Customer value
Rabobank Group's primary drive is to act in its
clients' best interests. Our core objective is to
create the highest possible customer value.
This is a combination of acting in the clients'
best interests, their satisfaction with the service
provision and the degree to which clients
endorse Rabobank's brand values.
Client loyalty and client's best interests
Satisfaction
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Brand values
21 Rabobank Group Annual Report 2004
Customer value
Since 2001, customer value has been measured with the aid of the
customer value monitor. For each client group of the local Rabobanks,
Interpolis and Robeco, thousands of people in the Netherlands are polled
each year on the performance of these Group entities. The performance
of Alex has been included since 2002. At the same time, competitors'
clients are also surveyed so that Rabobank can be benchmarked
against them.
The customer value monitor shows that the clients of Rabobank differ
from those of competitor banks in terms of their high degree of loyalty
and strong identification with their bank. The loyalty rating for private
individuals rose from 73% to 76%. The percentage of private individuals
surveyed that believed that Rabobank puts the client's interests first
and not the financial interests of the bank (measure of customer value)
was 38 (43)% in 2004. The percentage for competitors is lower, with the
benchmark at 33 (35)%. The fall in the percentage for private individuals
highlights the need for additional efforts in this area. Among corporate
clients, too, Rabobank scored above the benchmark for measured
customer value: 40 (38)% for Rabobank against 30 (35)% for the
competitors. The loyalty rating for Rabobank among corporate clients
increased in the year under review by 1 percentage point to 70%.
Customer satisfaction
The customer value monitor invariably gives Rabobank a high score for
customer satisfaction with its services. In 2004, customer satisfaction
among private individuals remained stable at 7.7, while satisfaction
among corporate clients showed a slight increase from 7.4 to 7.5.
The specialised subsidiaries of Rabobank Group traditionally score higher
than their closest competitors. This lead diminished slightly in 2004
towards the average for each market segment. Alex, Interpolis and Robeco
Direct scored 7.8, 7.7 and 7.5 respectively on customer satisfaction.
2004
2003
2002
2001
Rabobank, private individuals
7.7
7.7
7.4*
7.5
benchmark
7.7
7.6
7.4*
7.4
Rabobank, businesses
7.5
7.4
7.1*
7.4
benchmark
7.3
7.2
7.0*
7.3
Interpolis
7.7
7.8
7.6
7.6
benchmark
7.6
7.6
7.6
7.5
Robeco Direct
7.5
7.6
7.7
8.1
benchmark
7.5
7.4
7.4
7.6
Alex
7.8
8.0
7.7
benchmark
7.5
7.4
7.4
polled by telephone before 2003, via the Internet in later years.
Rabobank wants to be seen as a bank that is near to the client, com
mitted and leading. In 2003, these three values were formulated as
Rabobank's brand values. These values are measured using a brand
value monitor, in which private individuals and businesses (both clients
and non-clients) are asked with which of the five large banks they most
associate these brand values. In 2004, Rabobank scored the highest on
all three aspects. Additionally, the scores increased considerably, so that
Rabobank now also came first in terms of a 'leading' bank. Rabobank
may therefore justifiably be called a committed and leading bank near-
you. The following table shows the percentage of survey participants
that believed that the three characteristics best applied to Rabobank.