In today’s dynamic and challenging environment, businesses face the dual task of navigating crises while staying committed to their core purpose. This is particularly true for organisations like OneFamily, whose mutuality provides a distinct advantage in addressing societal challenges and innovating in times of adversity. The story of OneFamily demonstrates the transformative power of mutuality, technology, and resilience in an ever-changing world.
A legacy of inclusion: Child Trust Funds
The Child Trust Fund initiative marked a pivotal chapter in financial inclusion. This product, introduced in the UK by the government from 2002 to 2011, was designed to provide a financial foundation for every child. Although the government’s contributions were modest, OneFamily recognised the scheme’s potential as a tool for social mobility and stepped forward when others hesitated. By offering accessible, equity-based products, OneFamily ensured these funds could grow significantly, doubling their value over time.
When the funds matured, technology was employed to empower a digital-first approach, enabling 18-year-olds to access their savings seamlessly via an app. Additionally, OneFamily pioneered a simplified process to assist children with mental incapacities in accessing their funds, championing their right to financial inclusion. These efforts underscore OneFamily’s ethos of being a voice for the voiceless and innovating where it counts.
Recognising the transformative forces shaping society, OneFamily identified five mega-trends as the foundation for its strategic initiatives:
- Electric-only living: In response to the climate crisis, OneFamily is exploring ways to support customers through the energy transition, ensuring affordability and accessibility.
- Social mobility: With rising economic inequality, OneFamily remains dedicated to promoting financial education and resilience, particularly for vulnerable communities.
- The working revolution: Advances in technology, including AI, are redefining workplaces and skill requirements. OneFamily is actively equipping its teams to adapt to this new reality.
- Longer lives: The implications of increased life expectancy are profound, particularly for financial planning and retirement. OneFamily is reimagining solutions to meet these evolving needs.
- Frayed safety nets: As state-provided safety nets diminish, OneFamily is stepping up to provide robust, customer-centric financial protection.
Harnessing technology for transformation
Technology is a cornerstone of OneFamily’s strategy. Its commitment to efficiency and innovation has led to the consolidation of 12 legacy platforms into a single system, streamlining operations and enhancing customer experience. Moreover, the adoption of AI-driven tools has revolutionised customer service and pricing strategies. By predicting customer needs and market trends, OneFamily delivers competitive, tailored products that resonate with its audience.
Equally significant is OneFamily’s balanced approach to automation and human touch. Customers are always given the option to speak to a human representative, ensuring trust and satisfaction remain at the forefront of its service ethos.
The role of people and culture
Technological advancements are meaningless without the right people and culture to drive them. OneFamily has embraced a cultural reboot, fostering diversity and inclusion as core values. With a leadership team composed predominantly of women and significant representation from ethnic minorities, OneFamily exemplifies its belief in reflecting the communities it serves.
Transparent communication and a strong sense of purpose underpin OneFamily’s team engagement strategy. By empowering employees to believe in the “why” behind their work, OneFamily has created a culture of adaptability and innovation.
Courage, strategy, and investment
In the face of constant disruption, OneFamily has consistently demonstrated courage by championing its customers’ needs, even when it required challenging the status quo. Its ability to step back, see the bigger picture, and identify emerging trends has enabled it to stay ahead of the curve.
At the heart of this success is OneFamily’s willingness to invest—both in technology and in people. By combining cutting-edge solutions with an engaged and capable team, OneFamily continues to unlock opportunities, proving that mutuality remains a powerful force for progress in an ever-changing world.
As we navigate the complexities of the modern era, OneFamily’s journey serves as a testament to the importance of staying true to one’s values, embracing change, and striving to make a meaningful impact.
