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How your Society has performed in 2018/19
Your
Society
Strong today,
investing for tomorrow.
Highlights and introductions from your Chairman and CEO
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Jade, member since 2013 and
Sienna, member since 2016
How we’re
building
society,
nationwide
Who we are, what we do and what we’re investing in.
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Ian, member since 2003 and
Patty, member since 2016
Helping more
members
make more of their money
Helping our members buy their first home is just one of the reasons we were founded.
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Jay, member since 1999
Keeping our Society
and our
members'
money safe
We’re here to keep our members’ money exactly where it should be.
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Andreas, branch manager since 2005
Striving to serve our
members
better
every day
We think face-to-face service is still really important.
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Carl and Jacob, members since 2018
Creating
the right
culture
to do the best for
our members
Our employees are a big part of who we are and how we’re run.
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Elrich, IT Disaster Recovery Analyst since 2016
Supporting
communities and
making a
difference
We’re working with local communities to make sure everyone has a place fit to call home.
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Adam, Rock Trust project worker
How we’ve
performed
this year
See how we’ve been performing this year and whether we’ve hit our targets.
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Victoria, Member since 2003
All about
our finances
We’re here to offer the best long-term value possible to our members.
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Melissa, member since 2013

Who we are and what we do

Our building society was founded 135 years ago to help people save and buy homes of their own. We were driven by our social purpose, and our focus on building society is as important to us today as it was then.

A safe home for our members’ money

We provide our members with a secure home for their money as well as everyday banking services. Around two-thirds of our funding comes from our members trusting us with their money.

Helping our members into a home

We lend money to members so they can buy their own homes. As a building society, at least 75% of our lending is secured on residential property.

We think about
profits differently

We manage the difference between the interest rates we charge and the rates we pay to balance the need to be profitable with giving our members good long-term value. Last year, we generated £705m in financial benefit for our members through better pricing than the market average.

Building society

Our decisions are guided by what is important to our members. We invest to make sure our service is amongst the best in the UK; we support local communities; and we try to make a difference on issues that our members care about.

Member-owned

We’re owned by our members and run for their benefit. Our members’ interests shape everything we do, and we want them to feel part of something special.

A safe home for our members’ money

We provide our members with a secure home for their money as well as everyday banking services. Around two-thirds of our funding comes from our members trusting us with their money.

Helping our members into a home

We lend money to members so they can buy their own homes. As a building society, at least 75% of our lending is secured on residential property.

We think about
profits differently

We manage the difference between the interest rates we charge and the rates we pay to balance the need to be profitable with giving our members good long-term value. Last year, we generated £705m in financial benefit for our members through better pricing than the market average.

Building society

Our decisions are guided by what is important to our members. We invest to make sure our service is amongst the best in the UK; we support local communities; and we try to make a difference on issues that our members care about.

Member-owned

We’re owned by our members and run for their benefit. Our members’ interests shape everything we do, and we want them to feel part of something special.

We’re here to help our members achieve their financial goals, whether that’s:

  • owning a home – this year, we helped one in five first-time buyers into a home of their own
  • saving for the future – we look after £1 in every £10 saved in the UK, or
  • looking after their day-to-day finances – almost 10% of all current accounts in the UK, and 8% of main current accounts are with us1.

We do many of the things that banks do, but we’re owned by, and run for, our members: people who have their mortgages, savings or current accounts with us. And we measure our success through the things that matter to them: service, value and financial strength.

We need to be profitable to make sure that our Society and our members’ money are safe and secure, but – as a building society – we don’t need to pursue profits to pay ever higher dividends or put shareholders’ needs above those of our members.

We consider whether every business decision is the right thing to do from the perspective of our current and future members, which means we make different decisions from our competitors:

  • we choose to forgo some of our profit to give members better long-term rates and service
  • we have a prudent approach to lending
  • we’re investing in our branches, as well as in improving members’ digital experiences, and
  • we’ve committed to give 1% of each year’s pre-tax profits to charitable activities


We’re helping to build society, nationwide.

1 Source: CACI (February 2019) and internal calculations. ‘Main current accounts’ includes main standard and packaged accounts.

How we’re building society, nationwide

Our purpose, building society, nationwide, describes our aspiration to make a positive contribution to society by delivering the benefits of mutuality to more members, both present and future. It is underpinned by five strategic cornerstones that describe what we’ll do and how we’ll do it.

