NAB has been announced as the winner of the ‘Best Internet Banking Initiative’ in the prestigious and competitive Global Retail Innovation Awards this year, held in Singapore.
NAB received the award for its ‘Transaction History’ feature on its Internet Banking platform which has undergone several improvements in the past year to help customers more easily identify, manage and categorise transactions at a glance.
“We’re thrilled to be recognised for our excellence in digital banking, a testament to the hard work, innovation, and customer centric approach that the team have consistently displayed,” NAB’s Chief Digital Officer Sujeet Rana said.
“This achievement not only reflects our commitment to providing outstanding online banking services but also our ability to stay at the forefront of a rapidly evolving digital landscape.”
Helping customers better manage their money online
“The majority of our customers – around 80% – exclusively bank digitally with us, so it’s important we keep the experience as simple, easy and safe as possible,” Mr Rana said.
“We’re also laser focused in helping our customers better understand and manage their money in this economic climate. The rising cost of living is impacting everyone, particularly young Australians who are struggling the most with increasing expenses. That’s why improving our highest viewed pages like ‘Transaction History’ is so important to help customers better recognise and manage their spending patterns.”
NAB has made several updates to its Internet Banking platform and NAB app to deliver an improved customer experience. This includes push notifications for low balance and overdrawn accounts, and new merchant logos and spending insights which are applied automatically to save customers time but can be easily changed.
Australians re-prioritise their spending habits
As people are looking to prioritise their spending, digital services like ‘Transaction History’ and ‘Spending’ insights are helping them with better insight over where they can save.
The Consumer Sentiment Survey shows that half of the country are cutting back on eating out, entertainment and car travel. Four in 10 consumers have saved on holidays and food delivery and one in three on a major household appliances and subscription streaming services.
About Global Retail Banking Innovation Awards
The Global Retail Banking Innovation Awards exist to honour and celebrate the most ground breaking financial institutions internationally, and their distinguished individuals’ contribution to retail banking. This year, the Global Retail Innovation Awards assessed over 500 nominations across 190 global banks.