September 2018 – Nationwide Building Society has announced that it is going to spend £4.1bn of members’ money in an attempt to compete with fintech banks such as Monzo and Revolut. The society states that it is intended to improve online services.
It is claimed that the adventure will take up to five years to complete and the improved technology will create 750 to 1000 new jobs but says total staff numbers will slowly decline. However they provide no information on how this expenditure will benefit members or non-members who seek mortgages.
The directors of this mediocre performing building society continue their efforts to make it a bank and not a mutual.