Building thriving membership

is about...

helping more members make more of their money

Built to last

is about...

keeping our Society and our members’ money safe

Building legendary service

is about...

striving to serve our members better every day

Building PRIDE

is about...

creating the right culture to do the best for our members

Building a national treasure

is about...

supporting communities and making a difference

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Building thriving membership

because...

the more members we help, whether it’s to buy a home of their own, save for the future or manage their everyday finances, the bigger difference we can make.

To achieve this, we will...

develop our core and ‘just for members’ products and enter new markets where we can make a mutual difference for more people.

Which will mean...

more than 4 million members will be using at least two of our products by 2022.

Our priorities next year are to...

develop our range of later life mortgage products and an everyday current account for small businesses.

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Built to last

because...

our members need to know that their money, and personal data, are safe and secure and that they can access their money wherever and whenever they need it.

To achieve this, we will...

use our members’ money wisely, and strike a balance between retaining profits, rewarding members and investing in the future of our Society.

Which will mean...

our capital levels give confidence that we can withstand future challenges and we are profitable, resilient and sustainable for the long term.

Our priorities next year are to...

maintain strong capital levels and progress our technology investment, which will help us to grow, support and protect future generations of members.

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Legendary service

because...

our members want the best service, with both the convenience of digital and the human touch of face-to-face service.

To achieve this, we will...

transform our service so that things work seamlessly for our members whether they are online, in a branch or speaking to us on the phone.

Which will mean...

we are recognised as one of the best for customer service, both amongst our peers and in the UK as a whole.

Our priorities next year are to...

continue our £350 million branch transformation and extend and improve our digital and mobile experiences.

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Building PRIDE

because...

a positive and energising work environment, where our colleagues are trusted to make the right decisions at the right time, will in turn benefit our members.

To achieve this, we will...

create a distinctive experience for our colleagues that supports their performance and growth, and recognises their contribution.

Which will mean...

we are recognised as one of the best places to work in the UK.

Our priorities next year are to...

attract and develop the digital and data talent we need for the future, grow our leadership capability, and inspire and enable our colleagues to keep learning.

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National treasure

because...

we have a social purpose, to build society, nationwide, and believe that everyone deserves a place fit to call home.

To achieve this, we will...

make sure our actions are consistent with our values, take a bolder stand on issues affecting society, and invest in local communities.

Which will mean...

consumers think of and trust us to meet their financial needs, and we make a difference on the things our members care about.

Our priorities next year are to...

continue our five-year social investment via our Community Boards, our Oakfield housing project and our Open Banking for Good challenge.

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Our technology investment

We’re investing an extra £1.3 billion in technology, bringing our total strategic investment over five years to £4.1 billion. This will help make sure we can keep meeting our members’ needs in the future.

Why is this important?

Our Society is growing, and digital technologies are changing how our members manage their money. For example, last year they made almost 50% more contactless payments and over 40% more logins to our mobile app. Members also expect our services to be there whenever and wherever they need them.

The world around us is changing too. New digital challenger banks are emerging, and we, the wider industry and regulators are increasingly focused on making sure that firms’ customer data is secure and used appropriately.

What will it achieve?

Our technology investment will make us more resilient and secure, increase our agility to deliver better digital capabilities and improve our use of data. It will streamline our technology and reduce costs, meaning we can use our members’ money more efficiently.

Our technology investment underpins our strategy, delivering better member outcomes and helping us to build society, nationwide.

This new investment means we can…

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Deliver new features and services to our members more quickly, especially on our digital platforms, by using new tools and techniques, and changing how we work.
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Keep Nationwide, our members’ money and their data safe and secure by using state of the art security solutions to make sure we’re protected against potential threats.
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Be there when our members need us by using technologies like cloud computing, and improving the way our systems are designed so that our services are always available.
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Deliver new features and services to our members more quickly, especially on our digital platforms, by using new tools and techniques, and changing how we work.
Lock Created with Sketch.
Keep Nationwide, our members’ money and their data safe and secure by using state of the art security solutions to make sure we’re protected against potential threats.
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Be there when our members need us by using technologies like cloud computing, and improving the way our systems are designed so that our services are always available.
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Keep improving our products and services incorporating smarter data analysis into our services and back office processes.
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Give our members faster service by using automation to support our colleagues with everyday tasks.
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Use our members’ money more efficiently by streamlining our technology, which will reduce how much it costs to deliver our services to our members.
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Make sure our people have the right technology skills by developing the skills of our existing employees and hiring over 1,000 specialists to our new technology hubs in Swindon and London.
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