NAB Multiple Offsets

‘Multiple offsets’ is a key feature that assists customers with managing their finances and reducing their interest costs. Research has shown, however, that general awareness and understanding of offset functionality is low; proliferated by inconsistent and confusing experiences across different banks. Even where the feature exists, the implementation is often complex, deterring customers from maximising its benefits. The challenge was to reimagine this experience in a way that was simple, educational, and engaging. Giving customers the confidence and flexibility to manage fluctuating income, allocate savings with purpose, and take active control of their financial wellbeing.

The Design team set out with a vision to empower customers - not just to act once, but to return as their financial needs change. The result of that ambition is a guided, digital self-service experience that walks the line between flexibility and ease-of-use, providing customers with the confidence to take charge. Education is provided up-front, and configuration is intuitive, with real-time feedback on the effect of the changes. Linkage is instant and customers receive immediate confirmation. The experience is also mirrored in NAB’s banker tools, ensuring that customers who need additional support can still access the feature with ease.

With over 7,000 customers linking offsets in the first week, the feedback was immediate and overwhelmingly positive: “It was very easy to do. Simple, online, one of the best interactions I’ve had” But beyond simplicity, customers now have the flexibility needed to manage money simply while maximising savings in a difficult financial environment. The considered design also opens offsets to a range of customers whose financial circumstances make using a single offset awkward or impractical. All while providing a significant uplift to NABs customer satisfaction and bottom line. Confidence, control, flexibility and simplicity - this is how banking should be.

•Education – on opening the feature, customers are greeted with a simple breakdown of the benefits and trade-offs of using offset accounts, building their understanding and confidence to make their own offset changes •One-step configuration – no need to handle one offset at a time, customers can configure all their offsets for a home in one simple account-list •Real time financial feedback - as customers select accounts to offset, an estimate of the interest savings dynamically updates so customers can visualise the impact of the changes. Research shows that this alone improves customer’s comprehension of offset functionality •Dynamic “Important Information” – Key messages appear as needed, replacing traditional dense legal jargon with interactive guidance. The customer only sees the information that is relevant to them when reviewing their request •Instant processing and confirmation – changes are made in real time, and notification of the change is sent to all borrowers, ensuring everyone is in the loop •Privacy – customers can link personal accounts to a joint home loan with the confidence that coborrowers will never see the account balance or nickname. This safeguards privacy, protects customers from potential financial abuse, and ensures they can safely access the flexibility of savings regardless of their financial situations