One of Australia’s big four banks is preparing to expand into accounting, with the SME sector firmly in its sights.
NAB is at the early stages of rolling out new products and services to Australian accountants, according to My Business’ sister publication Accountants Daily, and ultimately plans to have dedicated bankers for the accounting market.
In line with NAB’s approach to business banking, its focus will be on small to medium operators. The bank will be looking to deepen existing relationships with accounting clients as well as attract new prospects.
This growth strategy mirrors NAB’s moves in healthcare and agriculture. For example, NAB’s healthcare division includes products and support services for healthcare businesses related to insurance, investment and practice management.
“What we’ve recognised is that, across all industries, the expectations of customers and consumers is to be more focused on the needs of specific industries,” said Brett Moore, NAB’s general manager of professional services, specialised banking.
“It’s about having those who understand that, who are connected to the industry, and can deliver products and services to meet the needs of those industry verticals. We’ve done it in health and agriculture, it seems like the natural opportunity now to do that in accounting.”
Mr Moore was specifically hired to build NAB’s presence and product line in the accounting market at the beginning of the year.
He noted the disruption accountants are facing right now with technology and competition – market factors which are being worked into the bank’s strategy.