Business and Personal Financial Services
Business and Personal Financial Services (B&PFS) is the retailing arm of the National Group consisting of 30,700 employees working with our 8.2 million customers in this segment in Australia, New Zealand, Michigan in the United States, Great Britain and both Northern Ireland and the Republic of Ireland.
B&PFS is organised around customer segments with products, services and the skills of employees matched to the needs of customers in each region.
The segment based businesses include Business Financial Services (Custom, Business, Package Business and Agribusiness) and Personal Financial Services (Private Banking, Premium Financial Services and Retail Financial Services). These businesses are supported in each region by specialist Direct Retailing and Channel Management, Marketing Services and Product and Process Management units.
B&PFS aims to develop long term relationships with our customers through offering a range of products that are 'tailored' to specific customer needs (that is, tailored to various life stages).
The global team develops and implements a consistent model for each of the major customer segments. These retailing models are developed in a selected region, harnessing the global expertise of B&PFS, and then progressively used in other regions. This global development process leverages the purchasing scale of the National Group and avoids potential wasteful duplication of effort across the various regions.
A strength of this global model is the ability to transfer proven best practices and products across different regions.
The Bank of New Zealand (BNZ) provides a prime example of this process. BNZ's innovative mortgage product, Rapid Repay was successfully launched during the year in Great Britain at Yorkshire Bank.
A range of successful BNZ direct marketing campaigns for agribusiness customers were adapted for the Australian market. The National Group retailing activities are spread across Australia (Australian Financial Services), New Zealand (Bank of New Zealand), the United States (Michigan National), Great Britain (Yorkshire Bank and Clydesdale Bank) Ireland (Northern Bank and National Irish Bank).
Through Australian Financial Services (AFS) we provide a full range of financial services to 3.1 million customers. AFS has 7,200 front line banking employees who provide savings and cheque accounts, housing loans, term deposits, credit cards, personal loans and lines of credit to business and personal customers.
They also provide access to specialist services such as international banking, leasing, trade finance, payments, foreign exchange and risk management products.
AFS customers have access to our services through more than 1,000 outlets (including supermarket banking and investment centres), 1,200 ATMs and an extensive network of point of sale (EFTPOS) terminals, the Internet (including free internet access via National FreeOnline) and telephone banking.
AFS has 257 business banking centres and business banking suites; more than 300 financial planners who provide individual financial advice and access to a wide range of investment options and managers through many masterfunds; 32 premium financial services centres; 36 financial services suites; and 13 private banking suites.
Relationship managers such as personal bankers, financial planners and mobile mortgage managers work from premium financial services centres and financial services suites to deliver 'tailored financial solutions' to our customers, meaning they seek to tailor the AFS product offerings to specific customer needs.
BNZ has 3,500 employees in this segment. The BNZ distribution network includes 192 branch outlets (including 52 locations with specialist business banking personnel), three private banking suites, 271 ATMs and shared access to an extensive EFTPOS network. BNZ internet banking has 35,000 registered users.
Michigan National has 2,200 employees in this segment; and 184 outlets (including 26 new concept centres focusing on investments and 31 in-store financial services centres), 333 ATMs in the state of Michigan, and telephone and Internet banking.
In Great Britain, Clydesdale Bank has a business and personal portfolio with 259 outlets (including three in London), 69 business banking centres and premium outlets, and 3,300 employees in this segment. Yorkshire Bank operates through 246 outlets in the north of England and the Midlands, 80 business banking centres and premium outlets, and has 4,300 employees in this segment. Yorkshire Bank has expanded its presence in personal segments through the provision of mortgages, and the business segments by applying the operating model used in AFS.
Both Northern Bank and National Irish Bank offer a broad range of financial services. Northern Bank has a strong business banking presence and has expanded its personal segments including adopting the AFS' tailored home loan product. Northern Bank has 105 outlets, 32 business banking centres and premium outlets and 1,900 employees, in this segment. National Irish Bank has 62 outlets, 26 business banking centres and premium outlets and 700 employees.
See also the regional franchises section.