Investment occurs due to digitally savvy customers.
National Australia Bank (NAB) has continued to revitalise its branch network around the nation, as the bank adapts to the changing way Australians are choosing to do their banking.
The transformation program has already been completed in 26 locations this year and will continue in more than 50 locations before the end of 2021. Around half of these branches are in regional communities across Australia.
This A$100 million investment in 2021 comes off the back of NAB investing A$60 million in its branch network in 2020, despite COVID-restrictions hindering refurbishment efforts.
NAB group executive Personal Banking, Rachel Slade said while more Australians are choosing to do their banking digitally, branches continue to be an important part of the way NAB serves its customers well.
“Australians have embraced digital banking, with 93 per cent of NAB’s customer interactions now taking place via the NAB App, phone, video or online. But we also know that face-to-face banking is an important part of banking,” Slade said. “When our customers choose to visit us in a branch, it’s to have an in-depth conversation about how we can help them achieve their goals.
Changes include a new-look design and open plan layout, with meeting spaces for customers to have important conversations. More digital services that are popular with customers, like self-service digital bars and self-service machines that are available 24 hours a day are also being installed.
“This is a huge undertaking and we are thankful to the many local businesses around Australia that are helping us transform our branch network,” she said. “We will be drawing on the skills of a wide range of specialists including plumbers, electricians, air conditioning technicians as well as businesses to manufacture and install our distinctive red star signage.”
NAB is opening four new format branches this year in Barangaroo (NSW), Clyde (VIC), Bourke Street (VIC) and Collins Street (VIC). These smaller format branches are an example of how NAB continues to innovate and respond to the way Australians are choosing to do their banking.
“Our digital savvy customers no longer need to visit a branch to withdraw cash, deposit a cheque or to pay a bill. They complete these transactions on the go, at a time and location that suits them,’ Ms Slade said.
“Customers will benefit from more meeting spaces with video conferencing facilities and a digital bar so we can provide more guidance on the ways to do everyday banking. We’re investing in more smaller format branches so we can provide a convenient location for customers to have important conversations with experienced NAB bankers, either in person or via video.”
These openings follow the successful trial of NAB’s first smaller format branch at Casey Central Shopping Centre in Victoria late last year.
There are more than 600 NAB branches and business banking centres around Australia supporting customers with their banking needs. Additionally, NAB’s relationship with Australia Post means customers can do fee-free transactional banking like check account balances, pay bills or deposit and withdraw cash at more than 3,500 Australia Post outlets nationally.