The Mutuality era, where sharing equals financial prosperity

The financial landscape is reinventing itself, with more and more people looking for impactful ways to improve their financial wellbeing and achieve their goals. Traditional financial business models often focus on maximising returns for shareholders instead of delivering meaningful value for clients. This shift is about creating a system where success is shared, and everyone is involved. At the heart of this change is member centricity, reinventing the financial services landscape and doing things the Ubuntu way, where customers can participate in collective prosperity. This is Financial Togetherness™ and glu is helping make this vision a reality for more South Africans.

Mutuality is changing how people experience financial services. Instead of focusing on external shareholders, mutual financial models prioritise the people they serve, the members. As a subsidiary of PPS, glu shares their operating profits with their members, creating value and sustained financial growth. This isn’t just good ethics, it’s good business. When people feel like their provider is a #FinancialBestie, the trust between them grows, relationships deepen, and retention improves. 

This is crucial because today’s consumers demand more. They want more fairness and more transparency. They don’t want buzzwords, they want value.  Only 35% of South Africans trust their financial abilities, and while a recent study highlights that consumers globally look to banks for financial well-being support, McKinsey research shows that insurers who prioritise customer experience and provide a meaningful value proposition have an opportunity to bridge the gap. 

Mutuality fits naturally within this consumer context. Instead of being driven solely by revenue targets, financial services built on Mutuality prioritise member value, their financial health and long-term success. The result? A more balanced financial ecosystem that serves people. 

In this reimagined system, Financial Advisers play a crucial role; they guide clients towards better financial decisions and success. Mutuality gives advisers a competitive edge not only because of the distinctiveness of Profit-Share, but also the opportunity to build long lasting and meaningful relationships with clients.   

Technology is also reshaping the sector by making financial services more accessible and efficient. More than 45 million South Africans are active internet users with more than 90% of them accessing the internet via mobile devices. This makes digital platforms the perfect vehicle to help democratise financial services. glu’s paperless transactions, straight-through processing and real-time data analytics are helping create an ecosystem that reduces existing inefficiencies and improves accessibility for both advisers and members. This gives all parties more time back to focus on the things that really matter. 

South Africa has one of the highest levels of financial exclusion in the world and Mutuality gives us a chance to change this. When we imagine that the future of finance isn’t just about shareholder value, we imagine a world where purpose is what drives us. A blueprint for financial services that is about caring and sharing. 

As consumer expectations evolve, it will become clearer that Mutuality is a necessary shift from being self-made to us-made.