NAB trains tellers in advice to grab market share

by Amy Rosenfeld09 Dec 2013
NAB has announced it will be training tellers to provide ‘lite’ financial advice as part of its strategy to increase its share of the mortgage market.

The major bank’s market share has increased from 13.3% to 15.3% in the past three years. By offering further in-branch financial advice NAB hopes to continue to grow this figure, says NAB’s executive general manager retail Vicki Carter.

''Most of the mortgages that we write out are with our existing customers. We know if we look after our 24 to 30-year-olds' wealth, help them with their first foray into credit, help them as they need that lite advice and simple superannuation and so on, that they will become our future mortgage customers," Carter told The Age.

As more customers choose to use internet banking for simple transactions, the purpose of branch staff has shifted more towards providing advice, says Carter.

''The reality is that a lot of Australians won't pay $4000, $5000 for a financial plan,'' she says. ''But many Australians still need help with simple rollover products, their superannuation products and their simple protection needs. That is unfilled at present, so … this is actually a gap in the market.”

NAB currently employs qualified financial planners across 15% of its branches, and will continue to refer customers requiring more complex advice to them.

''We don't see our wealth referrals changing for more sophisticated needs and, in fact, they are at record high numbers currently.''

NAB’s mortgage book grew 6.9% in the past month, compared to the broader mortgage market which grew 5.5%.

NAB’s group executive for personal banking Gavin Slater said the bank was determined to grow “in the right way” and would not loosen lending standards or risk settings in order to grow market share. 


  • by Ray C 9/12/2013 10:11:01 AM

    Banks will never learn, rather then selling to Bank's needs they should be selling to client's needs. Tellers should be asking how can we help, not this particular product is right for you. The Bank's have been doing it the same way since the 80's.

  • by M C C 9/12/2013 10:32:21 AM

    Ray is right. back in the 1990's Kathy Cummings walked up & down a State Bank tellers queue trying to sell insurance products to clients that didnt necessarily have a need at the time. I'm sure the customers that are looking to try & complete a quick transaction will relish the thought of being 'detained' further.........not! I guess with further transition to 'E' commerce the touch point availability will become less & less for tellers anyway.

  • by Jeff Mazzini 9/12/2013 10:50:02 AM

    Pleased to see NAB is serious about up skilling job roles that are being replaced with technology. The more skilled worker provides security to themselves and the business owners.
    No doubt it will be within the regulatory guidelines etc. Agree also with Ray, selling to the clients needs and not to meet some targets is the way everyone wins.
    Totally for up skilling of all Australian workers as technology and out sourcing is removing all the "stuff" from job roles and hence an educated workforce is more confident and productive.