NAB wins major leadership & innovation awards

Wednesday, 28 April 2010

CANSTAR CANNEX announces NAB the winner of multiple awards in its Innovation Excellence Awards including the first-ever ‘Banking Leadership Award’

NAB announced today it had won three prestigious awards in CANSTAR CANNEX’s Innovation Excellence Awards including the 'Banking Leadership Award' for delivering the “banking breakthrough of the decade”.

The Banking Leadership Award was specifically created to recognise NAB’s leadership position on the abolition of a number of its customers most disliked fees. In addition, both MLC and NAB’s direct bank, UBank, won Innovation Excellence Awards.

NAB Personal Banking Group Executive, Lisa Gray said NAB was delighted to be acknowledged by CANSTAR CANNEX with these accolades.

“We are very excited to have won the first-ever Banking Leadership Award acknowledging our work over the past year and demonstrating we are on the right path in our long term commitment to provide a fairer banking experience to Australians.

“We believe consumers are starting to see us stand for something different. In the longer term we are committed to bringing more competition, choice and a fair exchange of value to bank customers.

“We are also pleased to be recognised by CANSTAR CANNEX for providing innovation in banking by being awarded Innovation Excellence Awards for both MLC and UBank,” Ms Gray said.

Steven Mickenbecker, CANSTAR CANNEX Head of Research and Product said NAB thoroughly deserved the first-ever CANSTAR CANNEX Banking Leadership Award for taking the initiative and removing customer fees.

“The far-reaching benefit to Australians, triggered by NAB leading the way to slash its fees and change the banking industry forever, cannot be overlooked.

“NAB’s undertaking not to recoup losses from the widespread abolition of many banking fees sent a positive message to customers and threw down the gauntlet for others to follow its lead. So far, the other major banks have announced cuts, none of which are of the magnitude of NAB’s.

“This banking leadership accolade will only be given on merit. We certainly hope we don’t have to wait another decade to witness the next banking breakthrough,” Mr Mickenbecker said.

MLC received an Innovation Excellence Award by CANSTAR CANNEX for introducing the Best Doctors medical service for all existing and new MLC Critical Illness insurance customers. The innovation means MLC clients (along with their spouse and children) can source a second opinion regarding medical diagnosis and treatment from leading specialists around the world.

UBank has been awarded a CANSTAR CANNEX Innovation Excellence Award for its USaver online savings account showing innovation through its rate reassurance and online application process.

Notes to Editor

NAB’s fair value work over the past year includes:

  • Abolishing $30 overdrawn account fees on all personal transaction and savings accounts benefiting around 700,000 customers;
  • Abolishing personal transaction account fees including the $4 and $5 monthly account service fees on NAB's most popular personal transaction accounts: Classic and e-Banking, benefiting more than 860,000 customers;
  • Abolishing $25 over-limit fee on all NAB credit cards and cut $30 late payment fee on all NAB credit cards to $5 - benefiting around 750,000 customers a year;
  • Significantly expanding the NAB ATM network by entering into a strategic alliance with rediATM to help over 7 million customers avoid around $10 million in direct charge ATM fees annually;
  • Tripling the NAB Care team to provide more representatives to help customers struggling to make ends meet; and
  • Advancing NAB's micro-finance programs giving the disadvantaged better access to financial services.

Media contacts: Gillian Griffiths , NAB Corporate Affairs – M: 0419 667 783 Christine Thelander, CANSTAR CANNEX - P: (07) 3837 4151