Creating your best competitor
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22 September 2010Bart Narter
National Australia Bank (NAB) is its own best competitor. They've created a stand alone subsidiary called UBank, a branchless bank that is growing by leaps and bounds, well ahead of plan. There are many fascinating things about this initiative.
- NAB has chosen to create its own best competition rather than wait for it to come and poach customers.
- The bank is separately branded from its corporate parent.
- The bank is using its own technology infrastructure, based on Oracle FLEXCUBE, rather than using legacy NAB infrastructure.
- U Bank can open a new account in two to five minutes versus five days for NAB.
- The bank is planning to use this new technology platform across NAB over time.