Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

Rhondalynn Korolak, Author of Financial Foreplay® and On The Shoulders of Giants

The restaurants and promenades in the Docklands (Melbourne) were packed on Monday, night with couples. It was after all Valentine’s Day – the day when everyone declares their undying love for each other… well, at least their “commercial love”.

Apparently, if NAB has anything to do with it, February 15th is now the official day of the year to break off a bad relationship – the “unValentines Day”. I wonder how long it will take for chocolatiers, greeting card companies and florists to create some products to commemorate this special occasion?

The obvious question that no one seems to be asking is “why was the NAB dating both the ANZ and CBA in the first place?”

I would have thought that the NAB made its intention (to see other people) clear over 18 months ago when it began axing fees and offering cheaper home loans? Clear to whom is the operative question though? Despite the marketing money spent and the slashed rates, customers don’t seem to be flocking to the NAB to take up these attractive offers. In fact, NAB’s shares and Return on Assets have been lagging behind the other Big Four banks.

NAB’s standard variable mortgage rate is 19 basis points cheaper than Westpac’s and 14 points lower than the Commonwealth’s rates. This equates to a massive decrease in margins for the financial performance of the NAB, which has not been offset by increased top line revenues or market share.

While the NAB Break Up campaign is undeniably generating a whole lot of media exposure and social media chatter, what remains to be seen is whether the average consumer on the street is ready to take their business to the NAB to get the lowest rates. Isn’t that what all of this is really about?

Then again, maybe it was never about price but rather the relationship that customers feel they have (or don’t have) with their bank?

Coincidentally, I am a NAB customer. If anyone out there in “Bankworld” is listening, please show me some love so that we don’t have to break up on February 15th next year.

About The Author
Rhondalynn's life changed forever after the loss of her mother due to a senseless tragedy in 1992. She decided that despite her formal training and a promising career as a lawyer and chartered accountant, she wanted to do something more. So despite the fact she had already invested 10 years of her adult life in university and articling, she did the unthinkable. She left her high paid job as Commercial Manager for one of the largest corporations in the country, she re-trained herself in the sciences of the mind and she discovered a passion for writing and sharing her knowledge with business owners and executives. Rhondalynn has distilled the secrets to business success - that she learned from her life experience and working in GM level roles with Price Waterhouse Coopers, Max Factor, Village Cinemas, and Coles Group Ltd. - and produced a simple step-by-step process that you can apply to your business to boost your sales and bottom line. Rhondalynn can help you put strategies in place to grow your bottom line and ensure that your customers would never think of going elsewhere. She is the leading expert on harnessing the power of your brain and using it to improve your financial results in business. Rhondalynn is the author of On The Shoulders of Giants, Imagineering Your Destiny, Sobre Hombros deGigantes, Financial Foreplay®, and Sales Seduction. She has appeared on CNN, Bnet/CBS, Channel 7, Channel 9, Kochie's Business Builders and 3AW, and writes for Yahoo, MYOB, Fast Thinking, Sunday Life, Dynamic Business, Business Spectator and Australian Retailer.

1 Comment:

  • By Ben Apollo 24 Jun 2011

    I agree the whole thing made no sense. Is it about them (the NAB) or their customers? That’s the part where it all goes off the rails. It doesn’t come across as believable, does it?

Leave a Reply

You must be logged in to post a comment.

Can’t find what you’re looking for?

Connect with Rhondalynn