The National Australia Bank's move to abolish a number of its fees has earned it the inaugural banking leadership award, among others, at the Canstar Cannex's Innovation Excellence awards.
The National Australia Bank's move to abolish a number of its fees has earned it the inaugural banking leadership award, among others, at the Canstar Cannex's Innovation Excellence awards.
The announcement is below:
NAB announced today it had won three prestigious awards in CANSTAR CANNEX's Innovation Excellence Awards including the 'Banking Leadership Award' for delivering the "banking breakthrough of the decade".
The Banking Leadership Award was specifically created to recognise NAB's leadership position on the abolition of a number of its customers most disliked fees. In addition, both MLC and NAB's direct bank, UBank, won Innovation Excellence Awards.
NAB Personal Banking Group Executive, Lisa Gray said NAB was delighted to be acknowledged by CANSTAR CANNEX with these accolades.
"We are very excited to have won the first-ever Banking Leadership Award acknowledging our work over the past year and demonstrating we are on the right path in our long term commitment to provide a fairer banking experience to Australians.
"We believe consumers are starting to see us stand for something different. In the longer term we are committed to bringing more competition, choice and a fair exchange of value to bank customers.
"We are also pleased to be recognised by CANSTAR CANNEX for providing innovation in banking by being awarded Innovation Excellence Awards for both MLC and UBank," Ms Gray said.
Steven Mickenbecker, CANSTAR CANNEX Head of Research and Product said NAB thoroughly deserved the first-ever CANSTAR CANNEX Banking Leadership Award for taking the initiative and removing customer fees.
"The far-reaching benefit to Australians, triggered by NAB leading the way to slash its fees and change the banking industry forever, cannot be overlooked.
"NAB's undertaking not to recoup losses from the widespread abolition of many banking fees sent a positive message to customers and threw down the gauntlet for others to follow its lead. So far, the other major banks have announced cuts, none of which are of the magnitude of NAB's.
"This banking leadership accolade will only be given on merit. We certainly hope we don't have to wait another decade to witness the next banking breakthrough," Mr Mickenbecker said.
MLC received an Innovation Excellence Award by CANSTAR CANNEX for introducing the Best Doctors medical service for all existing and new MLC Critical Illness insurance customers. The innovation means MLC clients (along with their spouse and children) can source a second opinion regarding medical diagnosis and treatment from leading specialists around the world.
UBank has been awarded a CANSTAR CANNEX Innovation Excellence Award for its USaver online savings account showing innovation through its rate reassurance and online application process.
