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. Company Overview: 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 Essay on Remote Bank Digipass Istrobanka Banking
. ": : -0, 2011 No 4: . Banking on security Slovakia - Istrobanka a. s. , has specified Vasco's Digipass security technology to safeguard its customers' remote access transactions made via the Internet and wireless devices. Digipass security allows the bank to strictly control account access, with dynamic passwords and two-factor authentication used to identify customers, while a digital signature ...
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 portfolio of businesses for strong and sustainable Total Shareholder Return; and •Create and leverage strategic assets and capabilities for competitive advantage. Industry Analysis There are many forces at work in every sector and every industry of an economy and the dynamic nature of every industry keeps all the companies operating in each sector on its toes.
The Term Paper on The Creation of a Common Market for Financial Services in the European Union
Of all the global achievements in the last 50 years, economic integration in Europe may be considered as the most notable of all. From a continent separated by war and differences in culture, Europe has proceeded to become an economic and political leader today. The formation of the European Union (EU), the accession of the 15 European countries to the Community, and the introduction of a single ...
All of these factors that are at work could potentially changes the fortunes of a company, in this case, the National Australia Bank, who operates within the banking industry. Banking Industry Australia’s banks offer a wide range of financial services to individuals and businesses while playing an important role in the economy. According to the Australia Bankers Association Inc homepage, “Banks in Australia value the communities in which they find themselves and are committed to giving something back to those communities. Every year, community organizations receive millions of dollars of direct support from banks in various forms.
The industry also has a strong tradition of free education in financial skills and in 2003 embarked on a major new initiative in financial literacy. ” As a major employer in Australia, banks have adopted progressive workplace policies. Staff enjoys excellent pay and flexible workplaces. Banks are vital to the Australian economy, being the third largest contributor to the nation’s Gross Domestic Product. By also acting as major players in Asia-Pacific financial markets, banks help promote Australia in international commerce. (http://www. bankers. asn. u/default. aspx? FolderID=4&ArticleID=651, 2004) Trends The banking industry worldwide has been transforming over the past decades. Major changes were forced to take place globally; these include technological innovation and international competition entering the market. The National is well-positioned with the innovations and trends appearing in the banking industry of Australia in recent years— the sharing-ATMs, the online internet banking, electronic payments and new options and services available during ATMs use, e. g. the mobile recharge service and etc.
The Term Paper on National Service Training Program (NSTP)
: God has been in this documentation, in giving such strength and guidance that accomplish this documentation paper. I would like to thank and extend my profound gratitude to those who helped me, such a way and even in a small way. Mr. Romy G. Ebi, my subject teacher who gave his valuable guidance for his worthy advice and warm support during the implementation of our OUTREACH PROGRAM. Finally, I ...
In 1999, according to the ACI worldwide news group, Vodafone Australia and National Australia Bank provided mobile phone recharge service and later follow by other major communication companies including Optus of SingTel and Tesltra. Major Players Major Players in the industry includes the “big four” bank: ANZ Bank, Commonwealth Bank of Australia, Westpac Bank, the National Australia Bank, while some international banks have entered the market for years including HSBC. As of today, September 5, 2005, National’s biggest competitor should be Commonwealth Bank of Australia Ltd. each of its share being A$37. 48 and value at $98,851,782. ANZ share is at A$22. 14 and valued at $93,121,785 while Westpac is at A$20. 18 and valued at A$114,637,775. (www. citigroup. com. au, 2005) For the Commonwealth Bank, it is one of Australia’s leading financial institutions with businesses in New Zealand, Asiz and the United Kingdom. Commonwealth is well positioned for future growth and aim to provide accessible banking and financial services for all Australians (fair, safe, challenging and rewarding employment for staff and reward all sharefholders through dividends and capital growth. Commonwealth is also one of Australia’s leading providers of integrated financial services including retail, premium, business and institutional banking, funds management, superannuation, general and life insurance, broking services and finance company activities. Also, Commonwealth is highly committed to customer satisfaction, “Our vision is to excel in customer service. We have a range of initiatives and policies in place to maintain the high level of commitment we give to all customers of the Commonwealth Bank. Prior to 1960 the Commonwealth Bank performed the functions of a central bank (McTaggart 2003).
