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One customer at a time
Winning formula
RoboDirect.ie 3% Interest on savings
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RaboDirect
'With International Direct Banking (IDB), we're giving customers
back control over their money,' Bouwman explains. 'The aver
age online customer isn't interested in long conversations with
a financial advisor, visiting a bank branch or doing their banking
between 9 and 5. Today, it's all about safe, reliable internet Solu
tions that the customer can control, wherever and whenever it
suits them.'
The fïrst IDB project began fïve years ago, with the introduction
of Rabobank.be in Belgium. The decision to begin in a single
select market was a strategie one. 'Many banks invest huge
amounts of money launching Direct Banking in multiple mar
kets buying market share,' Bouwman says, 'and that can mean
bigger initial numbers. However, that kind of growth doesn't
often lead to customer loyalty. We want to be perceived as a
"best buy", and be recommended as such. So, we offered a safe,
simple, transparent, reliable product to a well-known market,
and began to build a network of loyal customers.'
And build it did. IDB is now active in fïve countries: Belgium,
Ireland, New Zealand, the Netherlands and Australia (which
launched its IDB services just last month). The idea is to add
another fïve countries to the list within the next three years.
By the end of this year, hundreds of thousands of customers
will do their banking with Rabobank without ever setting foot
inside a bank building.
Customer acquisition analysis shows that the "best buy" strat-
egy works: one third of new customers opens an account after
referral by existing customers and another third by positive free
press coverage. In most countries, Rabobank is market leader
and viewed as a market reference.
Through careful research and constant review, the IDB team has
developed the ultimate formula for success - everything from
choosing a target market to creating ad campaigns follows
procedures that have proven successful in other markets, and
now, the entire process can be completed within eight months.
'If we decided to open a new market tomorrow, we could have
it up and running around the end of the year,' Bouwman says.
It begins with the strong, trustworthy Rabobank reputation.
Every new IDB market is one where the Rabobank name is
already known and respected. Then, the core IDB structure is
adjusted for local market conditions and consumer demands.
Unique to the Rabobank IDB model is its Centralised Shared
Services, such as IT, operations and support, but also its
Life's more interestino when you're direct.)
The straight talking online bank
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