£4bn Nationwide tech spend to drive digital and data
Nationwide Building Society has committed to invest another £1.3 billion in tech to help simplify operations, as part of plans to drive forward digital, data and analytic strategies in a move which will bring its total tech investment to a massive £4.1 billion over the next five years.
It expects the strategy to create between 750 and 1,000 jobs in a new technology hub, by simplifying its technology estate and building new tech platforms to enable growth and diversification.
Nationwide chief executive Joe Garner said the organisation is in a position of "financial strength" and that its capital levels are at an all-time high.
He added: "At a time when customer expectations of service are rapidly changing in a digital world, we are investing to ensure that we continue to provide leading service.
"We believe that our members want a combination of human service on the high street, as well as digital convenience. As a building society, we are able to deliver both - continuing to invest in our branches alongside this significant investment in our technology and operational capabilities.
"As part of this overall investment, we anticipate creating an additional technology hub in the UK and employing between 750 and 1,000 people over time."