Its main markets are international businessmen and students. (http://www. hsbc. com. au/information/about/worldwide. html, 2005) Service Delivery and Service Quality Expectations of customers As one of the “big four” banks in the country of Australia, expectations by their customers are fairly large. An average customers might have pick NAB for many reasons, might be its reputation to deliver, and its customers oriented system, or simply for its name, the National Australia Bank. Basic expectations of the banking industry are all importance attributes, meaning, must be met by all competing service providers.
The Term Paper on Indian Bank Banks Banking India
Consolidation in the Banking Industry through Mergers and Acquisitions Banking scenario since 1991 has been a process of transformation and consolidation. With financial sector reforms implementation, the micro environment of banking sector has undergone a radical change. Almost all insulations to commercial banking have been peeled off and it has been susceptible to all types of exposures now. ...
The bank should always have substantial amount of funds for any kinds of transaction by their customers; process of funds must be efficient; any questions come up by their customers should be within practice and addresses quickly with care and experience; tellers and staff should be experienced and well trained; tellers and staff are able to assist and solve any problems their customers have; all transactions should be done accurately; ATM machines are provided and easily accessed; questions are answered correctly and in a straight-forward manner; no large amount of fee or charges by the bank during any transactions.
The determinance attributes, significant and compelling differences between competing alternatives, are what the customers of the Nationals Australia Bank are really expected. To meet customers’ needs, the Nationals address all of the importance attributes with professionalism while delivering much more. On there homepage, the National has developed a number of planning tools. Financial tools includes calculators and information guides that can assist customers in making the right decision. E. g. n installment loan calculator can simulate a National Variable Rate Installment load and a Foreign exchange calculator can work out the value of one currency against another (http://www. national. com. au/Business_ Solutions/0,,83,00. html, 2005).
Also, the Nationals realize that, “being well informed is an important part of making sound business decisions. Here, you’ll find access to helpful National business news and reports as well as resources and tools to assist you identify and act on sound business opportunities (http://www. ational. com. au/ Business _Solutions/0,,85,00. html,2005) Customer involvement In the banking industry, customers are highly involved during the banks’ delivery of services. From the traditional encounter with the teller when doing banking face-to-face in the bank, to doing transaction at an ATM, to doing internet banking online, customers are involve in every step of the process. Generally, banking information is considered as very personal and private. Privacy on banking is expected and must be provided.
The Review on Online Banking Banks Services Bank
Management 4322 Professor Chao, Chiang Jin Chung Tina Fogg Marie De simone Richard Lee Claudia Rubino Francesca Vicar i Online Banking (Citibank) INTRODUCTION The use of computers and Internet in today's society makes life much more convenient for everyone. This case proves the point that online banking as services are becoming more trusted with the increase in popularity. Also, consumers are ...
For the Nationals’, customers are allow to be involve in every little detail when they do their banking either online or in person. We have mentioned the planning tools provided by the Nationals’ homepage above for those who like to know exactly how the figures are being calculated and such. Solutions to all kinds of “What you want” are addressed on their homepage. Moreover, “how to start”, “demonstrations”, easy to read Guidelines with hints, tips and useful information are given to those who are in need. The Five SERVQUAL Scale: Tangibles:
Storefronts are in a neat and professional manner, nothing too fancy. Brochures are neatly stacked on the sides and queues are efficiently formed waiting to be served by the tellers. Reliability: Australia has a long history of stable and safe banks. One indicator is the fact that virtually no Australian has lost their deposit in an Australian bank in the last 100 years. The last failure where depositors’ money was lost occurred in 1931 when depositors in the Primary Producers Bank of Australia lost a negligible amount of their deposits. (http://www. bankers. asn. au/Default. aspx?
ArticleID=587, 2004) Responsiveness: Although the Nationals Australia Bank storefront still closes after business hours, the online banking services has allow customers to do online banking 24 hours a day, 7 days a week. Information such as a Banking Statement is no longer only available through mails at the end of the billing cycle. Funds can be transferred online, account information and interest and questions are all addressed online anytime of the day. Additionally, “contact us” information is given on each department on the webpage ensuring a satisfaction for all of their customers.
