My Photos - Professional material. My Photos - Professional material. Australia sees 'five minute online banking' National Australia Bank. National Australia Bank (abbreviated NAB, branded nab) is one of the four largest financial institutions in Australia in terms of market capitalisation and customers. NAB is ranked 17th largest bank in the world measured by market capitalisation.[1] It operates across 10 countries serving 8.3 million consumer and business banking customers and over 2.3 million wealth management customers.[2] NAB operates 1,808 branches and service centres and 4656 ATMs globally.[2] NAB has a "AA-" long term issuer rating by Standard & Poor's.[3] Business Overview[edit] The National Australia Bank Group is organised into nine divisions, spread across four geographic regions.
Financial results[edit] Sourced from NAB financial results:[6] While NAB operates in several jurisdictions globally, it earns the bulk of its revenue from its Australian operations. Revenue by geography in 2010 is summarised in the table below.[7] Brands[edit] History[edit] Early history[edit] National Bank of Australasia[edit] AFR Social Media. Westpac back to Bank of Melbourne with online arm. Westpac could relaunch the Bank of Melbourne brand as an online offering. Source: Reuters WESTPAC Banking Corporation is looking to step up its "local" banking focus in Victoria, with the potential relaunch of the Bank of Melbourne brand. BusinessDaily has learned that the group is examining a proposal to revive the moniker for a new internet-based deposit business to compete with National Australia Bank's online arm, U-Bank.
The major banks are now locked in a price war for new deposits ahead of the expiry of wholesale funding lines over the next two years. More than $150 billion of term wholesale funds will mature by the end of June 2011 and the banks are scrambling for more local deposits to reduce their size of those refinancings. "Like the other banks, Westpac's focus is on quickly building up its retail deposits to better manage its cost of funds in the medium term," a Westpac insider told BusinessDaily.
The offer has also been matched by Bendigo subsidiary Rural Bank. Best of the Best: Banking outlook for 2010. Best of the Best is all about sorting out the best financial products and services – to help you make the most of your finances. It helps too to sum up the year’s banking highlights, so here’s a snapshot. Interest rates hit a 40-year low – this time back in 2007 repayments on a $300,000 mortgage were $2329, today they’re just $1937, a saving of over $350 a month. The cash rate plunged to 3%, yet throughout the year online savings accounts paying more than 4% were easy to find. NAB declared that from December 4, 2009 it would abolish the $25 over-limit fee on all credit cards and cut credit card late payments fees from $30 to $5, thereby leading the way to reducing and maybe (it’s a big call) even ending all excessive penalty fees.
And while indeed there’s no such thing as a free lunch, fee-free everyday banking looks like it has arrived. That’s the good news, now it’s time to check out the potentially bad. For the exception, see this year’s banking Best Online Savings Account winner UBank. Burningpants » Blog Archive » UBank, Me Bank, We All Bank. Also launching last month in a green dominated website was NAB’s attempt at consumer chumminess with the aptly named – UBank.
UBank is acting as an online deposit taker – selling term deposits to Australians chasing the security and returns offered by cash. CoreData- brandmanagement conducted desktop research last week into all the online deposit takers in Australia and found that the UBank offer was among the best in the market. It was found to be simple, easy to use and seemingly designed by the customer service department of the bank rather than the legal division. One of the interesting things about the website is that it recognises people need to come to making a decision in whatever way suits them. UBank is the only website to feature a phone number on every page and to feature a 24/7 call centre, based in North Sydney with a customer service system that appears to mimic the highly successful British model.
Did you like this article? Special Reports - Time to spend. Financial Standard. UBank launch. Wednesday, 1 October 2008 National Australia Bank announced today it had taken a step to progress its development of new distribution channels, products and services with the establishment of UBank, a new direct channel offering, focused on savings products. As the first brand in NAB’s Star Direct & Marketing division, UBank will launch with term deposits and over time, will add a range of additional savings, transaction and investment products. UBank products will have highly competitive rates and no application or overdrawing fees. Greg Sutherland, Executive General Manager, Star Direct & Marketing, said UBank would be the first brand in NAB’s Star Direct & Marketing division. “UBank will allow us to compete for the ‘self serve banking’ customer segment.
UBank has been designed for customers wanting an easy-to-use online and telephone banking service. Note to Editor: Consumers wishing to contact UBank can visit the website at www.ubank.com.au or call 13 30 80 from 1 October 2008. UBank fact sheet June 2009. 30 June 2009 Who and What is UBank? UBank is a direct bank with products designed to be sold and serviced exclusively over the telephone and the internet UBank is a division of NAB Personal Banking and operates under NAB's banking license. UBank deposits sit on NAB's balance sheet hence UBank deposits are covered by the government guarantee UBank can be contacted on 13 30 80 or via www.ubank.com.au Why UBank?
