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Nationwide to make £1.3bn technology investment

Nationwide Building Society will pump £1.3bn into new technology over the next five years in a bid to transform the building society’s digital offering and compete with fintech start-ups.

The UK’s largest building society said the investment would lead to improved online services, increased use of artificial intelligence and the launch of a new technology hub that would create up to 1,000 jobs.

It comes at a time when traditional lenders are facing growing competition from increasingly popular online-only banks and financial apps, such as Funding Circle, Monzo and Revolut.

Nationwide chief executive Joe Garner said there would not be “a single big bang change or migration event”, seeking to ease…

Nationwide to make £1.3bn technology investment

Nationwide Building Society will pump £1.3bn into new technology over the next five years in a bid to transform the building society’s digital offering and compete with fintech start-ups.

The UK’s largest building society said the investment would lead to improved online services, increased use of artificial intelligence and the launch of a new technology hub that would create up to 1,000 jobs.

It comes at a time when traditional lenders are facing growing competition from increasingly popular online-only banks and financial apps, such as Funding Circle, Monzo and Revolut.

Nationwide chief executive Joe Garner said there would not be “a single big bang change or migration event”, seeking to ease…