Other than internet banking, telephone banking is also available with services such as paying bills and making funds transactions. Assurance: Importance of Banking Practice The Australian Code of Banking Practice sets standards of good banking practice when dealing with individual or small business customers, prospective customers and their guarantors. In the Nationals’ code of conduct, after each code that details the policy, a number of case studies are followed to emphasis the importance of the code. Empathy: Convenience: The National also hoping making its ATMs widely accessible will help retains its customers.
The Business plan on Customer Service Essay
Excellence in customer service is the objective of all organisations wishing to be successful. However, there is often a gap between customer expectations and management perceptions of customer expectations. Organisations often fail to get close to their customers and correctly read their expectations. Customers expect certain things when they walk into a business, and those with the highest level ...
With over 1,500 ATMs throughout Australia. Other than to withdrawn cash, you can also transfer funds between accounts, make National Credit Card payments, print mini statements, obtain account balances, make deposits, and purchase Telstra or Optus phone recharge vouchers (http://www. national. com. au/ Personal_Finance/0,,9474,00. html, 2005) Furthermore, while traveling overseas, customers can make local currency withdrawals from their National Visa or MasterCard account at more than 100,000 Visa and MasterCard ATMs worldwide.
More personal finance solutions “At the National, you have access to our experienced Personal bankers. These specialists have vast experience and can work with you to provide solutions that can be tailored to your personal finance needs. Your National banker is your contact point for all enquires and is able to arrange and co-ordinate an appointment with any of our Financial planners or lending specialists. Building and Retaining Customer Loyalty What do the Nationals do in to create customer loyalty?
The National understands that customers want a company that is customer-oriented instead of profit-oriented; a bank that don’t charges fees for every time a transaction is made and information requested, including withdrawing cash from the tellers and ATMs; and Managers who can make decisions available at all times; and last a company that is trust worthy. To create loyalty, the Nationals hope to enhance its relationships with customers by offering a range of specialized and tailored services. This includes online services, national Australia trustee, and packaged solution. E. . Student can get a student bank account that speaks their own language. The custodian services of NAB, National Custodian Services (NCS) is Australia’s largest custodian, and has been providing settlement and custody services to domestic and international institutions covering all classes of securities, since 1950. Corporate Solution In its corporate solution on its homepage, the company states its focus to manage its relationships with larger corporations. “National Australia Bank’s Corporate Banking division manages its top tier relationships with large companies globally.
The needs of these clients are complex. Our ability and commitment to understand their business ensures we deliver the tailored, innovative solutions for their transaction, management and investment requirements. ” To boot, “Our relationships with leading corporations and investors internationally, as well as our detailed knowledge of the respective legal, accounting, tax, commercial and regulatory issues across all jurisdictions, enable us to deliver results efficiently and effectively, worldwide. ” The National’s Community Involvement and Sponsorships
The National has worked alongside the Ovarian Cancer Research Foundation (OCRF) to raise awareness of ovarian cancer and the need for an early detection test for this terrible disease. The corporation knows that the medical research requires large amount of funds, and have therefore dedicated funds that allow the OCRF to have a full-time research member working alongside a team of oncology experts in Melbourne. Since 2001, the National have sold OCRF Silver Ribbons through their own branch network and many of its staff has dedicated their personal time to additional fund-raising activities in their local areas.
This commitment contributed to $575,000 being raised by the National in the 2004 OCRF Silver Ribbon Campaign (http://www. national. com. au/ Sponsorships/0,,62455,00. html, 2005) Relationships: NCS has dedicated and experienced Relationship Managers to maintain regular contact with its clients to ensure that the client’s service requirements are met. Specialist relationship teams are also appointed to service the clients’ various investment managers. Personal attention is maintained with all parties involved in the relationship. Physical evidence of the customer’s service experience
The National understands that the setting and surroundings in which a service is delivered can be critical to the eventual success or failure of its services, so to provide as much tangible clues as it could, ‘servicescape’, the organization has the following to show for: National Privacy Policy The National are committed to protecting customer’s right to privacy and protecting their personal information. On the homepage, it explains, “The privacy of your personal information has always been important to us at the National Australia Bank Group.
