With its ING Direct unit now boasting more than
20 million customers worldwide, Netherlands bancassurer ING Group
has shown a standalone internet bank can be a huge success. It is
success that rival Netherlands bank Rabobank is undoubtedly
striving to emulate with its own standalone internet banking
operation, Rabobank International Direct Banking (RIDB).
20 million customers worldwide, Netherlands bancassurer ING Group
has shown a standalone internet bank can be a huge success. It is
success that rival Netherlands bank Rabobank is undoubtedly
striving to emulate with its own standalone internet banking
operation, Rabobank International Direct Banking (RIDB).
When Rabobank embarked on the establishment of
RIDB in 2002, as part of what it termed an “aggressive go-to-market
strategy”, it set out its objectives clearly.
RIDB in 2002, as part of what it termed an “aggressive go-to-market
strategy”, it set out its objectives clearly.
These were: “To become the direct bank of
choice for financially self-directed customers in selected markets
around the globe and to minimise customer fees and maximise
investment returns.”
choice for financially self-directed customers in selected markets
around the globe and to minimise customer fees and maximise
investment returns.”
The task of establishing RIDB was assigned to
Callataÿ & Wouters, a Belgian financial services technology
developer that has enjoyed considerable success with Thaler, its
flagship multi-channel core banking system.
Callataÿ & Wouters, a Belgian financial services technology
developer that has enjoyed considerable success with Thaler, its
flagship multi-channel core banking system.
“Based on Callataÿ & Wouters’ reputation
for delivering projects on time and on budget in multiple markets,
we were convinced Thaler would help us get started quickly, with a
minimum of additional application developments,” said RIDB global
head Gert Bouwman.
for delivering projects on time and on budget in multiple markets,
we were convinced Thaler would help us get started quickly, with a
minimum of additional application developments,” said RIDB global
head Gert Bouwman.
Rabobank’s confidence proved well founded and
within 14 weeks of being appointed Callataÿ & Wouters had
delivered the first of RIDB’s projects, a pilot direct banking
operation in Belgium. A further four projects followed, all
completed in under six months and in new markets for
Rabobank:
within 14 weeks of being appointed Callataÿ & Wouters had
delivered the first of RIDB’s projects, a pilot direct banking
operation in Belgium. A further four projects followed, all
completed in under six months and in new markets for
Rabobank:
• Ireland: Rabo Direct (2005)
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• New Zealand: Rabo Plus (2006)
• Australia: Rabo Plus (2007)
• Netherlands: Bizner Bank for small and medium-sized businesses
(2007)
By the first half of 2008 RIDB had more than 250,000 customers and
two prestigious awards to its credit: the New Zealand Financial
Institute Prize for best financial marketing concept and the best
financial website award in Ireland.
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By GlobalDataCustomer satisfaction is also high with a
survey in 2007 revealing that 96 percent of RIDB customers felt the
service met or exceeded their expectations and that they would
recommend the bank.
survey in 2007 revealing that 96 percent of RIDB customers felt the
service met or exceeded their expectations and that they would
recommend the bank.
When selecting Callataÿ & Wouters for the
establishment of RIDB a number of specifications were viewed as
critical by Rabobank. These included an end-to-end IT solution that
could automate the entire back-office operations, including
payments, the processing of deposits and managed funds. This
required a centralised platform based on standard software that
could handle the straight-through processing of customer
transactions in multiple countries with different regulatory and
reporting requirements.
establishment of RIDB a number of specifications were viewed as
critical by Rabobank. These included an end-to-end IT solution that
could automate the entire back-office operations, including
payments, the processing of deposits and managed funds. This
required a centralised platform based on standard software that
could handle the straight-through processing of customer
transactions in multiple countries with different regulatory and
reporting requirements.
“By using a single location for all the servers
of our local websites, we can centralise technical support and
achieve considerable economies of scale,” explained RIDB manager of
shared services André van der Linden.
of our local websites, we can centralise technical support and
achieve considerable economies of scale,” explained RIDB manager of
shared services André van der Linden.
He added that the economies achieved helped
Rabobank break even on its investment within four years of the
initial Thaler implementation.
Rabobank break even on its investment within four years of the
initial Thaler implementation.
“Thaler has met all of our requirements for
performance, reliability and security and will seamlessly
accommodate future plans for growth in customers, products and
transactions,” stressed Bouwman. “With the automation that Thaler
provides, we have successfully delivered on our competitive
position.”
performance, reliability and security and will seamlessly
accommodate future plans for growth in customers, products and
transactions,” stressed Bouwman. “With the automation that Thaler
provides, we have successfully delivered on our competitive
position.”
He continued that the key to the solution’s
success is Thaler’s ‘bank-in-a box’ implementation approach that
enables RIDB to implement a pre-configured version of Thaler
software tailored to its needs in various countries with limited
changes.
success is Thaler’s ‘bank-in-a box’ implementation approach that
enables RIDB to implement a pre-configured version of Thaler
software tailored to its needs in various countries with limited
changes.
Callataÿ & Wouters’ relationship with RIDB
includes handling all back-office administration of products and
customer transactions. IT functions are outsourced to
Netherlands-based Schuberg Philis which together with Callataÿ
& Wouters provide the bank with a 100 percent functional uptime
guarantee. System downtime has been negligible, noted
Bouwman.
includes handling all back-office administration of products and
customer transactions. IT functions are outsourced to
Netherlands-based Schuberg Philis which together with Callataÿ
& Wouters provide the bank with a 100 percent functional uptime
guarantee. System downtime has been negligible, noted
Bouwman.
For online security RIDB has adopted the
two-factor identification approach using Swiss internet security
software vendor Vasco’s Digipass token that generates a new access
code at every session.
two-factor identification approach using Swiss internet security
software vendor Vasco’s Digipass token that generates a new access
code at every session.
Building on the success of its first five
projects RIDB anticipates establishing additional “grass roots”
internet banking units over the next few years. Callataÿ &
Wouters looks set to again play a key role.
projects RIDB anticipates establishing additional “grass roots”
internet banking units over the next few years. Callataÿ &
Wouters looks set to again play a key role.
“Our relationship extends beyond that of
customer and supplier,” said Bouwman. “We view Callataÿ &
Wouters as a strategic partner.”
customer and supplier,” said Bouwman. “We view Callataÿ &
Wouters as a strategic partner.”
He explained that Rabobank and Callataÿ &
Wouters jointly analyse potential new markets, evaluate
localisation and implementation costs, and assess each new business
case and hold meetings every two weeks to discuss the status of
current projects.
Wouters jointly analyse potential new markets, evaluate
localisation and implementation costs, and assess each new business
case and hold meetings every two weeks to discuss the status of
current projects.
