In the immediate term, there was a risk of a money drought for Australian banks, NAB CEO Cameron Clyne told today's QUT Business Leaders' Forum at Brisbane's Hilton Hotel.
"Money is very tight out there at the moment," he said.
"The funding markets are very, very constrained at the moment. And as each day goes on there is a real funding concern for Australian banks."
Mr Clyne also spoke about the award-winning NAB 'break up' campaign launched on 14 February this year. Since that time, the bank has welcomed 450,000 new customers.
The move actually began three years ago, when the NAB wanted to pick up a greater market share of the retail banking market.
"There was this absolute desire for a bank to do something different," he said.
"Our staff were giving us the feedback (about) a range of fees that were the most complained about fees and generated an abnormal amount of workload and angst."
NAB realised there was a chance to cut these fees, many of which were tending to be abolished internationally, in order to gain ground in the retail banking area.
In using the 'break up' concept, Mr Clyne said that NAB deliberately played to the widely-held perception that the big four banks were a club.
"We didn't have unrealistic expectations," he said.
"We said, '90 per cent of people hate us. But if we get this campaign right, only 85 per cent will hate us'."
Mr Clyne attributed the success of the campaign to the staff's understanding of the campaign, and their ability to sell it on the ground because they believed in it.
The next QUT Business Leaders' Forum will take place on Thursday March 8, 2012 featuring Harold Mitchell, executive chairman of Aegis Media Pacific.
Media contact: Michaela Ryan, QUT media officer, 07 3138 4494 or michaela.ryan@qut.edu.au
*High res photos available for media use.
