FNSINC401: Report on Professional Practice in National Australia Bank

This report, focused on the FNSINC401 unit, examines the application of professional practice principles within the financial services industry, using National Australia Bank (NAB) as a case study. The report begins with an introduction to NAB, its services, vision, objectives, mission, core values, and employee benefits. It then delves into specific job roles, particularly the role of a financial associate, outlining job duties, expectations, and employee obligations. The report also details the various policies implemented by NAB to ensure an effective and compliant workplace environment. Key areas covered include employee induction, workplace expectations, and the importance of ethical practices. Overall, the report provides a comprehensive overview of how professional standards are maintained and applied within a leading financial institution.

FNSINC401-
Apply Principles of Professional Practice to
Work in Financial services industry

INTRODUCTION
Induction of new staff is considered as vital process in any organisation. With the help of
this companies are able to make employees aware with their responsibilities.. It is considered as
essential process for ensuring effective introduction the staff with the culture, vision, mission,
obligation of the organisation. Along with this it supports new staff in determining belief and
strategies of the company. This employee induction is presented in context with National
Australia Bank.
About National Australia Bank
National Australia Bank was established in 1988, in order to provide financial services
and in order to expand their financial background they collaborated with various other banks and
financial companies. Earlier, it was known as NAB Foreign Trade Ltd. Co. In order to reshape
their business various other ventures are opened such as consumer electronics, automotive and
banking sectors, leasing, etc. Out of them banking and financial services is analysed as biggest
hot for the NAB.
Our services
The majority of the financial activities of Australia are controlled by National Australia
Bank. It is offering various services to maintain economic stability of the nation. The core
operations of the NAB are divided into following parts:
1. Business banking
2. Customer banking
3. Wholesale banking
4. Wealth management
5. Insurance
Vision
The vision of National Australia Bank is “To become a leading and most respectable
bank.” The tag line of firm is, “We believe in success”.
Objective
Following are mission of the company:
1. Provide respective solution to the clients for their problems.
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2. They are developing strategies in order to establish relationship between with their
customers.
3. Playing significant role for the development and growth of the nation and welfare of the
society.
4. Maintain effective workplace environment so that employees can perform their roles and
responsibilities properly.
5. Implement long term strategies for maximising profitability.
Mission
The objective of National Australia Bank is to maintain effective performance, for this, it
focusses on following goals:
To maximize Return on quality of stakeholders
To attract high consumer base and ensure strong engagement
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Core values
The core values of the company are to effectively handle all the risks, challenges and
opportunities related to the economy. Along with this they are offering transparent services to
their customers. The core values of the company are long lasting customer relationship, effective
workplace environment and versatile work force.
Employment in National Australia Bank
Being employed at National Australia Bank it is considered as a matter of reputation.
There are various benefits provided by the leading financial organisation to their employees,
such as accommodation, medical, transportation. Apart from that package offered by the
company much higher.
Job roles
The key role of associate is to provide guidance to the customers about taxes, insurances,
investment and other financial activities. Along with this they also work as consultants in order
sale or purchase products. On the basis of their objective or target different short and long-term
action plans are developed. The role of financial associate is significant in order to expand their
growth by attracting maximum number of customers.
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Job duties
In National Australia Bank responsibilities, of financial associate are as follows:
1. Maintaining long term relationship with existing customers and retaining new customers.
2. Remain updated with new financial schemes and policies and make new strategies
3. Able to enhance and promote, strategies and security plan in order to maximise revenue
and profitability
4. Capable of determining needs and requirements of the customers and on the basis of that
able to provide suitable financial guidance.
5. Able to understand market condition and on the basis of that implement necessary
changes into the process.
6. Maintain security and protection while providing services to the customers.
Employee obligation
While working into the National Australia Bank, employees owes following obligations:
1. Employees should be able to handle various situations.
2. Workers should actively participate into organisational activities.
3. All the rules and regulations must be followed by the staff.
4. Employees should take necessary steps in order to enhance their skills and capabilities.
5. All the work should be done honestly.
6. Staff must be capable of handling various challenges and produce effective outcomes.
7. An individual must be working at a single organisation at a time, otherwise it will create
conflicting situation for the firm.
8. Workers should be incorporating ethical practices in order to maximise profitability of
the company.
Our expectations
There are various expectations identified that companies are having from their
employees. In this sequence, some of them are following:
1. Organisation always expects continuous learner and understandable workers for their
work, it helps them in order to expand their profitability.
2. Another anticipation of the firm is, employees should have positive attitude. Along with
this should be able to influence their customers,
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3. Along with this worker should be able to take initiative, with the help this capabilities
organisation is able to maximise their performance.
4. Individual should be able to contribute their positive efforts into the success of the
company.
Employees benefits
There are various policies made by National Australia Bank, in order to provide benefits
to the employees for motivating and encouraging them, employees are responsible to follow
below mentioned policies:
The organisation provides benefits on banking and financial services to their employees, through
which they get refunds at higher rates. Along with this several types of loans are offered at lower
interest rate such as car, home, etc.
1. Organisation also provides facilities for mothers in the form of well-being room, through
which employees are able to breast feed. Along with this they are able to get rest and
meditation.
2. There are various types of leave options offered to the employees such as defence,
disaster, lifestyle, parental, pre-natal, and religious, sports, volunteer, etc. It helps them to
maintain balance between personal and professional life of an individual.
3. They also offer various benefit programs to their employees such as entertainment,
clothing, dinner, gift vouchers, shopping card, etc.
Our policies
National Australia Bank is implementing various rules and regulations in order to
maintain effectiveness at workplace. Some of them are:
1. Laws are imposed in order to prevent discrimination and provide equal opportunities to
the staff.
2. They are also offering health and safety, under the safety and security act.
3. Various rules and regulation are imposed in order to prevent workplace violence.
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