Putting customers'interests first
Rabobank's service offering is about delivering value for the customer. A 2010 survey by
Forrester Research shows that Rabobank proudly ranks among the top three European banks
that deliver the most value to their customers. The research company asked customers to
respond to the following statement: 'my bank does not operate on a profit motive, but rather
puts customers' interests first.'Of the Dutch respondents, 48% agreed that this statement
applies to Rabobank, ranking Rabobank 12 percentage points higher than average. The main
reason that customers choose Rabobank is our local presence and knowledge of the regional
market. They also appreciate Rabobank's reliability, which is reflected in our robust financial
position and our cooperative basis.
Margin on mortgages
The Dutch Competition Authority (NMa) published a report in November 2010, in which
it argues that margins on mortgages are high from a historical perspective. Rabobank
acknowledges that margins on new mortgage loans have improved since the second half of
2009, but points out that the financing costs of mortgages went up accordingly. What remains
is a sound, but necessary, margin that is required to be able to continue to issue mortgages
under the Basel III rules. The margin is used to cover operating expenses and a risk mark-up.
And profit is required to build up capital.
Broader and personal services via direct channels
Direct channels form the basis for our retail services. Rabobank wants to excel as a multi
channel bank, offering customers services via the channel that best suits them irrespective of
the time or place.The ideal platform is an appealing online self-service environment, whether
mobile or land-based. Consumers once again voted www.rabobank.nl best financial website of
the year in 2010. The next few years will see rapid developments in the area of mobile phone
technology. The mobile bank is set to become a fully fledged dimension of the multi-channel
bank. More than 10% of our 20 million monthly online banking log-ins now take place via
the mobile web. The existing M-banking pack is continually updated in order to make mobile
banking accessible to even more customers. In November 2010, we launched the Rabo Banking
app for the iPad. In addition to mobile banking, sales via the telephone channel will also
increase over the next few years.
A knowledge-driven bank
Half of the Dutch corporate sector has Rabobank as its company bank. Businesses choose
Rabobank because of its financial services, but also because we serve as a knowledge bank
for our clients. In 'Cijfers Trends', a quarterly update on figures and trends, Rabobank shares
sector knowledge and benchmark opportunities with businesses and their auditors. In addition,
Rabobank tries to remove as much of its customers' administrative burden as possible, so that
they can focus on what they are good at: doing business. An example would be Rabobank's
role in Standard Business Reporting (SBR). SBR allows businesses and their auditors to submit
financial reports in a digital format. This means that a business can save time on keeping its
accounts. The standardised information that is submitted makes it easier for us to perform a
risk assessment. Interim reports can be delivered to the customer sooner, allowing them to
change course as needed.
Best Dutch merchant bank
The annual survey conducted by Management Team magazine ranks Rabobank as the best
Dutch financial institution in the categories asset management, cash management, finance,
investment banking, private equity and risk management. Managers of large enterprises
decide annually what is the best financial institution in the Netherlands. Rabobank ranked
highest on six of the 12 aspects. Rabobankalso scored well in the customer satisfaction
survey of the Incompany business magazine; it received the highest rating on the aspect of
business finance, and it has never ranked lower than the top three on the aspect of corporate
finance since 2003.
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Annual Report 2010 Rabobank Group