NAB posts 1H profit of $2.86 billion, provides NextGen update

NextGen core banking a key part of delivering services to customers says CEO Cameron Clyne

National Australia Bank (NAB) has recorded a 1H 2014 profit of $2.86 million for 2014, an increase of $390 million on the same time last year.

Cash earnings were $3.15 billion, an increase of $247 million on the March 2013 half year.

In tandem with the healthy profit, NAB CEO Cameron Clyne said that the 10-year business transformation across its technology environment continues to make the experience “easier for customers and employees.”

In April 2014, the bank launched nabConnect, an online business banking portal hosted in NAB’s internal private cloud.

“Everything from the user experience to the underlying business and approval processes has been designed to make things easy and intuitive,” Clyne said.

“The new version required a rapid migration of customers which was performed successfully. It is easier to use, and has improved agility and flexibility.”

In December 2013, the bank announced that 4 million customers will be migrated to its NextGen core banking platform during 2014-16.

How NAB improved customer service using the cloud

Clyne added that in March 2014, NAB installed the direct banking release, a “major milestone” in its progress towards bringing NextGen into the core NAB franchise, he said.

The direct banking release is the addition of treasury, risk and financial reporting tools on NAB’s Oracle platform which is being implemented in NextGen.

In December 2013, NAB's enterprise services and transformation group executive, Lisa Gray, said that from early 2015, customers will be able to open an NAB-branded personal account on the NextGen platform.

“In parallel, we have been rationalising our product range. We will then progressively look at how we put business products onto the NextGen platform,” she said.

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