Rabobank prepares for the future
Rabobank is choosing to focus even more explicitly on its customers in the coming years. This will lead to new banking products, a considerable increase in the number of contact points and a sharp rise in customer satisfaction. ‘Excellent customer experience’ is one of the three pillars underpinning our new strategy that was adopted on 9 December 2015.
Rabobank has charted its course for the next five years in the Strategic Framework 2016-2020. Executive Board Chairman Wiebe Draijer emphasises that this course is characterised by our mission to make a substantial contribution to welfare and prosperity in the Netherlands and to sustainably feeding the world in our role as a socially responsible bank. ‘We are committed to being a meaningful cooperative that is successful in the long term for members, customers, employees and society. Through Banking for the Netherlands we will contribute to addressing the challenges facing the Netherlands. And through Banking for Food we will co-contribute to sustainably feeding a world population of 9 billion in 2050.’
Excellent customer experience
Rabobank is making a number of concrete promises to our customers under the ‘Excellent customer experience’ theme:
- There will be a sharp rise in customer satisfaction.
- Rabobank will, in addition to the existing branch offices, invest in new contact points, such as mobile advice centres, pop-up stores and bank advice at home.
- Rabobank will introduce specific new products and service concepts to support customer life courses, and interest-rate averaging on mortgages (as of 1 July 2016).
- The service provision to businesses will be reshaped by the bank acting as a financial linking pin. This will enable Rabobank to expand its services as an intermediary, for example in the fields of crowdfunding and working with institutional investors.
Balance sheet reduction
Rabobank is going to flexibilise and reduce its balance sheet. In this way Rabobank will comply with higher capital requirements on the one hand and be able to provide more loans to customers on the other. Wiebe Draijer: ‘We will, for example, sell on loans to investors and focus more on our core activities. This obviously doesn’t mean we will grant fewer mortgages and business loans. On the contrary, our customer focus and improved local market operations will in fact enable us to help customers even better by using our knowledge and networks.’
Improvement in results
Rabobank has limited options for raising equity itself and as a result it must realise a structural improvement in financial results of 2.1 billion euros. ‘We will achieve this partly by increasing income and partly through cost-savings and efficiency improvements. In addition, we will improve our returns through improved differentiation in terms of risk and price. This unfortunately means we will have to reduce our workforce further in the years ahead. Approximately 9,000 jobs will be lost in the coming years, with these cuts coming on top of the reduction of 3,000 jobs already planned. In close consultation with the employee representation bodies and the trade unions, we will ensure the process is carried out with the utmost care. Our focus will be on helping employees find other work. We will make every effort to avoid forced redundancies,’ says Wiebe Draijer.