“CONCERNING” NAB BACKS SALES TARGETS ONCE AGAIN
NAB has gone back to their old ways (prior to the Hayne royal commission, that is). Internal NAB documents seen by the SMH paint a picture of a revenue machine, where bankers are incentivised to sell harmful products like credit cards.
Bankers must achieve these revenue-driven targets to be promoted to higher paid jobs, or may even be terminated if performance expectations are not met.
One expert interviewed by The Herald believed that it was unlikely that NAB is going it alone: “If it’s happening at NAB, I would be surprised if they are doing it on their own.”
He went on to say “I could see how this could be seen as adding back in a sales culture”. Another expert concurred, believing the targets contradict the banks’ duty to ensure its’ customers are looked after: “This is the sales culture that Commissioner Hayne specifically referred to as promoting greed”
With interest rates tipped to rise this year, is it ethical for banks to incentivise pushing consumers on to credit? Read more here.