Key facts
- Nationwide is deploying AI tools, including Microsoft Copilot, to its workforce.
- The company has not yet quantified the exact financial returns from its AI investments.
- Approximately 1,000 employees in the finance team have premium Copilot licenses.
- Around 2,500 engineers are utilizing Github Copilot.
- Nationwide aims to increase the productivity of its existing workforce with AI, not reduce headcount.
- The building society is exploring AI agents for functions like anti-money laundering and mortgage operations.
Nationwide has cautioned that measuring the precise financial returns from its significant investment in workplace AI remains a challenge, despite a broad rollout to its staff. The building society is providing approximately 16,000 employees with access to AI tools, including Microsoft 365 Copilot and Github Copilot.
Paul Ballard, Nationwide's technology transformation director, stated that while the company observes increased usage and faster task completion among staff, translating these efficiencies into tangible bottom-line value is an ongoing process. "The thing that we’ve not nailed yet… is what’s the value that we’re receiving from it?" Ballard told City AM. He emphasized that every expenditure is scrutinized, given that funds belong to customers.
Finance, technology, and retail operations are among the first divisions to expand their use of AI for tasks such as spreadsheet analysis, document review, email drafting, and meeting summarization. Previously, Nationwide utilized GPT-4 via Microsoft's Azure OpenAI service to expedite customer letter generation, reducing the time from 45 minutes to 10-15 minutes, with human review in place.
Ballard clarified that the AI deployment is intended to enhance the productivity of the current workforce, not to lead to job reductions. The company is also exploring the potential of AI agents for functions like anti-money laundering and mortgage operations, though it remains cautious about fully autonomous systems, stressing the importance of human oversight to mitigate risks.
Nationwide has established an AI council to oversee new technology applications and has consolidated its data infrastructure onto Microsoft Azure. This expansion occurs as Microsoft seeks to monetize its substantial AI investments. Microsoft 365 Copilot has reached over 30 million paid seats, and financial services is identified as a key sector for AI adoption, alongside technology and pharmaceuticals. Microsoft reported an 18% revenue increase to $90 billion for the quarter ending June, with Azure revenue growing by 43%.