We are committed to respecting your right to privacy and protecting your personal information. We are bound by the National Privacy Principles in the Privacy Act 1988 (Commonwealth) and any relevant Health Privacy Principles under State legislation , as well as other applicable laws and codes affecting your personal information. Our staffs are trained to respect your privacy in accordance with our standards, policies and procedures. ” The policy outlines how the company manages its customers’ personal information, what they do with it, for what purpose, how they got it and etc.
Advertisement and promotions are done periodically by the National to attracts more customers and inform its current customers on other services they can enjoy offered by the company. Marketing Champaign The National’s Agribusiness Division launches its first major brand marketing campaign on June 10, 2003. With its aim to secure a larger share of banking business from the nation’s agricultural sector, the marketing push features an increased advertising spend and focuses on the close working relationship between farmers and their National Agribusiness banking manager.
The bank engaged Hammond and Thackeray, a specialist advertising agency, to develop a print campaign of six agribusiness-specific brand advertisements for placement in rural weekly newspapers and agricultural magazines. ” Our outlay on this campaign demonstrates the National’s optimism about future prospects for Australian agriculture,” said Mr. Carroll. “We want to communicate to our customers the confidence we have in our people and products. Farmers in Australia should know the National can provide them with the best possible financial advice. ” (http://www. ational. com. au/About_Us/0,,31869,00. html, 2005) National Tertiary Student packages “Get a student bank account that speaks your language! ” is a new service the National has been promoting to oversea and exchange students. It’s a National Tertiary Student Package FlexiAccount. The purpose is a discount card, a student ID and a bank account in one. “Get a free International Student Identity Card (ISIC) with your Tertiary Student Package FlexiAccount” An ISIC for free when a student open a National Tertiary Student Package FlexiAccount, normally costs around $18.
Or if student already have the account, the National will combine their ISIC with their debit card for an all-in-one card. Higher Interest Rates for Special Accounts The National Cash Management Accelerator Account amount others allow you to get significantly higher interest rates while having it sit in an account. If customers have over $5000 or more sitting in an account and more a more competitive interest rates, paid monthly, then it’s the perfect account for them.
And everyday in the store, a big sign will be put next to the queue showing the high interest rate a customer could get, if they have over $20,000 sitting in an account and do not plan on touching for periods of four months, six months and over a year by putting in the National Term Deposits. Conclusion: The National is dong very well as one of the biggest bank in Australia. Although improvement could be possible in many ways, no one is perfect. For example, the National charges $3 every time you withdraw money inside the bank itself as oppose to $0. 60 when you withdraw from the ATM machines.
The fact that it charges money to withdraw money is already a minus, but why would it charges five times as much to do transaction in the bank itself? Other than that, the NAB understands and offers mostly what target customers perceive to be superior value, the convenient of the ATMs and 24 hours online banking, the telephone banking can take place anywhere, the special promotions all customers love, the focus to commit in having a better relationship with its customers by providing value. Service personnel are well-trained and have a reasonable code of banking ractices to follow, allowing customers to have a expectation when going into the bank and the contact between customers and service personnel seems to be fine as it is The location of the Nationals seems to be well-tailored and schedule of service availability to customers needs and preferences. The National can be found in most major shopping malls, big avenues and universities around the country. To compare with key competitors, the National offers much of the same services. There isn’t much differentiation can be done in the banking industry, where everyone basically follows the same guidelines.
There are the ATMs, online banking, assistance offered by its staffs and websites, most of the services are comparably the same with the four most dominant banks in Australia, showing that it has done its share of monitoring their main competitors performances and what their main competitors are coming up with. Overall, the National have a very good reputation around the country showed by its past achievements and awards mentioned above. It is highly involve with the community and the organization is considered very customers relation focus. The competitive interest rates and services are bonus for this large corporation.
