The National Australia Bank has announced a substantial technology and strategy update, outlining key changes to its organisational structure, operating model and executive suite.

NAB’s Group Chief Executive, Cameron Clyne, said the bank’s new strategy was contingent on technology transformation, saying that the time was right for the NAB to make the most out of a changing economic climate.

“Our total technological transformation program is progressing well with the core infrastructure upgrade nearing completion,” Mr Clyne said.

“The opportunities created by this investment in technology enable us to align our business structure to the changing environment and changing customer behaviours.”

The bank released savings projections in the order of $800 million, to be made through software upgrades and efficiency gains.

The bank also announced the following executive reshuffle

  • Rick Sawers will take on the nrew role of Group Executive, Product and Markets
  • Lisa Gray will take on the new role of Group Executive, Enterprise Services and Transformation
  • Gavin Slater will has been named as the new Group executive, Personal Banking
  • Joseph Healy will take on additional responsibilities in his current role of Group Executive, Business Banking
  • Andrew Hagger has been appointed to Group Executive, NAB Wealth
  • Michaela Healy will take on the expanded role of Group Executive, People, Communications and Governance