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NAB trains tellers in advice to grab market share

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Australian Broker | 09 Dec 2013, 08:00 AM Agree 0
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.
  • Ray C | 09 Dec 2013, 10:11 AM Agree 0
    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.
  • M C C | 09 Dec 2013, 10:32 AM Agree 0
    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.
  • Jeff Mazzini | 09 Dec 2013, 10:50 AM Agree 0
    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.
  • Keith of the West | 09 Dec 2013, 10:57 AM Agree 0
    Another marketing flop on the way. Someone lines up in a queue to see a teller they want to transact not be sold products they dont want!. Another disaster waiting to happen yet again!
  • Dan | 09 Dec 2013, 11:16 AM Agree 0
    Making the client aware of your available professionals and trying to make the teller a semi-professional is fraught with danger. Especially as they will often fall back into selling on price.
  • Country Broker | 09 Dec 2013, 11:36 AM Agree 0
    I just wonder if ASIC are aware of this and will send in blind buyers to test what information the tellers actually give . If the breach the NCCP by offering even the most basic of advice will the NAB be held accountable, I would hope so . The best way the NAB can increase market share is do what some of the others have done and treat the mortgage brokers with respect and start paying proper commissions and make their offerings competitive.
  • Coast Broker | 09 Dec 2013, 12:41 PM Agree 0
    Scary stuff is all I can say. As Country Broker said I hope ASIC have been made aware.
  • Jason | 09 Dec 2013, 03:12 PM Agree 0
    seriously guys, dont tell me that you think that every lender doesnt already do this? at least NAB has been upfront about it & announced their intentions.

    If you sell/offer insurance/planning it is up to you to make sure that your clients are aware.

    The lender is often the one that has to pick up the pieces if something goes wrong down the track & the clients cant make their loan payments
  • L3nder | 11 Dec 2013, 01:58 PM Agree 0
    I can understand NAB thinking there is an opportunity for people not willing to pay $4-5K for a financial advisor, but I must be missing something, for mortgage advice, a mortgage broker is usually free (and impartial!).

    I wonder if their tellers will have to have a cert 4?
  • Paul M | 12 Dec 2013, 03:49 PM Agree 0
    Just goes to show what banks really think of financial planning. Despite the intro of FOFA it is still just about flogging bank products and trying to meet revenue targets. Client outcomes don't really feature in the mix
  • S M | 10 Nov 2014, 10:44 PM Agree 0
    Not too sure what is wrong with selling insurance products or helping people with making the right financial decisions regarding their wealth? The media always focus on the handful of negative stories, completely ignoring the thousands of people who are put in a financially better position from seeking financial advice. There will always be a few rotten apples (as there are in every industry) and I am glad the financial services industry is moving in the right direction. I just hate being tainted with the same brush. I assisted one of my clients with a Trauma claim who ended receiving $100k for her child who unfortunately suffered from 2nd and 3rd degree burns to the neck and chest. The insurance company even back dated the payment as it happened 2 years prior to making the claim. Funny how I don't recall that story being published in the news!!
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