National breaks new ground in services for SMEs - 20 February 2001
Tuesday, 20 February 2001
National Australia Bank is today announcing the launch of a number of ground-breaking initiatives, designed to boost the business development activities of small and medium enterprises.
National Business Toolkit
The first of these initiatives, National Business Toolkit, enables SMEs to cost-effectively build an online presence and is available now from the National's web site at www.nationalbusinesstoolkit.com.au. The National is the first bank to provide such a service to the SME market and aims to attract 90,000 users by September 2002.
Via the Business Toolkit, a business can quickly and inexpensively create their own web site, register a domain name, establish an e-mail account, source their business supplies online (electronic procurement), and take advantage of a range of attractive Internet access and website hosting packages.
National Business Toolkit has been developed in conjunction with application service provider, Peakhour Australia Holdings Pty Ltd, in which the National (through its subsidiary O2-e) made a $12 million equity investment late last year. The National is the only Australian bank to forge such an alliance.
Further enhancements are planned for the National Business Toolkit later this year, such as Internet Banking, accounting software hire, online loan applications (personal loans, home loans and credit cards), online credit card payment service via National Secure Internet Payment Service and wealth management products (eg superannuation and protection insurance).
Business Impact Scenario Tester
The second initiative to be announced by the National is the deployment of an innovative management accounting software tool - called Business Impact Scenario Tester - to its 1200 Business Banking Managers, Australia-wide.
Scenario Tester is now being used by the National's business bankers to show the impact of different financial scenarios on their customer's financial position. Developed by the Melbourne-based company, InMatrix Technology Pty Ltd, the software is also commercially available and used by businesses, accountants, consultants and banks, worldwide.
As the software is increasingly being used by accountants and business advisers in Australia, this supports a stronger relationship between the National, its customers and their accountants or financial advisers.
The National is the first financial services provider in Australia to deploy the software across its banking network and is now rapidly working towards the launch of the web-version, which is expected to be available from April this year.
National Business Booster
In another move to support the SME market, the National has earmarked up to $1 billion for lending to the SME market in 2001 via a new business lending package called National Business Booster.
Designed to bring forward business development and expansion activity for SMEs, the package will launch in March with a special, low-interest loan and a range of other financial benefits. Full details about the package will be announced early next week.
In announcing the National's new services for SMEs, the National's Chief Executive Officer, Australian Financial Services, Mr Mike Pratt, said "As the biggest lender to the small business market in Australia, the National is committed to supporting the market with innovative financial and non-financial solutions that save businesses time and money.
"Customers are telling us they want more from their financial institution or lender. They are looking to have a broader relationship with us - one that extends beyond traditional bank products and services and enables them to embrace and capitalise on the opportunities that are emerging in new markets, particularly in e-commerce.
"Our strategic relationships, such as those with Peakhour and InMatrix, are enabling the National to meet these needs," Mr Pratt said.
Background: Business Impact Scenario Tester
Business Impact Scenario Tester is the National's new software tool for diagnosing business performance.
Developed by a Melbourne-based software company, InMatrix Technology Pty Ltd, Business Impact Scenario Tester is now being used by the National's 1200 Business Bankers across Australia.
The National is the first financial services provider to adopt the software and use with its business customers. Scenario Tester also strengthens the National's risk management, as it provides a better understanding of the risk profile of the organisation's customers.
The same software is also commercially available. Known as Optimist 3000, it is used by more than 2000 accountants, academics and financial advisers, worldwide.
In November 2000, the National announced a 40% equity stake in InMatrix through its venture capital subsidiary, National Australia Investment Capital Limited. The investment will allow InMatrix to realise the full potential of its suite of software products and develop further niche business management tools and web-enable its products.
InMatrix recently opened an office in San Franciso and is in negotiations with global distribution partners, such as Moody's RMS. In Australia, accounting software distributor, Attach Australia Software Pty Ltd, has adopted the software and similar discussions are underway with Solution 6.
Background: National Business Toolkit
National Business Toolkit is a new service that enables small and medium enterprises (SMEs) to easily and cost-effectively establish a web-presence.
The Toolkit is now available at www.nationalbusinesstoolkit.com.au. It has been developed as a result of the National's strategic alliance with the application service provider, Peakhour Pty Ltd. In September 2000, the National, through its subsidiary company, O2-e Limited, announced a $12 million equity investment in Peakhour.
The relationship with Peakhour is enabling the National to extend its business banking relationships into online services with a complete suite of digital business services including Internet access, domain name registration, website building, website hosting and e-procurement.
The National is also working on a number of enhancements to the Business Toolkit which are due for completion over the next six months. Additional services will include: Internet Banking, accounting software hire, online loan applications (personal loans, home loans and credit cards), online credit card payment service via National Secure Internet Payment Service and wealth management products (eg superannuation and protection insurance).
* The information contained in this media release is for media advice purposes only. The contents are true and correct at time of publishing/issuing, however may change over time. For further information about NAB products or rates, please go to Interest Rates, Fees & Charges
