It’s a new dawn, it’s a new day, it’s a new life for me…and it’s feeling good
As boomers get closer to retirement, Gen X and Millennials are beginning to shape and influence our economy, and it’s evident that their expectations are very different from the 54-74 age group. Coupled with an exponential growth in technology, the financial services sector in the UK is going through considerable change.
Here, Ian - Head of Technical Practice - talks to us about how Nationwide is entering a new period that sees us moving away from purist finance, and evolving more in to a technological space.
Tech for Millennials, Humans for Boomers: we’ve got it covered
“We were once regarded as a financial institution with a bit of technology, but now we’re witnessing the scales tipping the other way, as our members’ technological needs become greater. Yet despite of a preference for digital services, we’re finding that very few of our members are in favour of a technology-only financial service with no human interaction at all.”
As changes are afoot, financial institutions are mindful of the needs of each generation (and account holder). As reported in the Independent earlier this month, almost half of UK Millennials want to do their financial planning on a smartphone.
‘Generation App’ as they’re otherwise known, aged between 18-35, are apparently nearly twice as likely to use mobile phones than the older generations such as the Baby Boomers. But not all the Boomers are technophobes - some are more digitally savvy than you’d think - and slowly we’re seeing them becoming avid users of banking online, as well as relying upon our high-street presence, and face-to-face service in-branch.
“ Having a solution that is technology-led, but underpinned by humans, is how we build society, Nationwide. Our technology teams are focused on providing an exhilarating digital experience, and we use analytics, data and insights to provide personalised experiences that empower our account holders across any device. ”
How Raspberry PIs are keeping our software agile
In May this year, Ian launched the e.PI#17 challenge, where teams were given Raspberry PIs. They were asked to invent or develop something that would make life simpler, faster and cheaper for Nationwide and its members.
“We invited our IT development teams to develop their ideas on how we can improve our use of technology to increase our efficiency, or create more member value. We wanted them to use their engineering capabilities to increase our focus on innovation, and become more efficient in what we do.”
Everyone involved was invited to present their ideas in a Dragon’s Den scenario, and the winning team then had to sell their idea to the senior stakeholders and board of Nationwide.
“ With initiatives like the e.PI#17 challenge keeping our software development agile, along with our mutual legendary service, we’re confident this will be enough to appeal to the uprising of the Gen Zs, the Millennials, the Gen Xs, and the Baby Boomers. Our culture is one of continuous learning, where it’s more about iteration and less about perfection. ”
Mutually inclusive for every generation
“There’s a perception that the word mutual only resonates with the older generation – the socialist view – which doesn’t ring true in the very materialistic world in which we live today. However, Gen Z and the Millennials are very collaborative – all for one and one for all – and they have connected, networked lifestyles. If we continue to develop our diverse and inclusive society, we’re sure to see continued growth and success for every generation now, and years to come.”
Time for a new (work) life for you?
There’s no denying it’s feeling good right now at Nationwide, so we’re keen for others to join our expansive team. If it’s time for a new (work) life for you, then find out more about our latest opportunities here. We can’t wait to talk #RaspberryPI.