Shift to Internet savings
Rabobank distribution policy
Declining staff numbers at local Rabobanks
Retail banking 27
Rabobank offers clients a number of different savings options: the
Rabo Return Account via its office network, Rabo Telesavings via the
telephone and Rabo Internet savings via the Internet.
Development per savings channel
1999 2000 2001 2002
Rabo Return Account
Rabo Internet savings
Points of contact and offices
1993 1994 1995 1996 1997 1998 1999 2000 2001 2002
Points of contact (offices, cash dispensing machines and agencies)
The share of Internet savings in the total savings amount at the
local Rabobanks has increased substantially over the past few years.
Currently, 30% of savings is on Internet savings accounts. In the year
under review, the number of Internet savings accounts doubled to
1 million.The reasons why many clients open an Internet savings
account are the convenience of managing one's savings oneself
and the benefit of high interest rates.
Of all the financial institutions in the Netherlands, Rabobank has the
most branch offices. The interests of members and clients are central
to the Bank. This is reflected in a closely meshed branch network.
For that reason, Rabobank is and remains the bank-near-you for its
clients. With 1,516 branch offices,599 cash dispensing machines in
public locations and 402 agencies, the local banks have no fewer
than 2,517 points of contact. For staff policy, security and/or profita
bility reasons, a number of branch offices have nonetheless been
closed in recent years, particularly in small towns. The success of
electronic banking has meant that fewer and fewer clients visit
physical banks. When a branch office is closed,a sound alternative is
sought in consultation with clients and members. Examples include
the bank bus, periodic agency sessions in community buildings and
the establishment of bank counters in shops.With the aid of an
internal support fund for cash dispensing machines, Rabobank
installs and/or maintains cash dispensing machines in locations
where they are socially desirable rather than economically justified.
Due to changing needs, clients are increasingly using direct channels
such as the Rabofoon and Internet banking. As a result, financial
services have partly shifted from the bank office to clients'
homes. In the year under review, this development led to a decrease
in staff numbers at the local Rabobanks of approximately 5%. Staff
numbers are expected to decline further in 2003.
The Rabobank was the first financial institution in the Netherlands
to be on the Internet, in December 1994. At the time, there were a
mere ten thousand Internet users in the whole of the Netherlands.
Today, the website www.rabobank.nl is one of Europe's most
frequented Internet banks, with more than 1.3 million hits in
December. With over 1 million online clients, Rabobank is also the
largest Internet bank by far in the Netherlands. Of the active
Internet clients, 86% are private individuals and 14% are business
Interest in virtual banking (Internet and telephone) again increased
substantially in 2002.Virtual banking is available for payments,
savings and securities transactions.The number of contracts for
Internet banking and the Rabofoon increased by 55% and 20%
respectively. In order to offer optimum quality of products and
services for virtual banking, the Rabobank regularly measures
clients' appreciation for this service. Compared with the other banks
in the Netherlands, Rabobank has the highest average customer
value score of 8.6 for telebanking, telesaving and Internet saving.