70% of customers who registered for Monmouthshire Building Society’s app are new to the Building Society

Seven out of ten customers who are using Monmouthshire Building Society’s new app have never banked with the Building Society before, according to its latest data.

The Building Society has also seen the volume of new accounts opened via the app increase, with a growth of 24%, with a 3% increase in the Building Society’s savings balance.  

The app has also helped Monmouthshire Building Society broaden its geographical reach. Before the app launch, the Building Society’s customers were concentrated near to its branches or agencies in south Wales or the south West, but the app has expanded its reach with customers now logging on from as far away as the Outer Hebrides to the Kent coast.  

The app is also attracting younger customers to the Building Society, with the app attracting a younger demographic of customers.

Kristy Maloney, Head of Savings at Monmouthshire Building Society, said: “A year on from the app launch it is great to see that it has done what we wanted it to do, introduce our products to a wider market and allow our customers to manage their money more easily.

“This app has also significantly improved our onboarding experience, with customers now being able to open an account in just seconds.”

Kristy added: “From a product point of view, the app couldn’t have been launched at a better time, as it coincided with the launch of our Regular Saver product, which attracted new people to the Building Society and who could open the account easily thanks to the app.

“The app has been a huge success for us, and it will allow us to invest further in tech to improve our customer’s experience of saving or borrowing with Monmouthshire Building Society, and of course, lend more in the local community and grow the wider business.”

You can download the Monmouthshire Building Society app via Google Play or the Apple App Store.