West Brom Building Society has been selected to join the next phase of the PRA and FCA Scale-Up Unit, an initiative designed to support growing financial services businesses through early engagement with regulators, peer learning and discussions around innovation and sustainable growth.

The Scale-Up Unit brings together organisations from across financial services, creating opportunities to share insights and engage with regulators on the opportunities and challenges that come with growth.

The West Brom's participation supports its ambition to continue evolving its proposition for customers through investment in technology, digital capability and service improvements.

In recent years, the Society has invested significantly in transforming its technology and digital capabilities to better meet the changing needs of customers. As it continues this journey, the West Brom remains focused on using technology to make banking and saving simpler and more accessible.

Participation in the Scale-Up Unit provides opportunities to engage early on new ideas and innovations, helping the Society understand how emerging technologies can be deployed safely, and in the best interests of customers.

The initiative also provides a valuable forum for open dialogue with regulators and industry peers, helping to foster an environment in which mutuals can continue to innovate and grow.

Jonathan Westhoff, Chief Executive Officer at West Brom Building Society, said: "Joining the PRA and FCA Scale-Up Unit is an exciting opportunity for the West Brom.

“It reflects the progress we've made as a mutual and provides an opportunity to contribute to conversations about the important role mutuals can play in the future of financial services.

“The timing is particularly significant for us. In recent years, we've invested heavily in transforming our technology and digital capabilities to meet better the changing needs of customers. As we continue that journey, our focus remains on using technology to ensure that our services become more accessible and more convenient, while maintaining the personal service that remains at the heart of who we are.

“Participation in the Scale-Up Unit provides an opportunity to engage early on new ideas and innovations, supporting us to deliver great outcomes for customers.

“At the West Brom, we've always believed that mutuals bring a distinct and important perspective to financial services. Through the Scale-Up Unit, we hope to contribute to thinking about how the West Brom Building Society, and the wider mutual sector, can evolve, embrace new technologies and deliver sustainable growth while maintaining a strong focus on customer outcomes.

“I'm excited about the opportunities ahead and look forward to working with colleagues across the Unit as we continue building on the strong foundations we've created for the future."