For any person who first moved to Australia, for education, business or any other purposes, one of their first concerns is always which bank/s are the most trust-worthy. For those who know the answer to this question, a typical response would be, “any of the big four”, which includes the ANZ Bank, Commonwealth Bank of Australia, Westpac Bank, and the National Australia Bank.
National Australia Bank is often mentioned as one of the “Big four” in the banking industry in Australia today. It has one of the highest stock values of all banks in Australia at A$31.07 per share and the company is valued at $72,676,037 as of September 5, 2005 (ASX Quotes, 2005). In the following pages we will take a look at how the National Australia Bank addresses their key services marketing issues.
The National Australia Bank is an international financial services group whose provides a comprehensive range of banking and financial services in core markets of Australia, New Zealand, the United Kingdom, Ireland and Asia. The organization was founded in the Australian State of Victoria in 1858 and was originally known as The National Bank of Australasia. Early growth of the company was based in the areas of Victoria and South Australia. Over the years, it gradually expanded while absorbing the following banking institutions in Australia with the year the institutions are taken over in parentheses. The Colonial Bank of Australasia (1918), the Bank of Queensland (1922), the Queensland National Bank (1948) and the Ballarat Banking Company (1955). The major springboard for the group’s success today happened in 1981, when the National Australia Bank was actually formed by merging with the Commercial Banking Company of Sydney. Of the three regional businesses the NAB group is structured around – Australia, United Kingdom, and New Zealand — we will be focusing on the Australia division, where it incorporates retail and business banking, wealth management, Australian corporate banking services, transactional solutions, custody services and Asia (www.nabgroup.com, 2005).
The Australian Division
The key focus of the Australian Division is to deliver financial solutions to help customers achieve their financial goals. On the National Australia Bank’s website, www.national.com.au, the “Corporate profile/financial services of Australia” clearly states the company’s intention to commit itself to help there customers; “We are constantly seeking to review our business processes and systems and implement improvements to our customer service that make it simpler and more convenient for you to do business with us.”
As at September 30, 2004, the National in Australia had 34 integrated financial service centers, 219 business banking centers, 108 agribusiness locations, 787 branches and over 3,000 Australia Post Giro Post outlets. At the same time, in Australia, they employed 24,567 employees, which includes full-time equivalent, part-time, pro-rated employees and contractors (http://www.nabgroup.com/0,,57975,00.html, 2004). The company serves 10,799,297 customers globally according to the 2004 Annual Financial Report.
The National’s strategy, purpose and visions
On the nabgroup.com, the National’s strategy, purpose, and visions were clearly stated: •Our strategy— is based on principles that will guide our plans and activities. •Our purpose— is growth through excellent relationships. •Our vision— is to be a 'leading international financial services company which is trusted by you and renowned for 'getting it right.' National’s Key Strategies
National listed out its key strategies for its employee and customers to understand their commitment of following through its promises. •Deliver solutions that help meet customers' complete financial needs; •Build and sustain a high performance culture;
•Build trusted relationships with all stakeholders;
•Build and manage our...