NAB has announced a key milestone in its outreach program and revealed that Australians are becoming “considered consumers.”
Launched in May 2022, the bank’s proactive check-in program has now reached more than 570,000 customers to ensure their financial wellbeing and offer support.
“Our daily outreach allows our team to remain close to customers and gives us the ability to provide support at the earliest possible signs of distress,” said Rachel Slade (pictured above), NAB group executive personal banking. “The rising cost of living has been challenging for Australian households, but we know that our customers remain resilient and broadly in good shape.”
The check-in conversations with customers and NAB research revealed that Australians are becoming “considered consumers,” with about half re-evaluating and prioritising where they were spending to save money.
A NAB survey of 2,000 people revealed that on average, Australian were saving $286 per month by making cutbacks and spending on the things they valued most.
Eating out at restaurants was the top area where people were cutting back on spending, with 55% of people saving around $115 per month. This was followed by skipping micro treats such as coffees or lunches out and trips to the movies, with half saving between $55-$60 per month. Around 40%, meanwhile, were making fewer car journeys to save on petrol and cutting out food delivery services, saving them between $60-$80 per month.
“Australians have become ‘considered consumers’ by prioritising those things that they consider personally valuable,” Slade said. “For some, that means keeping the daily coffee and croissant while for others that means saving on takeaways to secure Taylor Swift tickets – it’s about personal choice and deciding what trade-offs suit your own values and lifestyle.”
Overall, NAB customers were in a good place despite cost-of-living concerns, the bank executive said, but noted that averages can mask those on the margins who really need support.
“Of the 570,000 customers we’ve reached out to so far, we identified more than 8,500 home loan customers who might be at risk or need that additional support given their financial situation, but after checking in with them, only 14 of those needed a warm introduction to our NAB Assist team,” Slade said.
“More than 90% of customers who speak to NAB Assist early are back on their feet financially within 90 days. NAB Assist can provide specialised support including help pausing, reducing, or restructuring payments.
“If you’re becoming concerned about your financial situation or your circumstances have changed since you last heard from us, make sure you get in touch for support. We’re here to help.”
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