Speaking at the trade body’s annual conference in Birmingham, he said the cost of advertising as a collective would not be financially viable.
“For Building Societies to move forward as a collective, we would need a subscription of five times what you are currently paying – the cost is too great.”
He added that while bringing all the interests of the building societies together would improve customer awareness of the market and enforce the mutual message, the sector should instead focus on working individually.
“To improve your visibility to consumers you should aim to deliver a greater online presence. Not only will this be effective for you, but it would also be financially viable.”
Richard Wells, general risk manager at Yorkshire Building Society, agreed with Coles that a collective approach is not necessary.
He said: “I think that we all need to work independently to ensure that customer service and outcome is at the top of everyone’s list. This should be the collective vision.”
