AI Governance – balancing innovation and responsibility
Introduction AI is the shiny new intern of the financial world. Works fast, never complains, but sometimes makes decisions no human can explain. In the UK, around 75% of financial firms already use AI, and this number is growing fast [Bank of England, 2024]. That’s either impressive or terrifying because alongside AI’s promise comes risks […]
Embracing AI Without Diluting Human Engagement
Financial services firms of all sizes wrestle with a common challenge: how to modernise operations whilst maintaining a connection with customers? In recent years, Artificial Intelligence has moved from being an industry buzzword to presenting a real opportunity to modernise, but for some, it’s seen as a greater threat to achieving this balance. Growing maturity […]
Harnessing AI in Financial Services: Laying the Data Foundations
Woodhurst’s series ‘Harnessing AI in Financial Services’ delves into the key enablers for financial services to effectively adopt AI, covering data readiness, governance, workforce collaboration, and scaling AI across the enterprise. After covering the high-level approach to AI in our first article, this second instalment will dive into data. Regardless of how sophisticated AI tools […]
Approaching AI within Financial Services
In a sector driven by trust, stability, and strategic decision-making, artificial intelligence (AI) is rapidly transforming how financial services operate. As digital-first competitors successfully harness AI’s capabilities, established institutions must act decisively to remain competitive. The question is no longer whether to integrate AI, but how to do so effectively while upholding core business values […]
Your Members Are Weird. Hereʼs How to Understand Them
If you picked three members at random, you’d probably get: One who religiously saves every month, One who uses their savings account as a glorified piggy bank And one who thinks “ISA” is short for “Is A Mistake.” Yet they all get the same emails, the same interest rates and the same exclusive offers. You’re […]
Modern Mutual Spotlight on Skipton Building Society
Skipton Building Society prides itself in continuing to make membership matter for their customers. Having first opened its doors in 1853, the Society’s purpose still remains the same: to help people get on the housing ladder and remain financially resilient in the long term. Our Co-Founder, Ben Nadel, sat down with Skipton’s CEO of Home […]
Bridging the Digital Gap in Islamic Finance
Introduction There is growing demand for digital solutions from Islamic Financial Institutions (IFIs) in the UK and globally, especially amongst young Muslims. A Mambu report found that 74% of millennial and Gen Z Muslims desired Islamic finance mobile banking apps. Additionally, 76% considered online banking options a deal breaker for converting from conventional finance to […]
Modern Mutual Spotlight on Progressive Building Society
Progressive Building Society’s investment in digital technology enables the Society to remain relevant for its members. As it finalises moving its technology infrastructure from data centres to cloud, Woodhurst co-founder Ben Nadel sat down with Michael Boyd, CEO of Progressive Building Society to understand how the Society continues to strive for delivering their core purpose […]
Modern Mutual Spotlight on Leeds Building Society
Leeds Building Society strives to put home ownership within reach of more people. Their core mission has ultimately guided their journey as a Modern Mutual, ensuring the Society is future proofed for both members and colleagues. Our co-founder Ben Nadel sat down with Richard Fearon, CEO of Leeds Building Society, to explore their journey so […]
Coining a new era: Tokenisation for Building Societies
Introduction Imagine you own a buy to let property that is worth £500,000. You want to sell it for that amount, but you don’t have many buyers who can afford it, and don’t want to reduce the price. You might also not want to lose the ownership of the whole house. What if you could […]