The scope of this investment, members of the Nationwide Building Society suggest, is to build new technology platforms in order to drive forward their digital and data strategies.
Joe Garner, the Nationwide Chief Executive, mentions that by creating an additional technology hub in the UK, the employing rate is also expected to grow between 740 and 1.000 people.
Moreover, as consumers increasingly do their banking online rather than in the physical stores, mortgage lenders are cutting back branches and investing in technology. However, members of Nationwide suggest that they would continue to invest in their branches, as well as in their technology offering, with the hope that the latest will increase efficiencies.
The savings target is to reach GBP 500 mln by 2023, rather than GBP 300 mln by 2021. The lender’s total investment over the next five years is estimated to GBP 4.1 bln.
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