Do mutuals really value members?
The most common mutual difference that building societies and other mutuals cite is the legal fact that customers are members and that these members ‘own’ the business. Beyond the legal construct what does it really mean to be a ‘member-owned’ business; do members know and understand what membership means; do they value their membership and could it be more of a USP? Our panellists consider these issues and will also debate what effect ownership has on culture, behaviour and governance. Do mutuals really know who their members are? Do they engage with customers as owners of the business rather than simply consumers of product? Should being a mutual mean that these businesses stand for something, and if yes what?
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