Nationwide comments on the publication of the CMA report

Commenting on the publication of the CMA report, Joe Garner, Nationwide’s Chief Executive said: “The CMA’s proposals to provide digital open banking will provide greater convenience, clarity and control for consumers. But where digital provides convenience, it is people who offer service. That’s why, as a mutual, we passionately believe in the future of branches and the people in them who have a fundamental role in providing support and advice to the millions of consumers who actively choose to use them every day. While we can never promise to keep every branch open, our members tell us they want a strong branch network. We know that consumers of all ages want a strong branch network which enables them to talk to someone about their financial needs. When we launched our new FlexOne current account for 11-17 year olds, around 80% of accounts were opened in branch, despite the fact that those over 14 could open the account online. This demand is precisely why Nationwide has committed to invest £500 million in our branches over five years, providing access to help and advice so our members can get long term value for all their financial needs. The blend of both digital innovation and human contact is a powerful combination and in my view will be key to providing greater choice, clarity and control for all consumers and their financial needs.”

About Nationwide

Nationwide is the world's largest building society as well as one of the largest savings providers and a top-three provider of mortgages in the UK. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 15 million customers.

Customers can manage their finances in a branch, via the mobile app, on the telephone, internet and post. The Society has around 18,000 employees. Nationwide's head office is in Swindon with administration centres based in Northampton, Bournemouth and Dunfermline. The Society also has a number of call centres across the UK.

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