Posted on September 14, 2018 by staff

Nationwide to open tech hub as part of £4.1bn plan


Nationwide is to open a technology hub as part of a £4.1 billion five-year investment plan.

The UK’s largest building society said in a statement that the investment will see between 750 and 1,000 jobs created as it looks to drive digital innovation in the marketplace.

The firm, the UK’s second largest mortgage lender, has 15m members who it plans to serve with high street branches that incorporate video and social media into its service.

Investment in artificial intelligence and the reduction of its data estate from 20 data stores to just two are also part of the plans.

“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,” said deputy chief executive Tony Prestedge.

“We are therefore seizing this moment with confidence as we set ourselves up to succeed long into the future.”

No further details were announced around the proposed location of the tech hub.

Nationwide is also to launch a £50 million FinTech venture fund to assist start-ups in seven main themes: house and home; personal data and identity; financial wellness; community and society; banking-as-a-platform; operational efficiency; and new segments.