In non-financial terms the results in 2014 were not unsatisfactory either, but here again not
sufficient for the future. While we see that customer satisfaction has increased somewhat, we
also recognise that there is much room for improving customer service. We are working hard to
make these improvements. Our ambitious innovation agenda resulted in a large number of
improved and more customer-friendly products. We were able to sharply reduce debit card and
online banking fraud. The availability of our online systems was high in 2014, but needs to be
even higher. Above all we have taken key steps to increase our employees' customer focus.
2014 was an exceptionally difficult year for our employees. They were confronted with loss of
employment and modified terms of employment. This was unfortunately unavoidable and
partly why employee satisfaction has come under pressure. The bank-wide culture programme
is beginning to bear fruit.The focus on the customer is proving to be inspiring. A culture in
which people hold each other accountable for behaviour and performance is resulting in a
more professional attitude. Our contribution to strengthening societal initiatives has remained
at a high level. Greater focus is also needed in this area.
Outlook
We foresee a mixed picture for 2015 with a positive economic outlook on the one hand and on
the other the realisation that it will still be a difficult year for some of our customers. It appears
at this time that economic growth in the Netherlands will pick up further in 2015 and that
unemployment will decrease slightly. The recent sharp drop in the price of oil and the fall in the
value of the euro provide an extra boost. Due to the fact that, for the first time in years, not only
exports, but also private consumption is growing in 2015, we expect all market sectors to be
able to post growth. This stands in contrast to the previous years when primarily the export-
oriented sectors benefited from the economic growth.
Dutch exports will benefit from higher growth in key export markets this year. The conflict in
Ukraine, tensions in the Middle East and the renewed unrest surrounding Greece will remain
uncertain factors in this respect. Dutch businesses will invest more due to the recovering
economy. The European Central Bank announced in early 2015 that it will purchase EUR 1,140
billion in government bonds. It is still uncertain at this time whether this will provide a major
impetus for the economy. It is unclear what the effect of this programme will be.
Growth in consumer spending is picking up only slowly, which means the market conditions for
many businesses in the retail and hospitality sectors will remain difficult. The same applies to
the construction industry, which is seeing a return to growth, but has not yet been able to
repair much of the damage incurred in recent years. The group of Dutch households facing
mortgage debt that is higher than the value of their home is decreasing due to the tepid rise in
house prices and additional mortgage repayments.There will, however, continue to be a large
group of people who will find it difficult to move house in 2015 due to this negative equity in
their home. All things considered, the damage from the recession and economic slump of
recent years will reamin visible in large parts of the Dutch economy this year. This means that
for many of our customers 2015 will prove to be another difficult year.
Achieving our ambitions for 2015 represents a great challenge for us. We are facing multiple
dilemmas that are explained in greater detail in the Annual Report. Not only do we want to
move full force ahead to successfully complete improvement programmes to achieve better,
largely virtualised customer service at lower costs. We also have to address the numerous
changes we are encountering or will encounter from supervision, regulations and governance.
And at the same time we want to keep our employees, who are experiencing a greater
workload and more stress, healthy and inspired.
3 Chairman's foreword
