National Australia Bank Ltd [ASX:NAB]has had a very eventful year.
First, they faced immense problems with the Royal Commission regarding their financial advice services.
And now the bank is facing criticism for a six-and-a-half hour outage on Saturday, which crippled its payments systems.
But somehow after all that has happened, NAB’s shares have grown by 2.04% today.
Compensating its customers and businesses
One thing NAB customers know about the bank is that they take full responsibility when it comes to their own short comings. And despite the bank having a hard time with its services, its customers remained loyal.
The Australian Financial Reviewreported that NAB’s Executive General ManagerCindy Batchelor stated:
‘At the end of the day, while we work with a range of vendors to deliver our services, NAB knows our customers expect us to take responsibility for those services. When things go wrong, our customers don’t expect us to shift blame to others.’
NAB have been heavily pushing their services to function on an automated basis.
The push will save NAB in the long run, though many employees could be made redundant because of the shift.
By improving its tech game NAB are able to properly compete against smaller banks which are keen to take on the larger banks at their own game.
Saturday night was merely NAB testing the waters, and although they have a plan organised for the transition, the bank is still not ready to implement it fully.
Hopefully these new tech plans can ensure future growth for NAB.
For Markets & Money
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