British financial institution Nationwide Building Society announced on Friday that it will be spending £1.3 billion on technology development in the next five years, local media reported.
The company's intent is to have 60% of its current account members use mobile banking in order to simplify the service and cut operating costs. To assist the development of the digital services, Nationwide plans to open a technology center which will employ up to 1,000 people with the aim to "build new technology platforms to enable growth and diversification."
Chief executive officer of Nationwide, Joe Garner, stated that the plan was encouraged by the fact that the company is in a strong financial position.
