Transparent products
Customer surveys show that 76% (78%) of adult customers feel that Rabobank provides clear
and understandable information about banking. Steps were taken in 2010 to further improve
our products and communication about our products.
Late in 2009, four new payment platforms were introduced that are better aligned to the
needs of our customers. The new payment platforms give customers more choice in pricing,
speed and convenience. Since the second half of 2010, about 4.5 million customers have been
asked to switch to a new platform. The RaboOpbouwHypotheek mortgage is a bank-savings
product whose costs are transparent. A study has shown that the wording of the conditions
could be improved. The rewritten conditions will be introduced in 2011.
Obvion launched research in 2010 into an e-learning tool that will help clients gain basic
knowledge of how mortgages work.
Service provision to vulnerable groups
Rabobank wants to help customers in vulnerable groups to be able to do their banking
independently. Such vulnerable groups include the visually impaired or people with literacy
problems, but also teenagers and the elderly. Where its services to the elderly are concerned,
Rabobank evaluates continually whether they meet the needs of this group. A customer survey
held in the year under review showed that 79% (84%) of elderly customers feel that banking
at Rabobank does not cause them too much trouble.
In addition, a number of other service innovations were implemented in the first half of 2010.
With regard to accessible services, Rabobank feels that it has made significant pronunciation
improvements to the read-aloud function ofwww.rabobank.nl.
Preventing financial difficulties
A key element in Rabobank's service provision is that customers are sold the right products,
which helps to prevent financial problems.The RaboOpbouwHypotheek mortgage, for
instance, has the option to build assets that can be used later to repay the mortgage partially
or in full. Mortgage lender Obvion also offers solutions when clients face financial difficulties.
In connection with this, Obvion launched theTijdelijkeVerhuur, temporary letting service,
the RenteParkeren service, under which interest payments can be stopped temporarily,
and the BudgetPlanner.
Baas Over Eigen Geld (B.O.E.G), an online teen platform that teaches teenagers to become
money-wise, to save their money and to make plans, has now been operational for one year.
A customer survey held in 2010 showed that 36% (33%) of surveyed teens between the ages
of 15 and 18 felt that Rabobank helps them to improve their financial literacy skills. Mortgage
lender Obvion supports LEF, a financial literacy project of Stichting Excellent Hypotheekadviseur.
The objective of this project is to help young people do their own finances and to keep them
out of financial difficulty.
Sustainable services
Rabobank wants to reduce the use of paper in payment transactions. As part of the
new payment platforms, online banking customers no longer receive paper-based bank
statements in principle. This resulted in a 7% reduction in paper used for bank statements
in the reporting period.
Owing, in part, to government measures that will limit tax relief for green and cultural
investments from 2011 onwards, the development of a new green mortgage product has
been halted because the product would no longer be commercially viable.
OpMaat compensation scheme
In the year under review, Rabobank implemented the OpMaat compensation scheme for
customers with a running or terminated OpMaat Hypotheek-C mortgage. This scheme came
about on the recommendation of the Ombudsman for Financial Services and the agreement
with Stichting Woekerpolis Claim, a special-interest group fighting profiteering policies, which
was concluded late in 2009. The OpMaat compensation scheme has eight facilities, ranging
from an interest payment to conversion of the OpMaat Hypotheek mortgage at no charge.
Over 190,000 customers received a written personal offer under the OpMaat compensation
scheme. In addition, Rabobank posted additional information on www.rabobank.nl and
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Domestic retail banking
