By james art National Australia Bank boss Andrew Irvine has told staff that improved performance over the past five years has not translated into better customer loyalty and that it needs to do better and become the country’s most customer-focused company.
Mr Irvine, who has been at the helm since April after succeeding Ross McEwan, detailed changes to NAB’s internal strategies and ways of working in an email to 38,000 staff on Wednesday, saying his entire team would have to significant changes in the way they “show up for work” every day.
“We are increasing our goal to become the most customer-centric company in Australia and New Zealand. Not just the most customer-centric bank – the most customer-centric company,” he said.
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“We want customers who trust us and choose us to be their bank. We need colleagues who are customer-obsessed and proud to work at NAB.”
Mr Irvine told senior executives that the bank’s strategy refresh represented a “massive cultural change”.
“Today we are being recognized for delivering and doing what we say we will do,” he said in an address to hundreds of senior officials on Tuesday.
“But we have not translated this improved operational performance into better customer outcomes and better advocacy for our clients. And we’re starting to change that today.
“It’s going to be a huge culture change for us. Customers should be everything we are and how we work.”
NAB — Australia’s largest business bank — is the country’s second largest by market capitalization. In the latest earnings results for the half year to March 31, cash earnings fell 12.8% to $3.55 billion. Commenting after the results, Mr Irvine said NAB was improving and in good shape.
NAB is due to report full-year results by September 30 on November 7.
“We want customers who trust us and choose us to be their bank,” Mr. Irvine said in the email.
“We need colleagues who are customer-obsessed and proud to work at NAB.”
Mr McEwan was NAB’s first chief executive hired from outside the bank and contributed to a review of its standards and performance following the final report of the Royal Commission on Financial Services issued in 2019. Analysts praised his improved performance in subsequent years.
Mr. Irvine’s updated strategy is aimed at translating his improved performance into improved customer loyalty and advocacy.
“We’re going to get really customer-obsessed,” he told staff.