UBank
| Company type | A division of National Australia Bank (ASX: NAB) |
|---|---|
| Industry | Financial services |
| Founded | 1 October 2008 |
| Headquarters |  Sydney, Australia |
| Products | Banking, financial and related services |
| Website | UBank Home |
UBank is a division of National Australia Bank (NAB), the largest financial institution and bank in Australia in terms of market capitalisation and customers. NAB is one of the world's top 30 financial services companies with total assets of A$457 billion as at 30 September 2006. It operates across 10 countries serving 6 million banking customers and over 2.3 million wealth management customers.[1]
Launch Press Release 1 Oct 2008
NAB unveils UBank
National Australia Bank announced today it had taken a step to progress its development of new distribution channels, products and services with the establishment of UBank, a new direct channel offering, focused on savings products.
As the first brand in NAB’s Star Direct & Marketing division, UBank will launch with term deposits and over time, will add a range of additional savings, transaction and investment products. UBank products will have highly competitive rates and no application or overdrawing fees.
Greg Sutherland, Executive General Manager, Star Direct & Marketing, said UBank would be the first brand in NAB’s Star Direct & Marketing division.
“UBank will allow us to compete for the ‘self serve banking’ customer segment. Our aim is to attract a new set of retail customers while operating independently to NAB’s other retail brands,” Mr Sutherland said.
UBank has been designed for customers wanting an easy-to-use online and telephone banking service. Customers will be offered a new website and a 24-hour ‘person-to-person’ Direct Banking Centre. UBank will operate under NAB’s banking licence, offering the same depositor protection as that provided to existing NAB customers.
Gerd Schenkel, General Manager, UBank said the new savings proposition was designed to help Australian consumers make the most of their money.
“We have founded UBank on simplicity and with a pure customer focus - giving special attention to communicating with our customers in plain English. We are also committed to providing a high level of service through our 24/7, Australian-based direct banking centre.”
From today, UBank will offer Australian consumers a new term deposit product - the only term deposit in Australia to offer existing customers bonus interest upon rollover. In addition, UBank will also offer customers a limited launch special rate for its three-month term deposit of 8.50% p.a.
History
UBank was launched on 1 Oct 2008 with the highest rate for a 3-months term deposit in the market, 8.5%
Sponsorship
The National Australia Bank is a prominent supporter of Australian rules football, both at grassroots and elite level. It sponsors Auskick, an initiative to improve young footballers, as well as the NAB Cup (an Australian Football League pre-season competition), the NAB AFL Rising Star award; and the AFL National Draft. Other significant sporting sponsorships include the Socceroos, and the 2006 Commonwealth Games. Support is also given towards community group volunteers around Australia. In recent years, NAB has provided financial support and relief to drought affected farmers. From 2008-2010 NAB is sponsoring the South Sydney Rabbitohs.
Customer Relationship Management
NAB was recognised as an early adopter and leader in CRM (Customer Relationship Management). It is a large user of the Siebel CRM software and developed and implemented its "National Leads" analytical CRM system to support its sales force in identifying relevant customer sales & service opportunities. [2][3]
In 2006, NAB revamped its CRM system having slipped behind other banks investing in CRM platforms using cutting-edge technology.[4][5]
NAB also deployed its National Leads system to New Zealand and United Kingdom. In 2006, NAB was named the winner of the IFS/Cap Gemini Financial Innovation awards for its National Leads system. [6]
References
- ^ http://www.nabcapital.com/aboutus/aboutus.aspx nabCapital About Us (05 February 2008)
- ^ "National Australia Bank receives global recognition in Customer Relationship Management". NAB media release. 10 December 2003.
- ^ "NAB's track record a winner". Sydney Morning Herald. 22 February 2005.
- ^ "CRM adopter plays catch-up". The Australian. 19 September 2006.
- ^ "Bank's CRM revamp hits half-way mark". Computerworld. 16 March 2006.
- ^ "ifs/Capgemini Financial Innovation Awards 2006". ifs School of Finance.
External links
- NAB Group - Official NAB Corporate Site
- National Australia Bank - Australia Region
- Fortune Global 500 listing
- National Australia Bank stock chart
- CBC Officers Club
