Money Magazine has awarded National Australia Bank (NAB) the 2010 Socially Responsible Bank of the Year in the 2010 Consumer Finance Awards.
NAB has done a lot in the last year to improve its image with consumers in order to bolster deposits with the cost of capital still high internationally in the wage of the GFC. To this end, NAB has persevered with social marketing efforts to soften the brands image from the business banking focused corporate persona to a more socially responsible and consumer friendly financial institution.
Chair of the Money Magazine award judging panel, Ms Mara Bun, CEO of Green Cross believed NAB deserved the 2010 Socially Responsible Bank of the Year award due to their efforts to benefit consumers by levering their market size to bring change to the industry, as well as their broader social marketing efforts and environmentally responsible actions.
“NAB has led vital discussion around social and environmental responsibility in the last year, and backed it with action. We reward NAB for using its muscle to benefit consumers, for real environmental leadership, and for supporting vulnerable Australians through a world-class micro-lending program.”
“NAB stood out for its pioneering leadership and sustained effort. Its microfinance program has helped thousands of disadvantaged people build local enterprises and afford essential household goods and services during a time when credit was very tough to find,” she added.
NAB General Manager, Corporate Responsibility and Brands, Tim O’Leary said the bank was honoured to receive the award.
“Responsible, fair and affordable banking is now more accessible to people on low incomes through our industry-leading low-interest and no-interest microfinance products that has seen us commit $130 million in capital since 2003. These products make a real difference to people who need them.” Mr O’Leary said.
“While times got tough recently, we increased our financial support of community initiatives by 73 per cent with our 350 community partners, including awarding 88 outstanding community partnerships through ‘Schools First’. We also increased employee volunteering time by 42 per cent,” he added.
