Client is key

Principle 3.2.1 of the Banking Code states that putting the client first is a prerequisite for the bank’s continuity. Van Lanschot endorses this principle. Van Lanschot is a service provider, not a product-oriented bank; the personal relationship with the client has always been paramount.

Van Lanschot is a full-service bank offering its clients financial services, while being attentive and responsive to the clients' needs. The services primarily consist of personal advisory services in the field of wealth creation and asset management. Van Lanschot hardly trades for own account and risk: the balance sheet is for the benefit of our clients. This shows that the interest of the client is paramount.

In 2011, the theme of ‘the client is key’ has been further defined within Van Lanschot. A project was started under the supervision of the board member Mr Sevinga. The project group plays an initiating and coordinating role in the way in which the entire Van Lanschot organisation puts this theme into practice.

The paragraph below outlines how the bank puts the theme ‘the client is key’ into practice in its operations.

Strategic goals

Putting the client first has already formed part of Van Lanschot’s strategic goals for years now. In the annual report 2007, client intimacy was already mentioned as one of the strategic goals. Client intimacy also is a form of relationship-driven banking where the interests of the client take centre stage.

In 2009, Van Lanschot refined its strategy. The concept of ‘the client is key’ is reflected in the strategy in the concept customer care. Customer care is one of the strategic goals: ‘Adopt and continuously improve a customer care policy that sets the tone for the sector and goes beyond the statutory framework.’ In addition, client satisfaction is an important strategic goal: ‘Continue to outperform the benchmark in the loyalty index.’

The wording of the bank’s strategy was refined in 2011 in order to emphasise the importance that Van Lanschot places on the theme of ‘the client is key’. Van Lanschot’s mission is now as follows: “To offer high-quality financial services to high net-worth individuals, entrepreneurs and other select client groups, whereby the interest of our clients is leading”.

The strategic goals form the basis for the management agenda for 2011. Key areas within the 2011 management agenda relate to goals for customer care and customer satisfaction. These goals have been translated into targets for the various departments and branches and individual employee targets for 2011. KPIs (Key Performance Indicators) for the client is key were formulated in mid-2011 to be able to define and measure achievement of the related targets.

Culture

Van Lanschot has defined the following core values: ambitious, committed, independent and professional. The core values provide a guideline for the actions of all employees, both among themselves and in relation to the client. For the client, the core values create an impression of the services they can expect. The core values contribute to a culture to which clients feel attracted.

The core values were introduced and explained in 2009 during the Annual General Meeting of Shareholders of 11 May 2009, and they were further implemented in the organisation in 2010. All employees for instance attended sessions in which they discussed these core values. In addition, in 2010 and 2011, all employees gave feedback to each other and their superiors based on the core values. This promotes making the core values part of day-to-day work. From 2011, the core values are also included in the targets set for the employees.

Advisory services

Van Lanschot is a full-service bank offering its clients financial services, while being attentive and responsive to the clients’ needs. The services primarily consist of personal advisory services in the field of wealth creation and asset management.

Van Lanschot aims to offer appropriate advice which has added value for the client, is transparent and is understandable.

Van Lanschot’s ambition to be transparent in its service offering is also apparent from the fact that Van Lanschot passes on the net distribution fees that it receives to its asset management clients. This is confirmation of Van Lanschot’s aim to be independent in providing its services.

In order to safeguard the quality of the advisory services, Van Lanschot will continue to invest in professional competence and expertise in 2011.

Products and product documentation

Van Lanschot aims to offer appropriate products which are transparent, understandable, have added value for the client and a good quality at the right price.

For this purpose, Van Lanschot has reviewed its current range of savings products and decided to radically reduce the number of difference products on offer. As a result, the range of savings products is now clearer and simpler for the client.

An approval process applies to new products, the New Product Approval procedure (NPA procedure), as laid down in principle 4.5 of the Banking Code. In this NPA procedure, explicit attention is paid to customer care aspects. All members of the Product Board have a veto right concerning a decision about a new product introduction in the NPA procedure and have to sign off their approval of the product introduction. For existing products, Van Lanschot has established the Product Review procedure. Under this procedure, existing products are screened on for instance customer care.

Within Van Lanschot, the Product Board is responsible for the introduction of new products and the review of existing products. In the meetings of the Product Board, the NPAs, the new product evaluations (between three and six months after implementation, a product is evaluated and submitted to the Product Board) and Product Reviews are discussed. In the decision-making, the Product Board pays much attention to the quality of products. In addition, in its decision-making, the Product Board also pays attention to a proper and balanced information supply. Van Lanschot aims for complete, understandable and accessible product documentation.