As part of NAB Personal Banking's multi brand and multi channel strategy, UBank is aimed at self directed customer segments that prefer to manage their own finances rather than seek advice UBank is complementary to NAB's broader, full service offering, along with the mortgage broker business NAB Broker UBank delivers high quality customer service through its dedicated call centre in Sydney as well as its own website, www.ubank.com.au Key Achievements: UBank's initial offering of personal term deposits has enjoyed strong consumer interest with sales performance above expectations What’s next:
USaver launch. 2009 NAB annual report coverage. NAB's UBank targets self serve customers. Customers still find comfort in cash, says UBank survey. A UBank survey of customers with self-managed super funds (SMSFs) has revealed that a third have more than 50 per cent of their SMSF in cash. UBank, National Australia Bank’s direct bank, found that more than half the respondents stated they have no plans to alter their current cash allocation despite improving economic conditions in Australia. The survey revealed that a significant proportion of respondents blamed the poor performance and high fees of managed funds for their move to a SMSF, and 75 per cent said having control of their own financial destiny was the reason for their move.
“The results of this survey show that more and more people want to take tight control of their own financial destiny at a time of ongoing caution about the economic climate,” said UBank general manager Gerd Schenkel. The survey also found that 31 per cent were optimistic about the performance of their SMSF in 2010, although 26 per cent stated they still felt cautious about the year ahead. Best of the Best: Banking outlook for 2010. UBank to launch mobile banking this year. NAB online banking offshoot UBank, which set up a five minute online savings account last August, plans to offer its first mobile banking service later this year. According to Gerd Schenkel, UBank general manager, while the organisation is now 'writing positive income and working toward becoming cash positive' - which is banker-speak for 'we haven't quite got back what we invested in setting up UBank' - the organisation was already looking at additional products to offer online, and also at new distribution channels. 'Mobile is probably the next step for us.
There will be a mobile platform sometime this year as we follow customer demand,' said Schenkel. Users should not however expect a cut down version of the UBank website for phones, as Schenkel stressed that UBank did not plan 'to migrate the website to a Blackberry or iPhone. The bank would then develop a service to meet that requirement. Savings Accounts: Online or old-fashioned savings accounts: What. 1st of December 2009 | by RateCity Staff Andrea Sophocleous investigates what makes a savings account the best fit for you. December 1, 2009 Since the introduction of the first online savings account by ING Direct in 1990, Australians have taken to online accounts like ducks to water.
Over one million Aussies have an ING Savings Maximiser account, and plenty more have opened online high interest accounts with the likes of the big four banks and other players, such RaboPlus. “Currently 52 percent of the Australian adult population claim to prefer using direct channels to conduct banking activity,” says Gerd Schenkel, general manager of UBank, the online banking arm of NAB. The Commonwealth Bank (CBA), Australia's largest bank, is also enjoying success with its online savings account, NetBank Saver, introduced in 2005. “It grew by 50 percent in the past 61 weeks [to the start of November 2008], and contributed about 75 percent of the overall growth in savings.”
Related Links. NAB pioneers ‘five minute’ online bank account. NAB looks to launch no-frills banking brand – Crikey. National Australia Bank is working on plans to launch a new retail bank under a different brand. Last month, the bank created a new business group to look for ways of using technology to deliver low-cost services to groups not well represented in the bank’s customer base. The focus is on young people and self-directed consumers and investors, who are technologically savvy and would use the internet, mobile phones and other alternative distribution mechanisms. A NAB spokesman confirmed yesterday that the bank’s Australian chief executive, Ahmed Fahour, made an internal announcement in May that a new business group, Star Direct and Alliances, had been set up under general manager Gerd Schenkel.
The new group has its own board, whose members include Fahour, Steve Tucker, the executive general manager for wealth management in Australia, Greg Sutherland, the executive general manager for strategy and marketing, and NAB general counsel Anne Ward. No firm plans have been made yet. UBank promises service | Savingsaccount | InfoChoice. Fees could be terminal in term deposits. NAB goes online to reach people allergic to banks. The role for banks as content creators – UBank embraces YouTube. Online Banking Review - Online Banking Review - online banking - Executive Interview: Gerd Schenkel, General Manager, UBank By Charis Palmer OBR: Gerd, you have quite an impressive academic background in science. What made you decide to do your MBA and switch over into business, and finance in particular? GS: I’m not sure about impressive but I studied engineering and the main reason I was interested in exploring options other than engineering was that I discovered I really enjoyed working with people as opposed to with mathematics and machines.
Machines are largely predictable but people have a rich spectrum of behaviours and are not as predictable. OBR: Apart from a very loud alarm clock, and the need to pay the bills, what gets you out of bed in the morning? GS: I do enjoy coming to work almost every day and mainly that’s an outcome of the team we’ve built at UBank. OBR: Before NAB you worked with BankWest and Citigroup, so you’ve seen some different strategic approaches to banking. GS: In a way it’s turned out quite well. Direct Banking Strategy Gerd Schenkel. Nab launches new savings account - Savings account articles & S.
National Australia Bank (NAB) has launched another option for those looking to compare bank accounts. The lender is making a new high interest savings account available exclusively online through its UBank offshoot. It claims the facility will offer an “unrivalled” opening interest rate of 5.11 per cent per year. Furthermore, accounts can reportedly be set up within minutes over the internet, rather than having to visit a bank. It explained most adults should be able to complete the registration process within five minutes, noting almost a quarter (23 per cent) of people use online banking already. "We’ve created USaver specifically for [the direct banking] market and expect it to set a new standard for online savings accounts in Australia," explained UBank general manager Gerd Schenkel.
The deal will feature no account or dishonour feel and no minimum balance requirement. A number of banks have recently moved to reduce fees. UBank promises service | Homeloan | InfoChoice.