NAB is at the early stages of rolling out new products and services to Australian accountants, with a view to ultimately have dedicated bankers for the accounting market.
In line with NAB’s approach to business banking, its focus will be on small to medium operators. The bank will be looking to deepen existing relationships with accounting clients as well as attract new prospects.
This growth strategy mirrors NAB’s moves in healthcare and agriculture. For example, NAB’s healthcare division includes products and support services for healthcare businesses related to insurance, investment, and practice management.
“What we’ve recognised is that, across all industries, the expectations of customers and consumers is to be more focused on the needs of specific industries,” Brett Moore, NAB’s general manager of professional services, specialised banking, told Accountants Daily.
“It’s about having those who understand that, who are connected to the industry, and can deliver products and services to meet the needs of those industry verticals. We’ve done it in health and agriculture, it seems like the natural opportunity now to do that in accounting,” Mr Moore said.
Mr Moore was specifically hired to build NAB’s presence and product line in the accounting market at the beginning of the year. He noted the disruption accountants are facing right now with technology and competition – market factors which are being worked into the bank’s strategy.
Banks themselves are also facing market disruptors in accounting, particularly on the loan front, with the rise of alternative lenders. A study from KPMG, released earlier this month, showed Australia is the second largest alternative finance market in Asia-Pacific.