Mortgage choice key to Nationwide success

The boss of Nationwide has been revealing the secrets behind their customer-retaining ability - he says it is all down to choice.

09:09 21 May 2004

The boss of Nationwide has been revealing the secrets behind their customer-retaining ability - he says it is all down to choice.

Philip Williamson, chief executive of the building society, said giving existing customers "perfect choice" when it comes to selecting their mortgage product is the key to success.

As the company announced annual profits of 426.8 million, Mr Williamson was able to proudly explain: "We have been very successful at retaining existing customers and attracting new business."

Nationwide profits jumped 21 per cent compared with last year's figures.

Speaking on BBC News 24 on Thursday morning, Mr Williamson said of existing customers: "They can choose any mortgage product on the shelf at Nationwide. Not many people do that today, and that has proved to be very, very popular with our existing members."

Net mortgage lending over the last year has seen a massive boost at Nationwide. It was up a staggering 81 per cent to 13.2 billion, giving the society a 12.8 per cent market share.