Nationwide Building Society, the largest building society in the United Kingdom, has announced it will maintain all 696 of its branches until at least 2030. This pledge is a recognition of the tremendous increase in foot traffic to its stores over this last year. More recently, it’s the indisputable evidence of people’s increasing demand for in-person, localized banking.
Nationwide has confirmed its extension of the previous vow not to close any networks. This progressive step proves the company cares about offering their customers more convenient financial solutions. In 2023, the society made a pledge to fund the maintenance of its 27 branches. Now, further buoying the nascent offshore market, it has added two more years of that assurance. This commitment responds to calls from charities and civil society organizations that have raised alarm over vulnerable people’s access to cash and other vital financial services.
Debbie Crosbie, Nationwide’s chief executive, emphasized the role of branches in the society’s overall strategy. She pointed out how local deposits create the capital that backs local mortgage products, which in turn creates a strong place-based incentive to protect those branches.
Branches remain important distribution channels to customers wanting to access services as diverse as making payments or withdrawing cash. Lynn Wheeler’s passion for service carried him through 39 years with Nationwide. She pointed out that these branches have a tremendous impact on people’s financial health.
“In branches, we are making an impact financially and on a personal level.” – Lynn Wheeler
Nationwide has had a very prominent branch presence across the UK, including a new five-floor flagship branch on Newcastle’s high street. It runs these counters at main locations in public spaces such as public libraries and community centers, which bring its distribution deeper into the local communities.
The move follows the building society’s announcement that it has shut 152 branches in the last 10 years. That’s despite the fact that it only represents 20% of its footprint. The recent surge in customer engagement indicates a reversal of trends affecting many financial institutions, where reliance on digital banking has led to reduced physical presence.
So, too, are outreach and community-centric initiatives. The society has teamed up with police to protect customers from scams. In doing so, they were instrumental in helping Lynn Wheeler’s client avoid falling into a dishonest scam. These kinds of collaborations create an additional layer of trust and security for the consumers using the bank’s branch services.
Deborah Walker, a spokesperson for Nationwide, reiterated the importance of branches. They make their members’ money work harder by providing cost-free, convenient advice to all of their community’s residents, regardless of income level.
“Branches sit at the heart of our strategy. Local savings generate funding which we use to offer mortgages. Branches are also a place for face-to-face accessible financial advice provided in community settings to anyone, regardless of wealth levels.” – Deborah Walker
