Nationwide responds to debate on competition in banking

16 January 2014

There has been sustained debate in the media in recent days about competition in the banking sector.

Graham Beale, Nationwide’s Chief Executive said: “Nationwide is a real and vibrant alternative to the banks and is challenging strongly in the markets they have traditionally dominated. Customers want more choice, better service and an organisation they can trust. We are owned by our members and operate for the benefit of members. At Nationwide, we do things differently and prove that while people need a bank account, they do not need a bank.

Winning current account business from the banks

Nationwide saw a 16% increase in new current account openings over the six months to 30 September 2013 with 54,000 customers switching their main banking relationship to the Society. Nationwide now has 5.3 million current accounts and a 6% market share and are well placed to achieve our 10% target.

Supporting the housing market and lending to the real economy

In the six months to 30 September 2013, the Society helped over 30,000 first time borrowers take their first steps onto the housing ladder, and have helped over 200,000 first time buyers since 2007 – more than one in five of all first time buyers and more than twice our share of the mortgage market as a whole.

Market leading customer service

While Nationwide has significant market shares in both mortgages and savings and has seen a rapid growth of its current account portfolio, it accounts for only 2.2% of all industry complaints.

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