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Update
November 29, 2018 14:46:19
An e-mail revealed that National Australia Bank continues to engage in a culture of selling under pressure, pushing staff to create new business, although it told the Royal Commission this week that it "corrupted" the results. client.
Key points:
- NAB Executive Offers Rewards For Top Customer Fury Stories And Rapid Increase In Real Estate Loans
- E-mail asks staff to "fill our funnel" with home loan sales before Christmas
- No mention of customer results and need to lend responsibly
The email from a NAB officer is pushing staff to "break the barrel" and get more mortgage applications before, "the Christmas lull to fill our funnel".
"You are our greatest introducers," says the e-mail, "We need your help now."
"Friday this week … Can you send me an email with your best customer loan history and mortgage loan history and how many references you have had."
The e-mail offers a reward of 2,500 NAB recognition points for the best story.
It is unclear what the Fury commentary of the mortgage lending client refers to.
"Our pipeline is weak, team," said the e-mail.
"We need your help now."
The fastest sales rewarded
An additional reward is offered to staff members whose sales have increased the fastest, with a minimum of five new applications per week.
"The banker who can land 5 [applications] first this week with 1 [refinance] included application in which will earn 2500 NAB recognition points ", was promised.
NAB told the Royal Commission that the purpose of the NAB Recognize Program was "to align the interests of customers, the community, society and shareholders and to integrate the fundamentals of the management framework. consequences and values of the company ".
It rewards staff with points that can be redeemed at online stores for items such as movie tickets and home appliances.
In the part of the email that ABC saw, there was no mention of results for clients, nor any obligation for introducers or bankers to ensure that loans were made appropriately.
"Not aligned with NAB values"
Krissie Jones, general manager of NAB's retail bank, said she was "disappointed by some of the terms used in the email and by how they could be interpreted."
"These comments are not aligned with the NAB values," Ms. Jones said in a statement to the ABC.
"In recent years, we have made significant changes to shift our culture from a sales-driven strategy to a strategy focused on meeting the needs of our customers.
"We know we still have a lot to do and I will use this example to remind our bankers that we must always focus on the results achieved by our clients."
Likely charges on NAB loan practices
In March, Anthony Waldron, head of brokerage services at NAB, admitted to the Commission that the bank had breached responsible lending laws through its Introducer program.
The Introducer program saw businessmen, including a gym owner and a tailor, refer customers to the bank for loans in exchange for commissions.
It has also left the bank open to the possibility of criminal and civil proceedings for its operation.
National Australia Bank Chief Executive Officer Andrew Thorburn has since told the Royal Commission that the Introducer Program has "launched bait for the people" and that the NAB should "keep a finger on the problem".
Employees of the bank complained, via the financial sector union, that despite the rhetoric of bank officials at the royal commission, that insistent selling culture would be a thing of the past, workers say that she is still alive and healthy.
Topics:
News from the company,
consumer protection,
Consumer credit,
banking,
royal commissions,
Australia
First posted
November 29, 2018 12:08:46
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