Technology to bring more self-service to NAB

YORKSHIRE Bank owner National Australia Bank is promising more self-service as part of an investment in technology.

In an update to the markets it said it was responding to the ‘changing landscape and customer” needs by simplifying products, using less complex technology and centralising operations and support functions.

The banking group expects the changes to save £550m over the next five years.

It said it would enable more customer self-service in the future, “freeing bankers to focus on building relationships with customers”.

Chief executive Cameron Clyne said: “The opportunities created by this investment in technology enable us to align our business structure to the changing environment and changing customer behaviours. In a digitised world, we need to ensure we can meet the future needs of our customers regardless of when, how and where they choose to deal with us.

“The changes announced today, combined with continued investment in the business of over $1bn per annum, will reduce complexity and duplication across NAB, provide a better, simpler and easier-to-access product suite, provide more straight-through processing as well as ensure the more effective use of data and analytics to provide the right solutions for customers at the right time.”

Last October the bank announced a 22% profits slump as its Yorkshire and Clydesdale banks in the UK reported losses of £183m.