Committee publication · Correspondence · 13 May 2026
Correspondence from Nationwide on the Financial Inclusion Strategy evidence session follow-up, dated 20 March 2026
From: Treasury Committee
Inquiry: Financial Inclusion Strategy
Summary
Nationwide Building Society's follow-up to its Financial Inclusion Strategy evidence session outlines efforts to reduce digital exclusion in banking. The society reports investing in digital accessibility (WCAG 2.2 AA website standards, BSL translation), digital skills training (7,000+ attendees across 1,261 events), and community initiatives (£2.8m awarded through Building Digital Skills Fund). The letter emphasises maintaining 696 branches while advancing digital capability as complementary, not competing, priorities.
Key findings
- Digital exclusion costs £16.9 billion annually in wellbeing impact; combined digital and financial exclusion adds £568 million lost to scams per year (WPI Economics research)
- Nationwide website re-accredited to WCAG 2.2 AA accessibility standard; app and internet bank undergoing modernisation; offering full British Sign Language translation on website
- Digital lessons programme reached 7,000 people across 1,261 events with average confidence scores rising from 6/10 to 9/10; expanding to 10,000 attendees with new modules on healthcare and carers support
- Virgin Money branches provide free SIM cards via 'National Databanks' partnership with Good Things Foundation; nearly 6,000 cards distributed since 2024 to address data poverty
- Virgin Money Foundation distributed £2.8m through Building Digital Skills Fund (33,000+ beneficiaries) and £594k through Volunteer and Connect Fund (46,000+ children supported)
Tone
SupportiveTopics
Key actors
Nationwide Building Society, Dame Meg Hillier, Treasury Select Committee, Financial Conduct Authority, WPI Economics, Good Things Foundation, Virgin Money Foundation, Stephen Noakes
Notable line
“Digital exclusion significantly impacts financial resilience. Research conducted with WPI Economics last year estimates that the wellbeing impact of digital exclusion carries a monetary cost of £16.9 billion per year …”
Key Quotes
“… maintaining accessible banking channels and building digital capability are essential, not optional.”
“Digital exclusion significantly impacts financial resilience. Research conducted with WPI Economics last year estimates that the wellbeing impact of digital exclusion carries a monetary cost of £16.9 billion per year …”
“The Nationwide website has just been re - accredited for its high levels of accessibility, securing WCAG 2.2 AA standard.”
“We then survey attendees after the events and see an average score at 9 with all attendees reporting higher levels of confidence in their digital skills.”
“… our goal isn't to get recipients of digital lessons using Nationwide's digital services and we therefore don't measure this directly.”
Source · parliament.uk record ↗