Building society, Nationwide
Nationwide is the world’s largest building society, and as such holds a unique place on the UK high street.
Our aim is to be the UK’s first choice for financial services - offering a meaningful alternative to the established banks - with around 15 million members and 18,000 employees (April 2018), we continue to run for the benefit of our members rather than shareholders.
“ Our mutuality is what makes Nationwide fundamentally different from most other businesses. As we are owned by our members, our purpose is to build society, nationwide, helping them to finance their goals and to contribute to making society a better place to live. Our primary purpose is a social – not commercial – one. ”
Nationwide financial highlights 2018
Service leadership, record lending and current account openings drove strong profits and £560 million in member financial benefit.
Strong profitability, plus record capital ratios
• Underlying profit of £1,022m, within our financial performance framework
• Statutory profit of £977m
Our mutual pricing delivered member financial benefit of £560m
• Protected depositors by holding rates on average more than 50% higher than the market average
No 1 for service and trust
• UK’s most trusted financial organisation, with a lead of 3.8%
• No 1 for customer satisfaction for 6th year running; 4.6% ahead of our high street peer group
Highest number of current account openings in the UK
• UK’s top choice for current accounts, opening more than with any other brand; 816,000
• Record market share of 7.9% for main standard and packaged accounts, and 9.4% for all current accounts
Helped 400,000 borrowers onto or up the housing ladder
• Record gross prime mortgage lending of £29.4bn
• Helped around 1 in 5 UK first time buyers finance a home; a record 76,000 borrowers
Rewarded the loyalty of our 11.6m saver members
• Gave loyal members £435 in extra interest on their deposits compared with market average
Using our knowledge and expertise to contribute to the UK housing market
• Committed £50m to innovative housing project in Swindon
• Started a five-year programme to invest £20m in member-directed community grants
For more information, view our full report.
“ Despite our size, we account for only 2% of total industry complaints, and we make every attempt to resolve these to members’ satisfaction. When cases do get referred to the Financial Ombudsman Service, 82% of our decisions are upheld, compared with the industry average of 47%. ”
Nationwide and banking innovation
Right now the UK is a hotspot of innovation and development in the financial services world, and as a result many UK customers expect the financial services to develop at the same pace of today’s consumer society.
Nationwide has a history of innovation, dating back to being the first UK business to launch an internet bank back in 1997. Our more recent track record includes:
- Providing the ability to check account balances on Android Wear™, Smart watches and Apple watches
- Delivering the expansion of Nationwide Now, an innovative service which connects members to mortgage, personal banking and financial consultants via a high definition video link in branches.
- Being one of the first financial services providers in the UK to offer members the ability to use Apple Pay to make purchases in apps and at contactless points.
- Leading the way in offering the first dedicated 24/7 customer service Twitter feed.
“ Consumer demand for digital services continues to evolve rapidly, and it is vital that we allow members to transact with us in their preferred manner. As we seek to offer more products to more people, we will not forget that exceptional member service is critical across all points of access. ”
The Nationwide business model
Our approach to providing financial services is straightforward – we offer a broad range of mortgages, savings, current accounts and other financial products, delivering excellent service to our members, who are also our owners.
Our strategy of building society, nationwide means we are tasked with delivering value to current and future members and we focus on what really matters to our members: delivering outstanding service, great value products and strong support for local communities, all underpinned by the financial strength befitting an important financial institution such as Nationwide.
Building society, nationwide is underpinned by five cornerstones:
• Building thriving membership
• Built to last
• Building legendary service
• Building PRIDE
• Building a national treasure
For more information, see our Strategic and Financial Review(PDF)
“ Investing in our employees and valuing their contribution has made Nationwide what it is today – a financial services organisation that’s trusted by millions with the highest level of customer service on the high street. ”
Nationwide: Our people
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