Nationwide allocates another £1.3bn to tech investment

Nationwide, Britain’s biggest building Society and the UK’s second largest mortgage lender, says it is “primed for the next generation of digital innovation” after announcing a further £1.3 billion injection of tech investment, taking total spent on its modernisation strategy to £4.1 billion.

The investment will see between 750 and 1,000 jobs created over time and the opening of a new dedicated technology hub to drive innovation as the Society builds skills for the future.

Specifically, the new technology investment will address six areas, being:

In recent years, Nationwide has successfully completed a number of major technology changes. These have included:

Tony Prestedge, Nationwide’s Deputy Chief Executive, said: “Nationwide is in an incredibly strong position, something we’ve achieved through understanding consumer needs and serving members on their terms. Testament to this is that we have over recent years realised record membership, customer service and financial strength and security.

“As a mutual we can afford to take a longer-term view rather than focus on short term gains. 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.”