NAB is at the early stages of rolling out new products and services to Australian accountants, with a view to ultimately have dedicated bankers for the accounting market.
In line with NAB’s approach to business banking, its focus will be on small to medium operators. The bank will be looking to deepen existing relationships with accounting clients as well as attract new prospects.
This growth strategy mirrors NAB’s moves in healthcare and agriculture. For example, NAB’s healthcare division includes products and support services for healthcare businesses related to insurance, investment and practice management.
“What we’ve recognised is that, across all industries, the expectations of customers and consumers is to be more focused on the needs of specific industries,” Brett Moore, NAB general manager of professional services, specialised banking, told ifa sister site Accountants Daily.
“It’s about having those who understand that, who are connected to the industry, and can deliver products and services to meet the needs of those industry verticals. We’ve done it in health and agriculture, it seems like the natural opportunity now to do that in accounting.”
Mr Moore was specifically hired to build NAB’s presence and product line in the accounting market at the beginning of the year. He noted the disruption accountants are facing right now with technology and competition – market factors that are being worked into the bank’s strategy.
Banks themselves are also facing market disruptors in accounting, particularly on the loan front, with the rise of alternative lenders. A study from KPMG, released earlier this month, showed Australia is the second largest alternative finance market in Asia-Pacific.
Does anyone think we should just do what we are good at.
no banks are good at doing everything…………………………………………………………..badly. they don’t even know how to lend money properly foget about it
ha ha accountants thought they could be self regulated (more laughs). the banking industry is not gonna let you go unscathed. they are going to ruin the accounting industry one way or another like they have ruined the financial planning industry ha ha ha ha ha your nightmare has begun ha ha they have also started on the mortgage brokers ha ha ha
Product manufacturers simply see an opportunity to sell product. Simple and clear. This is surely leading to conflicts of interest in the financial planning world on a grand scale. So if they were to attend to SME’s for revenue purposes, it would be to sell product and not impart advice in the clients best interest. Lovely is it not. NAB and all banks ought not be allowed to be parasites on the economy. Selling product is not advice. Regulators ought regulate the hell out of banks and get them to be product manufacturers and leave advice to qualified professionals and not salesman at a bank counter. The FPA and AFA…say something or will you remain quiet as before with the hypocrisy of having an industry to comply with best interest while in reality its sell sell sell. Wait for lawyers to be duded as well. Why not have a bank that can take over the advice function completely. So the SME client walks in. The bank staff complete their BAS profit and loss balance sheet. They are sold loans credit cards personal loans, life insurance, buy sell agreements and Wills and they can also capture the medical profession to do the medical with underwriting nearby. Lovely is it not. Sell sell sell. Lets see where this discussion goes with our regulators who will sit on their hands, government that is plain stupid and associations that will merely roll over and remain silent as receive their cheques of course paid by the banks.
interesting.. NAB used to be good with accountants till last year and then looks like they moved out of the space with the loss of their national manager. will be interesting to see what new products they bring – none seemed to be mentioned…
Its great NAB are doing this, and as long as you have a residential property for security they will give you a loan. The current advert leaves that out of the detail of what the client has to have to get assistance. Years of real actions cannot be replaced by Marketing hoodoo.