Nationwide is set to establish a new technology hub as part of a significant £4.1 billion investment plan, slated to span over five years. This move is poised to create between 750 and 1,000 new jobs, driving digital innovation within the marketplace.
The UK’s largest building society aims to enhance its service offerings for its 15 million members. The initiative involves high street branches leveraging video and social media tools to better serve customers. Alongside this, the investment strategy includes substantial funding for artificial intelligence and a reduction of its data estate from 20 data stores to just two.
Tony Prestedge, deputy chief executive, emphasised the necessity of adapting to technological advancements. He stated, “The pace of technological change means that we need to reassess continually how we serve our members in order to remain relevant, valued and competitive. We are therefore seizing this moment with confidence as we set ourselves up to succeed long into the future.”
In addition to the tech hub, the investment plan features a £50 million FinTech venture fund. This fund is designed to support start-ups focusing on seven main themes: house and home, personal data and identity, financial wellness, community and society, banking-as-a-platform, operational efficiency, and new segments.
However, there were no specific details shared about the location of the proposed tech hub. This endeavour aligns with the organisation’s broader strategy to remain forward-thinking and adaptive in a rapidly changing technological landscape.
Nationwide’s ambitious investment plan underscores its commitment to innovation and excellence in member services, ensuring it stays competitive in an evolving market.