Nationwide Building Society has reportedly extended its commitment to protect physical branch locations in cities and towns across the United Kingdom for at least another year as part of ongoing efforts to assist households amid the unprecedented rise in cost-of-living.
The mutual lender stated that the pledge means that it won’t be leaving any town or city in which it is currently based without a branch until at least the year 2024.
It maintains 625 branches across the UK and had initially set the pledge until at least 2023.
By further extending the branch commitment, members who currently face financial difficulties or issues may easily discuss the practical support the bank offers in-person with professionally trained colleagues
The latest decision comes as part of a wider push to support clients during the cost-of-living crisis and ensures they have access to the lender’s vast network of advisers for assistance on finance matters or advice if they are currently struggling.
It is offering additional training for staff members in branches to enable them to provide support via the phone, online and digitally, along with in-person assistance.
Nationwide’s CEO Debbie Crosbie – who recently started in the role, taking over from former Chief Exec Joe Garner – stated that assisting clients in the present situation was her “immediate priority”.
She remarked:
“By extending the branch promise, members who face financial difficulties can discuss the practical support we offer in person with specially trained colleagues. This is the first in a number of initiatives that Nationwide will launch for members in the months ahead.”
The Group has made the commitment as fears mount that declining numbers of bank branches across the United Kingdom could compound the cost crisis for many, especially those who require access to support and cash in order to manage on smaller budgets.
It’s recently estimated that over 4,000 physical bank branches have shut down in the country since 2015 and over 12,000 free-to-use cash points have disappeared since 2018.