Contents Management report Corporate governance Consolidated financial statements Financial statements Pillar 3
The goal of special asset management is to help companies
with financial difficulties survive, in the interest of the customer
and the bank.
O Read more about customers in trouble
Interest rate derivatives
Approximately 8,000 of the 800,000 Rabobank business
customers have an interest rate derivative. This is a derivative
financial product with which interest rate risks and currency
risks can be hedged.The interest rate derivatives were the
topic ofa reassessment trajectory in 2014and 2015. During the
course of 2014, Rabobank, partially atthe request ofthe AFM,
has increased the quality requirements if the reassessment of
the interest rate derivatives.The individual reassessment of
the 8,000 interest rate derivatives was mostly completed in
December of 2015 in accordance with the agreements with
the AFM. Over 90 percent ofthe outcome ofthe reassessment
was sent to our customers via letter by the end of 2015. The rest
followed in January of 2016.
In December 2015, Rabobank took note ofthe conclusion of
the AFM that the reassessments ofthe interest rate derivatives
by the banks is insufficient and that it has found shortcomings
during its own review ofthe reassessments.Together with the
AFM, Rabobank is currently working on a suitable solution for
the situation that has arisen.
2 Online banking
Rabobank wants to digitalise financial services. More and
more customers do their banking via a mobile phone or
tablet, contact with a bank employee happens via chat more
often.The year 2015 brought improvements, expansions and
innovations in this area.
Improved app: getting back up after criticism
In 2015, Rabobank introduced the new Rabo Banking App for
its Dutch customers. In a short time, more than one and a half
million Dutch customers (private and business customers)
switched to this updated version ofthe app.
Beforehand, we spoke with 1,500 customers of eleven
local Rabobanks to get an idea of their wishes. We used
this information in the creation process. Unfortunately, the
introduction was not entirely perfect: there were various forms
of criticism.
Several important improvements were already implemented in
2015, such as searching in transactions, a different overview of
accounts and an option to view capital invested. In 2016, there
will be more developments based on customer feedback.
O Read more about the Rabo Banking App
Chat takes flight
The chat option had been available on www.rabobank.nl for
a while, but in 2015 we introduced an even wider audience
to this low-threshold source of personal advice.The chat
function is a big hit. On a daily basis, approximately 6,000
chats take place, and are given a positive rating by most ofthe
users. Especially in the evening, customers like to use the chat
function.This service puts the bankjust 'one touch away'.
O Read more: Customers embrace virtual banking
Online solutions for entrepreneurs
Entrepreneurs can take care of more and more banking
activities via their mobile phones, whenever it suits them best.
In 2015, we again added many functionalities to our online
services, such as requesting lease products and financing,
opening savings accounts and the simple submission of
annual results.
O Read more about online banking
Rabo Wallet: contactless payments
In February of 2015 we introduced the Rabo Wallet, a digital
wallet with which our Dutch customers can pay with their
smartphone in stores. They simply swipe their phone over
a device at the register; entering a PIN number is no longer
necessary. Via the Rabo Wallet, they can also check their balance
and keep track of customer cards. By the end of 2015, this
app was available on three ofthe best-selling models ofthe
Samsung brand. In 2016, we will expand this service, so that
more customers can use it.
Because most mobile phones are not yet equipped to pay with
the de Rabo Wallet, we also put chips on many of our debit
cards in 2015, making contactless payment possible. 1.8 million
customers currently have one of these cards, enabling them
to pay for items up to EUR 25 without needing to enter
a PIN number. Approximately a third of all ATM machines in
the Netherlands are already compatible with these cards.
75 Corporate social responsibility report
