NAB's Andrew Irvine amps up strategic review as business bank momentum stalls
Andrew Irvine took over NAB at a high point for the lender. But now things are slowing a strategic review will guide how much his predecessor's strategy needs to be "evolved".
New National Australia Bank CEO Andrew Irvine has ramped up a strategic review of the bank with a key focus on rebuilding momentum in the core business bank and addressing a perceived lag in technology.
Led by the internal strategy team of Nathan Goonan and Paul Carter, the review will look to accelerate NAB’s response to a changing environment while remaining hinged on former CEO Ross McEwan’s mantra of “customer-centricity” and simplification.
While there have been no significant decisions at this point of the review the cost challenge facing NAB will put pressure on staff numbers - as will the simplification focus.
According to investors and analysts who spoke with Capital Brief on the condition of anonymity, the key issues for NAB are that an underinvestment in retail banking technology in recent years has slowed response times and is in part responsible for a loss of market share in mortgages. (McEwan had argued pricing discipline at a time of value-destroying cash backs and discounts was the cause.)
