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NAB

National Australia Bank

Company: National Australia Bank Limited

Brand value: US$6,740 million

Change since 2018: -23%

Headquarter city: Melbourne

Category: Banks

Year formed: 1982

NAB is one of the “Big Four” banks, and prides itself on assisting low-income customers as part of its “More than Money” brand promise. The bank’s reputation has been severely hit, however, by especially harsh criticism throughout the banking Royal Commission, which singled out NAB as having failed to learn from the past and take responsibility for its mistakes. NAB’s wealth management arm was found to have charged customers AU$100 million in fees without having provided services in return. Amid the fallout from the findings, CEO Andrew Thorburn and Chairman Ken Henry both announced their resignations. The Australian banking market is seen as ripe for “neobank” success in light of both the Royal Commission’s impact on public confidence in banks, and connected consumers’ desire to go digital. In this climate, NAB has launched the branchless subsidiary Ubank in 2008; it aims to simplify banking, and integrates new technological features such as bots, artificial intelligence and open data.

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