including the management of improvements following the receipt of complaints. Rabobank
attaches great value to complaints received from clients. It goes without saying that Rabobank
makes every effort to deal with individual complaints appropriately. In addition, complaints
at a local and a central level contain important information for managing improvements to
services. The implementation of this system will continue in 2012.
Balanced advisory model
With regard to charges and fees for customer services, Rabobank aims to charge amounts that
are appropriate for the service provided. Within this scope, we worked on a new earnings model
for investment services during the year under review, which is still under development. It will
lead to some new, simpler pricing structures for clients, which will enable them to have more
direct insight into the elements they pay for in respect of securities services. The Dutch Minister
of Finance plans to introduce a prohibition on commissions for complex financial products
with effect from 1 January 2013. This prohibition is set to achieve a separation of the advisory
market and the product market. Rabobank is also making preparations for the introduction
of this new legislation.
The employees of the local Rabobanks and Rabobank Nederland aim to provide top-quality,
well-considered services. The performance targets agreed with them are balanced, and the
performance management system used means that variable pay is restrained. Customer focus
is a core competency on which employees have always been judged. It is also an important
criterion applied by Rabobank in its recruitment policy. This begins at the level of communication
with the labour market. The induction programmes for new employees also pay plenty of
attention to Rabobank's core values of respect, integrity, professionalism and sustainability.
All these aspects ensure that Rabobank's corporate culture is one that actually focuses on the
customer. In turn, this culture and approach ensure that Rabobank consistently has a high level
of customer satisfaction, as demonstrated by internal and external research findings. During
the year under review, the customer satisfaction score among primary private individuals, who
consider Rabobank their primary bank, was 7.5 (7.6).
Primary Rabobank clients
Average for
Private Private entire retail Corporate
individuals Banking market market
Proportion of customers satisfied/very satisfied
with Rabobank 83% 82% 83% 82%
Owing to current social and economic circumstances, the legislator and the regulator
increasingly expect financial institutions to put the interests of clients first. Central Focus on
Client Interests is one of the regulatory themes of the Netherlands Authority for the Financial
Markets (AFM).The AFM uses a dashboard for reporting its findings in this area, at product level
and at other levels, to financial institutions. Rabobank accepts that this dashboard is a valuable
frame of reference and guideline for the future. Starting in 2012, it will use the dashboard to
make additional improvements aimed at ensuring that Rabobank's services focus on the
interests of the customer.
Bank and businesses in times of economic decline
2011 was a difficult year for corporate clients. The financial crisis was followed by a general
economic crisis, and so it came as no surprise that many corporate clients had problems
continuing as a going concern. The portfolio of non-performing accounts (clients in financial
difficulties) was up compared with 2010. Flowever, Rabobank continues to stand by its clients
when times are tough. Such clients receive intensive support from the expert account managers
of BBR, our Special Accounts department. Working closely with the client and the local
Rabobank, the BBR account manager prepares a plan to improve the performance of the
business and also improve the position of the bank. On the whole, the department managed
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Annual Report 2011 Rabobank Group
