Customers can now block or apply for bank or credit cards, change their limits, request a new
PIN code and take out travel or cancellation insurance. The new functions appear to have been
welcomed by users: 24% of customers blocking and re-applying for a bank card now do so
using the app.
SEPA migration
1 August 2014, marked the transition to a single market for payments in Europe, the Single Euro
Payments Area (SEPA). All the old Dutch account numbers have now been replaced by an IBAN
(International Bank Account Number). While the new account number has unfortunately
become longer, the system ensures that transfers to and from other countries are processed
much more easily.
Many of our business customers have had to make significant changes to their financial
systems, software and business processes in order to ensure a correct transition to SEPA.
Rabobank has provided assistance and support to them in this transition where necessary.
Rabobank's guidance has led to virtually all our business customers being able to migrate on
schedule. Alternatives were found in a limited number of cases.
Savings
The private savings market in the Netherlands grew 1% in size in 2014 to EUR 329.8 (325.3) billion.
Rabobank Group's market share amounted to 36.3% (37.8%), with 35.4% (36.7%) held at the local
Rabobanks and 0.9% (1.0%) at the savings bank and Rabobank subsidiary Roparco. At the end of
2013, Friesland Bank still made up 0.1 of the market share. Amounts due to customers at the
domestic retail banking division declined 3% to EUR 209.1 (215.7) billion, consisting mainly of
private savings. Partly due to higher repayments on residential mortgages, private savings fell
by EUR 5.3 billion to EUR 119.9 (125.2) billion.
We introduced a new savings account called Rabo PeriodSavings in 2014, for which customers
have to give prior notice of withdrawals through either internet or mobile banking. In exchange
for this, the customer receives a higher rate of interest. Customers can decide themselves whether
they must give 30 or 90 days' notice of the amount they wish to withdraw. Many customers
who do not need their savings to be immediately available have chosen this way to save.
Asset management
Rabo Schretlen Asset Management
Rabobank and Schretlen Co are to combine the services provided to high net worth
customers. Schretlen's services will all be provided via Rabobank and the product offerings will
be combined as from 1 July 2015. This will make a wider offering of products and services
available to high net worth customers. Former Schretlen customers can then also use the virtual
facilities provided by Rabobank. The centrally organised Rabo Schretlen Asset Management
department supports the local Rabobanks in servicing high net worth customers.
Bundling of powers for private banking for entrepreneurs
Entrepreneurs who have both business and personal accounts are an important customer
group for Rabobank. The service provided to this group can however be improved. Their main
requirement is one contact point that looks after both their business and their personal interests.
Many local Rabobanks accordingly work with special private banking advisors for entrepreneurs.
The aim is for these advisors to work with their colleagues in Business Banking to discuss
portfolios, identify requirements, set targets and make plans for customers.
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Rock-solid bank: performance
