Incoming National Australia Bank chief executive Andrew Irvine will invest in new data capabilities in a bid to up the pressure on main rival Commonwealth Bank’s prized position as the nation’s largest business deposit franchise.

NAB announced on Wednesday that Mr Irvine – who has been its business banking boss since 2020 – will take over from Ross McEwan on April 2. The successor argued his greatest challenge would be responding to digital shifts making product distribution more complex for banks in a market that remains intensely competitive.