Creating your best competitor
Create a vendor selection project & run comparison reports
Click to express your interest in this report
Indication of coverage against your requirements
A subscription is required to activate this feature. Contact us for more info.
Celent have reviewed this profile and believe it to be accurate.
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.