NAB counts on 'Net banking - National Australia Bank launches National Internet Banking

Business Asia, May 17, 1999

National Australia Bank (NAB) has joined the electronic banking revolution via the launch of National Internet Banking.

Business and personal financial services executive general manager Mr Glenn Barnes said the new service, the last of Australia's big four banks to go on-line, would have a greater impact than ATMs, Eftpos and telephone banking.

"The pace of change is difficult to predict, but we expect 100,000 customers will be banking routinely with us over the Internet within 12 months," he said.

The launch follows the biggest development and testing effort of any product or service introduced by the NAB.

The development process included an exhaustive security audit by teams of experts from Deloitte Touche Tohmatsu in Australia and the United States. National Internet Banking is available at www.national.com.au.

The major functions of the service include:

* account balances;

* 100 days of statement information with search and sort;

* transfer of funds between NAB accounts;

* the ability to set up and change periodic payments;

* secure email;

* future-dated funds transfers; and

* purchase term deposits.

NAB's retail and channel management general manager Mr Michael Liley said an additional feature, called "pay anyone", was in the final stages of development. It would enable customers to transfer funds to accounts at other banks by simply typing in the account number.

"This is a real breakthrough that has been made possible by the use of digital certificates," he said.