Nationwide today announces the renewal of its Branch Promise to not leave any town or city in which it is based until at least 2026.
As Britain’s biggest building society, Nationwide continues to invest in branches because people want face-to-face service on their local high street, as well as banking digitally or on the phone. Over the past three years Nationwide has invested more than £46 million in keeping, rather than closing, its branch network.
Debbie Crosbie, Chief Executive of Nationwide Building Society, said: “Nationwide is different. We give customers a choice about how they do their banking and we support the British High Street. Because our customers value face-to-face contact, and we’re owned by them, we act in their interests.”
Despite online options, branches continue to be popular – almost half of openings of the recently launched Nationwide Fairer Share Bond were arranged face to face and 36% of current accounts have been opened in branch so far this year. Branches are also popular for when customers need advice and support, such as when a complex transaction needs to be made or customers want to discuss a worry.
Nationwide has recently conducted additional research to capture the importance of branches on Britain’s high streets. The research of more than 2,000 consumers undertaken in June shows that:
- The majority of people (63%) value their local branch.
- When asked why they value branches, 40% cited face-to-face service, with 36% saying they are beneficial for older people or those with vulnerabilities. More than a third (35%) value their branch due to it enhancing their local high street, while 34% say branches are good for talking through financial worries.
- The top reasons for visiting a branch are paying in or withdrawing cash (54%), checking balances (30%), financial advice (19%), opening an account (19%) and discussing financial difficulties (12%).
Nationwide’s decision to extend the Branch Promise and support the high street is endorsed by SaveTheHighStreet.org. They have called on other major high street names to do the same, at a time when many shopfronts close after the pandemic or following the cost-of-living crisis.
Alex Schlagman, Co-Founder of SaveTheHighStreet.org said: “Nationwide’s renewal of their Branch Promise comes at a good time. These branches add valuable services to local consumers and businesses alike, at a time when so many are impacted by the cost-of-living crisis. We would like to see other large brands putting their name to protecting our towns, cities and high streets across the U.K.”
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