National Australia Bank, also known as NAB, is the fourth-largest financial institution in Australia based on market capitalization, earnings, and customers. NAB was formed by merging two financial entities, the National Bank of Australia and the Commercial Bank of Sydney, in 1982.
Today the bank serves its customers through more than 900 branches and banking centers across Australia, New Zealand, and globally. It also has a strategic tie-up with Australia Post, through which its customers can do basic banking transactions through the 3,500 Australia Post outlets across the country. The bank has recently announced a plan to renovate its branches across the country by investing more than $160 million.
The NAB’s mission statement of the bank, “We back the bold who move Australia forward”, is in line with its business focus on providing the best customer service levels and financial services to those entrepreneurs, companies, and individuals who aim to take Australia forward.
NAB’s vision, “To be Australia’s leading bank, trusted by customers for exceptional service”, shows its determination to be one of the best financial service providers in Australia on the merits of trust and customer service. It entrusts its employees to work on the same principles so that the bank can be recognized among the community for its achievements,
In an endeavor to achieve its goals, NAB trusts its core values that have been the guiding light for its existence to date. It expects its partners, associates, and employees to work diligently as per its core values to reach the goals and vision it wants to achieve.
National Australia Bank Mission Statement
The National Australia Bank mission statement proudly exclaims, “We back the bold who move Australia forward”, shows the determination and focus of the bank in helping the people of Australia grow so that the country progresses and the bank too.
It reinforces the commitment of the bank to help people, communities, and the nation (Australia) grow. A breakdown of the statement gives us a clearer insight into the meaning and purpose National Australia Bank wants to convey through its mission. Here are the key aspects of the NAB mission statement.
Safe– Ensuring complete safety of the customers and peers by financial and operational resilience. This means that the bank will provide services even during tough and unforeseen times like the Covid pandemic. This policy helps to build credibility and gives customers and colleagues peace of mind.
Easy – The bank emphasizes providing a hassle-free digital banking system for speedy banking services. This is something every account holder expects from their bank.
Relationship-led – The bank wants to focus on nurturing great relationships with both the customers and the community. For this, the bank wants to develop unmatched expertise related to banking services like data analysis and insights. This helps the bank reduce risk and fraud, increase compliance, do better NPA monitoring, etc.
Long-term – NAB works on fostering long-term relationships with its customers, community, and colleagues. This shows that it values its customers and knows their role in success.
Work towards community- NAB also supports communities by funding infrastructures like hospitals, schools, and roads.
The bank works at all stages to help its customers by providing them seamless banking services. The company also aims at creating a safe and healthy workplace for its employees.
National Australia Bank Vision
The National Australia Bank vision statement is “To be Australia’s leading bank, trusted by customers for exceptional service.” The bank’s vision statement is very clear i.e. the bank is determined and focused to be the best financial services provider in Australia.
A detailed analysis of this vision statement helps us understand the correlation between the bank’s business objectives and how it plans to achieve the same.
- To be Australia’s leading bank: This part of the vision statement clearly shows National Australia Bank’s long-term goal and where it foresees itself in the future. This statement reveals to the bank’s shareholders, customers, partners, and associates that it is a bank that will always aim to scale new heights.
- Trusted by customers for exceptional service: National Australia Bank aims to win the trust of its customers and grow with their help by providing them with the best and highest levels of customer service that they may not have experienced before. It also reinforces the message that growth is not possible without being exceptional in how the bank presents its products and services.
Lastly, it wants its employees to be in line with its vision and asks them to win the trust and business of their customers by providing the highest and best level of service possible.
National Australia Bank Core Values
Every organization needs a set of values upon which it can base its work principles and growth trajectory. NAB is no exception and has laid down the core values, an essential part of the bank and its journey towards being the leading bank in Australia.
- Provide unmatched services to customers: Providing exceptional customer service is all about loving your customers and wanting to go out of the way to serve them, no matter what it takes. NAB wants its team to follow exceptionally high customer service standards, which will help them win the trust and loyalty of customers.
- Grow Together as a Team: It underlines teamwork as the essence of all success and wants its employees to function together as a team so that they are stronger, better, and ready to face any challenges the customer may have.
- Encourage innovation and new ideas: NAB follows the unconventional approach to reach out to its customers. It trusts the customers who are bold in their thinking and approach towards business; it wants its employees to be bold in its customer service initiatives and offerings to customers. It advocates free-thinking and appreciates employees who are willing to use an innovative approach in solving customer problems.
- Respect for people: Treating everyone as an equal irrespective of their financial status, caste or creed is one of the underlying principles of NAB.
- Do the right thing: The financial services industry is all about trust and relationships. NAB ensures that its employees follow the highest levels of transparency, integrity and do the right thing to win its customers.
National Bank of Australia is one of the foremost financial institutions in Australia. It wants to build on this position and become an acknowledged leader in the financial services industry by ensuring its employees align with the National Australia Bank mission and vision along with core values.