The largest building society in the world Nationwide is expanding its digital reach.
Nationwide is developing a robo advice platform, enabling it to expand its digital reach to its 15 million members.
The banking giant will be part of the Financial Conduct Authority’s (FCA) Regulatory Sandbox third cohort of firms, a space for both incumbents and start-ups to develop new technology.
It says it will develop an automated solution providing digital savings guidance and investment advice.
The FCA’s sandbox scheme is designed to allow businesses to test new ideas outside of the usual regulatory constraints and is normally associated with very small start-ups but this new cohort features Barclays, FirstDirect, and Nationwide in various projects.
Following on from a suite of incumbent financial institutions who have launched their own digital wealth offerings such as HSBC and RBS, Nationwide will be looking to stay ahead of the fast growing industry.
The founder of Wealth Horizon Chris Williams joined Nationwide last year as Digital Advice Director.