NAB’s bold new attack on its closest rivals has generated a media frenzy and put the Big Four under the spotlight.

As part of the campaign, NAB is publishing ‘Dear John’ letters in national newspapers letter in national newspapers (or should that be Dear Ralph, Gail and Mike), handing out CDs charged with break-up songs, flying helicopter banners and sending a cheery pianist around the Sydney CBD on the back of a Ute singing break-up songs.

It is clever, catchy and has clearly struck a chord.

It’s been a tough couple of years for NAB.

Once the pinnacle of Australia’s banking system, NAB has now shrunk to number three, just ahead of ANZ in the value of loans under management.

NAB struggled with deposits post-GFC, went on an aggressive campaign in which it scrapped account fees and established uBank, which offered deposit rates as high as 6.51%.

Further, ongoing system issues have plagued the business with major internet banking problems in late 2010 resulting in much negative publicity.

So should the bank really be spending big on publicity? Many existing customers would be singing ‘what about me?’

Akin to the classic last ditch play for a losing American football team – The Hail Mary – this latest stunt could be a turning point in the history of one of Australia’s oldest banks.

Interestingly enough, the anti-Valentine’s day ploy has also been adopted by the guru of publicity stunts Sir Richard Branson with billboards popping up announcing ‘Tell them it’s over’ as part of the company’s latest campaign:

NAB’s new strategy begs comparisons with telcos and banks. They are both dominated by two market behemoths, two-second tier providers masquerading as behemoths and now, the second tier providers are breaking away in an attempt to finally differentiate themselves from the market overlords.

It’s a curious thing that we still refer to the ‘Big Four’ banks; in reality, it’s the ‘Big Two’ – CBA and Westpac – and the ‘Second Two’ – NAB and ANZ.

This latest move by NAB is bold and loud and the next chapter of the Australian Dream – ‘owning your own mortgage’ – will play out in the public eye for all to see.

Good luck to you NAB.

Sincerely yours –

‘the pants’