During the first half of FY17 National Australia Bank finished bedding down its Personal Banking Origination Platform, with NAB boosting PBOP’s functionality, group CEO Andrew Thorburn said today.
The bank has previously described the roll out PBOP, which makes it easier for customers to apply for personal banking products, as part of the biggest technology transformation in NAB’s history. The rollout itself was completed in the second half of FY16.
“We’ve made great progress bedding down what’s been a challenging but transformational change and this is now complete,” Thorburn today told an investor briefing on the bank’s half year results.
PBOP “is a world class platform,” the CEO said. The new platform has reduced unconditional home loan approvals to five days or less for 55 per cent of NAB’s customers — compared to 7 per cent in September.
“This is improving every single week,” Thorburn said. “PBOP also has market leading functionality, with a single application process for multiple products, the ability for customers to receive and lodge documents online, and also for customers to update themselves via Internet banking, email or SMS.”
During the half the bank rolled out additional functionality for PBOP, allowing customers to go online and get instant conditional approval for home loans.
NAB reported cash earnings of $3.29 billion for the six months ended 31 March, up 2.3 per cent on the prior comparative period, and a statutory net profit of $2.55 billion for the half.
The bank’s infrastructure investment spend grew 3.9 per cent to $8 million. The bank said the cost of investing in a new payments platform during the half was partially offset by the completion of the PBOP rollout and a deployment of a new mobile device service platform.