Changing the face of financial services

This Case Study investigates the changes that MLC and NAB have been making to the way banking and wealth management is structured throughout their organisation. As two of Australia’s most prominent financial institutions, the companies have led the way in implementing a fairer business model with the aim of improving trust and transparency in the relationship with their customers.

After reading this Case Study, students should be able to:

• Explain how successful businesses need to respond to consumer demand and innovate to meet changing needs within the marketplace
• Discuss how the financial services industry as a whole is undergoing change 
• Outline the challenges of implementing major reforms throughout an organisation
• Describe how changes in an organisation can be communicated to the customer
• Discuss the benefits of flexible workplace practices

Introduction

It is one thing for a bank to say it is listening to the needs of its customers, but quite another to see real and measurable changes actually take place.

A new business model

For almost five years MLC has been leading the wealth management industry in supporting a change in the way financial planners are paid for the advice they give their clients.

Taking the changes to the customer

To support its Fair Value agenda, NAB undertook a new brand marketing campaign called “more give, less take” which essentially summed up the new Fair Value approach.

Managing change throughout the organisation

With the size and complexity of the innovations NAB had introduced, a carefully managed strategy was needed to roll out these changes to their employees.

Conclusion

The initiatives introduced by NAB and MLC in their pursuit of improving trust and transparency have gone a long way to restoring a balanced relationship between a bank and their customers and between financial planners and their clients.

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