National Australia Bank is assessing its branch network but has committed to retaining ‘busy’ branches.
Addressing the NAB annual general meeting (AGM), Managing Director & CEO Andrew Irvine said banking had been significantly transformed by rapid technological advancement and changing customer behaviour.
He said more than 93% of customer interactions were digital, many of which were routine transfers and bill payments, but this did not mean all banking should be done on an app.
While the number of people visiting NAB branches had fallen, sometimes customers sought expert advice from its bankers.
“That’s why we’re constantly assessing our branch network, our phone and online channels to ensure we are where our customers need us to be,” Irvine said in a speech prepared for the AGM.
“I have said publicly since becoming Chief Executive Officer that I will not close a busy bank branch and we have invested almost $42 million across 28 locations, including in 11 regional towns this year.”
Irvine also said Australia’s economy was in reasonable shape despite international and domestic headwinds and the bank was optimistic about the longer-term outlook.
He said business conditions were favourable and the job market was resilient, positioning NAB well compared with global peer economies.
“Restrictive interest rates are working to bring inflation into the Reserve Bank’s target range, and we do expect to see rates decrease in the first half of 2025,” he said.
NAB Chair Phil Chronican said NAB continued to make progress with its enforceable undertaking with the Australian Transaction Reports and Analysis Centre to enhance its compliance with anti-money laundering and counter-terrorism financing laws.
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