and it diverts resources from core member services. With digital-native banks continuously launching updated features, building societies are finding it more practical to partner with external vendors to quickly implement advanced digital capabilities. Competitive urgency: Challenger banks are known for their agility and speed in releasing new features and products. This rapid pace can put immense pressure on smaller and more traditional institutions like building societies, which may have smaller development teams. To remain competitive, building societies must find ways to accelerate their innovation cycles and respond to market demands more quickly. An omnichannel platform approach is key to agility. Partnership opportunities: Building societies can leverage partnerships with innovative financial technology providers to quickly gain access to modern technologies and tools. This approach reduces the risk and cost associated with developing solutions in-house, allowing building societies to focus on their core strengths, such as member engagement and community impact. However, finding the right mix of buying and building is important and depends on your choice of technology provider. Backbase offers a hybrid 'Buy and Build' approach that provides building societies the best of both. 3. Changing regulatory landscape Building societies operate under stringent regulations designed to protect customers and maintain financial stability. As new products emerge—ranging from peer-to-peer lending to innovative mortgage structures—regulatory scrutiny only intensifies. Digital challengers that enter the lending or savings space must meet these same standards, yet they often have the budget and digital architecture to adapt more rapidly. Resource allocation: Ensuring compliance requires a significant investment of both time and money. This can potentially divert resources away from technological advancements, hindering innovation. Effective resource management is essential to balance the demands of compliance with the need for innovation and maintain a competitive edge. Future proofing: Building societies that prioritize compliance from the start and implement adaptable systems will be better equipped to handle future regulatory changes. This proactive approach will prevent the need for extensive and costly technology overhauls as regulations evolve, ensuring long-term sustainability and agility.. 4. Physical footprint vs. digital channels Branches have long been the heart of building societies, offering face-to-face advice and fostering a sense of belonging within local communities. But as digital challengers prove the viability of online-only models, traditional institutions risk being seen as outdated if they don't invest in convenient self-service and remote banking experiences. Dual-channel expectations: Catering to the preferences of younger customers necessitates a hybrid approach. While these customers are comfortable with digital self-service platforms for routine banking tasks like checking balances or transferring funds, they still value the option of face-to-face interaction with bank representatives when it comes to significant financial decisions, such as securing a mortgage. This dual-channel approach allows banks to cater to both the tech-savvy and the relationship-oriented needs of their clientele. Technology integration: The modernization of bank branches goes beyond mere aesthetic upgrades. It involves equipping staff with real-time digital tools that enable them to access customer information, provide personalized advice, and process transactions efficiently. And, seamless transition between online and in-person channels is essential to ensure a consistent and satisfactory customer experience. 5. Competing with large and digital-first banks Although building societies enjoy high levels of trust, they have fewer resources than national or global banks—and far fewer technology specialists than many digital-native startups. They must differentiate themselves with what they do best: personalized service, community engagement, and the ability to take a long-term view on members' financial well-being. Niche positioning: Building societies can distinguish themselves by prioritizing their members and community over profits. This focus sets them apart from traditional banks that prioritize profits and digital-only firms that lack a community focus or human-touch. Digital leaps: Partnering with banking technology providers like Backbase, allows building societies to offer modern digital banking services without needing to develop the entire system from the ground up. These partnerships enable them to stay competitive and meet member needs in the digital age. 6. Driving frequent engagement Mortgages and savings accounts are high-value but low-touch products—meaning that once an account is set up, interactions can become infrequent. Challenger banks, on the other hand, often offer daily-use services (like checking accounts, payments, and money management features) that encourage frequent user engagement. This low engagement and lack of mind-share is a significant challenge for building societies. Product expansion: Building societies can expand their product offerings beyond traditional savings and mortgages to include insurance policies, investment opportunities, and personalized financial advice. This diversification not only boosts revenue but also strengthens customer relationships by becoming a one-stop shop for their financial needs. Personalized digital journeys: Implementing user-friendly apps and online portals that offer tailored financial guidance can significantly enhance customer engagement. Features like automated savings reminders, budgeting tools, and regular financial health check-ins can foster a sense of proactive support and keep customers connected to the building society. Carving out a digital-first, community-centric future Building societies stand at a critical juncture. On one hand, they boast deep roots, strong reputations, and a mission-driven ethos that newer market entrants can only dream of. On the other hand, they face a rapidly evolving financial landscape where digital natives move swiftly and consumers expect convenience at their fingertips. The most promising path forward involves blending tradition and modernity: preserving the personal touch and local presence that have defined building societies for decades while embracing innovative digital solutions. A key factor in achieving this balance lies in choosing the right banking technology provider. Backbase offers building societies a comprehensive platform that empowers them to deliver seamless, personalized digital experiences to their members. Overcoming the challenges of digital transformation requires a partner that can provide the speed, flexibility, and member-centric focus necessary to thrive in the digital era. Ultimately, it's about staying true to mutual values while boldly adopting new ways of serving members. In doing so, building societies can not only remain relevant but also further differentiate themselves in an ever-crowded financial marketplace. Jonathan Stallard is Regional Director, UK and Ireland, for Backbase, leading the UKI business for Backbase for both new and existing customers. He has 19 years of experience working in the Global Financial Services sector with senior management on digital transformation initiatives, and is currently working with financial institutions on their Digital Strategy to optimise their Digital Engagement Channels.
