There’s so much choice available that customers can pick and choose who they buy from and where, when, and how it happens. They want to discover, research, evaluate, and purchase on their preferred channel. Give them that option, and they’re more likely to choose you. That’s the whole point behind the multi-channel approach.
NAB is creating three chief customer officer roles to oversee all aspects of its banking and finance offering as part of a new restructure revealed today aimed at simplifying executive lines and improving its customer centricity.
In an ASX statement, the financial group’s CEO, Andrew Thorburn, said the new organisational structure is the culmination of work over the last two years to address legacy issues and refocus the Australia and New Zealand operations on being more customer-focused. It also follows the demerger and IPO of Clydesdale Bank earlier this year, as well as the sell-off of an 80 per cent stake in NAB’s life insurance business to Nippon Life.
“These changes will bring greater momentum and energy to NAB’s goal of creating a simpler, more customer-focused organisation that delivers better outcomes for customers as well as shareholder returns,” Thorburn said.
Among the key changes coming into effect on 1 August is a new customer-facing business unit, entitled Corporate and Institutional Banking, which unites the corporate and institution business components of NAB’s former Business Banking division, with fixed income, currencies and commodities and capital financing from its Products and Markets division.
A new chief customer officer will be appointed to head up the new division, but in the meantime, current EGM of Corporate and Specialised Banking, Cathryn Carver, is acting in the role.
Personal Banking also gets a rebrand to Consumer Banking and Wealth Management, and will include the Personal Banking network, NAB’s digital-only banking group, UBank, and distribution elements of its wealth management offering. Andrew Hagger, current group executive of NAB Wealth, will lead the division as chief customer officer.
The old Business Banking division, meanwhile, becomes Business and Private Banking and has an emphasis on SME customers. This new-look unit will take on some of the small business offerings that previously sat underneath Personal Banking. Angela Mentis stays on to head up the division as chief customer officer.
Products and Markets becomes Customer Products and Services, and encompasses Banking and Wealth products, strategy, digital, NAB Labs/Ventures, marketing and corporate affairs. This division also continues to be led by Antony Cahill as chief operating officer.
IT is another part of the organisation getting a shake-up, with Enterprise Services and Transformation morphing into Technology and Operations and now taking over operating functions of the non-life Wealth Management business. NAB has appointed Bob Melrose, current EGM of Business Management and Personal Banking, as acting chief technology and operations officer while it looks for a permanent chief.
As a result of the changes, three executive leaders – Michaela Healey (group executive, Governance and Reputation), Renee Roberts (group executive, Enterprise Services and Transformation) and Gavin Slater (group executive, Personal Banking) – will leave the organisation.
“We have had a very clear plan over the last two years and have taken the action required to execute that plan. We have made progress, our customers are noticing the positive changes and our staff engagement score is the highest it has ever been, but we need to do better,” said Thorburn.
“This new organisational structure will enable us to continue the pace of change while providing greater clarity for our customers and our people.”
Earlier this month, NAB took the wrappers off a widespread rebranding campaign, based around its new moniker: "More than money".