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Nationwide Building Society SWOT & PESTLE Analysis

ID : 52131353| Apr 2022| 19 pages

COMPANY PROFILE -Nationwide Building Society

Business Sector :Banking and Financial Services (BFSI)

Operating Geography :Europe, United Kingdom, Global

About Nationwide Building Society :

Nationwide Building Society is a building society company offering current account, mortgage, savings and other personal finance services. It was established in 1846 and is headquartered in Swindon, United Kingdom. The Company's business is segregated into Retail, Commercial and Head office functions. Retail operations include residential lending, specialist residential lending, consumer banking, retail funding (savings products) and commercial deposits. The Commercial segment oversees the commercial lending business, including commercial real estate lending, lending to housing associations and project finance lending. The Company offers a range of financial service products, including, savings, mortgages, current accounts, credit cards, investments and loans apart from personal loans, car loans, car insurance, home insurance and life insurance. It offers current accounts, such as FlexAccount, FlexDirect and FlexPlus. It also offers Internet banking, mobile banking and telephone banking. The Group has over 18000 employees globally in over 700 branches with 16.3 million members as of 2021. Nationwide Syndications Limited, the Mortgage Works (UK) plc. UCB Home Loans Corporation Limited, Derbyshire Home Loans Limited & E-MEX Home Funding Limited are its main subsidiaries. For the fiscal year ended FY2021, the bank recorded net interest income of 3,146 million euros, an increment of approximately 12 percent from FY2020. The bank's underlying profit in FY2021 790 million euros, which was 469 million euros in FY2020, an increase of 68.44 percent from FY2020.

Nationwide’s USP or unique selling proposition is in being the world’s largest building society holding a dominant market position in mortgage lending & robust branch network. Nationwide is one of the country's leading mortgage lenders and the second largest provider of household savings and mortgages in the UK. This justifies its tagline “On Your Side”. It is a member focused business which acts transparently and withholds its core ethical values in all business activities. Their defining difference is that they are owned by their members. Their purpose reads “Our purpose is building society, nationwide”.

Nationwide Building Society Revenue :


£3,285 million – FY ending 4th April 2021 (y-o-y growth of 7.85%)
£3,046 million – FY ending 4th April 2020

Competitive Analysis of Nationwide Building Society

SWOT
PESTLE
The SWOT analysis for Nationwide Building Society is presented below:
Strengths
Weaknesses
1. Enjoys Good credit rating for both long term and short term loans
2. Preferred choice for first time home buyers.
3. Exponential increase in profits and right positioning in market.
4. World’s largest building society
1. Controversies over executive pay during financial crisis in the firm
2. Low risk business model leading to narrow business offerings
Opportunities
Threats
1. Growth Potential in FinTech
2. New product development for better service proposition
3. Innovative solutions to address futuristic needs
1. Unstable financial conditions due to Euro zone crisis
2. Unfavorable market conditions and strict government policies.
3. High competition from leading banks
4. Losses due to natural calamities
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Detailed SWOT Analysis of Nationwide Building Society

Strength

1. Enjoys good credit rating for both long term and short-term loans: Long term credit rating of Nationwide, as of 2022, was A+ with Standard & Poor’s, Aa3 with Moody’s and A with Fitch Ratings. Good ratings reflect their capital strengths which includes high-quality liquidity buffer, diverse funding sources and funding arrangements in case of any contingency like financial or economic stress. High and stable rating by different sources shows that the group has adequate liquid assets to fulfill cash outflows in case of market undulations. This increases contractual inflows as investor confidence is built and increases its revenue.

2. Preferred choice for customers in UK: Nationwide is the world's largest building society and also enjoys leadership position as a savings provider and a top 3 provider of mortgages in the United Kingdom. It is also a major provider of current accounts, credit cards, ISAs and personal loans. Nationwide has around 16 million happy customers. The Group is most preferred as it delivers real value to its members. Hence in 2020 more than1 in 6 current account switchers came to Nationwide. This has led to a significant hike in the number of current account openings in 2020 up from 590,000 in 2016 to 759,000 in 2020 as it is the top choice for current accounts. Total current accounts with Nationwide in FY 2021 amounted to 8.5 million. In August 2021 Nationwide joined the fight to entice savers to switch their current account provider, giving a financial incentive to customers who already use one of its services rather than switching to a new one. Following in the footsteps of HSBC and Virgin Money, Nationwide offered £125 to existing clients, including mortgage holders, who moved their current account to Nationwide. For switching over, new customers would be entitled to a £100 bonus. This incentive is expected to further increase the base of current account holders. It has also become UK’s most trusted brand as it maintains its reputation of excellent services. The group benefits from the flexible services it offers like FlexPlus, Current Account Switch Service which allows shift to Nationwide’s current account from other banks, complete personal banking services, personal loans & home insurance. They cater to large consumer base which increases revenue and provides long term sustainable growth. In 2020, Nationwide successfully added one million members, grown retail deposits by £15 billion and mortgage balances by £18 billion. In 2021, Nationwide continued to serve its 16.3 million members, increased the mortgage balances by £2.2 billion and experienced significant hike in net deposit growth to £10.6 billion from £5.7 billion in 2020.

The remaining section under "Strength" is available only in the 'Complete Report' on purchase.

Weakness

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Opportunity

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Threat

This section is available only in the 'Complete Report' on purchase.

Major Competitors :

  • HSBC holdings plc.
  • Woolwich limited
  • The Royal Bank of Scotland Group
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References used in Nationwide Building Society SWOT & PESTLE Analysis Report

1. Nationwide's Interim Results for the period ended 30 September 2020 - https://www.nationwide.co.uk/-/media/MainSite/documents/about/corporate-information/results-and-accounts/2020-2021/interim-results-2020-21.pdf
2. Nationwide's Interim Results Presentation For the 6 months ended 30 September 2020 - https://www.nationwide.co.uk/-/media/MainSite/documents/about/corporate-information/results-and-accounts/2020-2021/interim-results-presentation-september-2020.pdf
3. Nationwide's Annual report FY2021 - https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/how-we-are-run/results-and-accounts/2020-2021/annual-report-and-accounts-2021.pdf
4. Nationwide Investor presentation FY2021 - https://www.nationwide.co.uk/-/assets/nationwidecouk/documents/about/how-we-are-run/results-and-accounts/2020-2021/annual-results-presentation-2021.pdf?rev=3816373f57f54dacbb804893af6b34c4

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SWOT & PESTLE.com (2022). Nationwide Building Society SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/nationwide-building-society/ [Accessed 16 May, 2022].

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Nationwide Building Society SWOT and PESTLE analysis has been conducted by Deepanker Pandey and reviewed by senior analysts from Barakaat Consulting.

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