CBA continues push into SMB market
Ms Last said the merchant terminals would pave the way for its new and existing small business customers to take up additional products within the bank, like loans.
“[It’s] setting up your [transaction] account first, and then merchant facilities coming off it are at the core of any relationship we have and a key enabler actually for some of our lending propositions as well,” she said.
The latest APRA data shows NAB retains its number one position, with 21.9 per cent of the business banking market. Ms Last said she could not discuss modelling around what impact the terminals will have on CBA’s market share but added she was “very comfortable” it would claw new customers away from competitors.
NAB’s business banking boss Andrew Irvine in March brushed off concerns over competition in March, after announcing 134 new small business bankers had been hired. “More competition breeds better outcomes for customers. I welcome competition,” Mr Irvine said.
NAB’s merchant services executive Mark Raymer said in a statement he was “focused on what matters to our customers”.
“And they’re telling us they want us to support them to ensure they can bounce back quickly, so that’s what we are concentrating on with more bankers in our network, simpler and faster lending to small businesses and a simplified and competitive merchant offer,” he said.
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