National Australia Bank boss Andrew Irvine details refreshed corporate strategy: ‘Massive cultural shift’

National Australia Bank boss Andrew Irvine has told staff its improved performance over the past five years has not translated to better customer loyalty and it must do better and become the country’s most customer-centric company.

Mr Irvine, who’s been in the top job since April having succeeded Ross McEwan, has detailed changes to NAB’s internal strategies and ways of working in an email to 38,000 staff on Wednesday, saying his entire team would need to make significant changes to how they “show up for work” each day.

“We are lifting our sights to become the most customer-centric company in Australia and New Zealand. Not just the most customer centric bank – the most customer-centric company,” he said.

“We want customers who trust us and choose us to be their bank. We need colleagues who are customer obsessed and proud to work at NAB.”

Mr Irvine has told senior leaders that the refresh to the bank’s strategies represent a “massive cultural shift”.

“Today, we are recognised for delivering and for doing what we say we will do,” he said in an address to hundreds of senior staff on Tuesday.

“But we have not translated that improved operating performance into better outcomes for customers and better advocacy with our customers. And we start changing that today.

“This is going to be a massive cultural shift for us. Customers need to be the everything of who we are and how we operate.”

NAB — Australia’s largest business bank — is the nation’s second-largest by market capitalisation. In its most recent profit results, for the half-year to March 31, cash earnings slipped 12.8 per cent to $3.55 billion. In post-results commentary, Mr Irvine said NAB was improving and was in good shape.

NAB is due to report full-year results, to September 30, on November 7.

“We want customers who trust us and choose us to be their bank,” Mr Irvine said in the email.

“We need colleagues who are customer obsessed and proud to work at NAB.”

Mr McEwan was NAB’s first CEO hired from outside the bank and was instrumental in overhauling its standards and performance in the wake of the financial services royal commission’s final report, handed down in 2019. Analysts have praised its improved performance in the intervening years.

Mr Irvine’s updated strategy is targeted at translating its better performance to improved customer loyalty and advocacy.

“We will become truly customer obsessed,” he told staff.