Promoting financial inclusion
While, the great majority of Australians are well served by a strong financial services sector, there is a significant group of Australians who are excluded from, or have limited access to, mainstream financial products and services.
Core to NAB’s corporate responsibility strategy and activities, is an agenda to address financial exclusion and promote financial inclusion in Australia - providing financial services for all Australians. We have four key platforms to promoting financial inclusion:
Microfinance programs
Since 2003 NAB, in partnership with Good Shepherd, State and Federal Governments and other community agencies, has been developing microfinance solutions to help address financial exclusion and to help all financially disadvantaged Australians climb out of poverty by providing safe, ethical and affordable financial products.
Programs for Indigenous Australia
Since launching its first Reconciliation Action Plan (RAP) in 2008, NAB's strategy for Indigenous Australia aims to build on what a financial services organisation can bring to address areas of Indigenous disadvantage and focuses on three areas:
- providing greater access to financial products and services to promote financial inclusion;
- building access to real long-term jobs in a sustainable way; and
- supporting greater organisational understanding of and respect for Indigenous Australians, their culture and aspirations.
Research and advocacy
NAB’s view is that research is important to define and raise awareness of the problem of financial exclusion in Australia and its relationship with social and economic disadvantage. NAB has commissioned the Centre for Social Impact at the University of New South Wales to develop an indicator to measure the extent of financial exclusion in Australia. The indicator will be released in late May 2011.
More give, less take – making banking more accessible
We aim to do the right thing for all our customers by delivering fairer banking with clear value and making quality advice available to Australian consumers and businesses – this underpins NAB's More Give, Less Take approach. More Give, Less Take began by listening and then taking meaningful action on the issues that most annoyed our customers - fees and charges. In September 2009, we took our first steps of the More Give, Less Take journey to deliver fairer banking.
