Everyone should be able to bank

The notion of money

“This issue is about much more than helping seniors who are struggling with new technology,” says Frans van der Horst, CEO of ABN AMRO Retail Banking. “So many people from all walks of life are potentially financially vulnerable because of many different factors. Sometimes health plays a major role. Sometimes it’s long-term unemployment. We’re also seeing that a growing number of young people have never really learned to budget their money. Many don’t have a clue how to keep track of what they’re spending. The very notion of money, it seems, means much less to them than it does to older generations. Interestingly, a person’s background or level of education isn’t usually to blame. In fact, I’m in regular contact with young people with debt problems, and some of them went to university. It’s clear that having a degree is no guarantee that a person can manage their money.” Financial literacy should be as commonplace as reading, writing and arithmetic. “That’s one of the principles underpinning the ‘Bank in the classroom’ (Bank voor de klas in Dutch) financial literacy programme we’ve designed together with the other Dutch banks,” explains Gudy van der Wal, who oversees ABN AMRO’s Financial Care Coaches.  “During Money Week (Week van het Geld in Dutch), some 100 members of staff from across the bank give financial literacy classes in schools, teaching children all about budgeting, pocket money and savings. We truly believe that financial literacy can serve a person their whole life. And the earlier they become financially literate, the better equipped they’ll be to manage their finances later in life. It’s so nice to see how excited ABN AMRO staff get about this initiative. All in all, they teach about 450 sessions.”

Financial inclusion

Frans says he thinks it’s only natural the bank should be playing this role in society. “It’s all about financial inclusion,” he says. “As a bank, we most certainly have a role to play here. What’s more, it’s our duty, since we’re in the unique position of being able to see early signs that someone may be developing a debt problem. Maxing out credit cards is one example, as are chronic overdrafts. Our Grip app and related services all rely on early warning signs like these. In the Internet Banking environment and the Mobile Banking app, clients can see which direct debits are coming up. We’ll soon be introducing banners to keep these front and centre.”

Clearing the debt

The bank now has fifty Financial Grip Coaches and thirty Financial Care Coaches. Anyone facing current or future payment problems can consult a Grip Coach, who then sits down with the client and builds a detailed picture of all income and expenditure. Grip Coaches also teach clients how to cut costs and apply for financial relief. The Financial Grip Coaches are all Budgetcoach-certified. Gudy says, “Their work often focuses on finding solutions to chronic debt problems, but they can also help people identify and reduce their recurring costs. One simple tip is to make a shopping list for the week rather than going to the supermarket every day. Sometimes a Grip Coach might recommend that a family bundle multiple mobile phone plans into one family plan. We also give tips on savings and look at what benefits people may be entitled to, as well as help them make financial plans to catch up on late payments and pay off old loans. All told, it’s been a huge success. In 85 per cent of cases, people manage to clear their debt with the help of their Grip Coach.” While the Grip Coaches mainly focus on recurring financial issues, the Financial Care Coaches are there primarily for the potentially vulnerable, including the elderly and groups with poor digital literacy. Gudy says these clients visit their bank branch relatively often. “At all our 120 branches in the Netherlands, we’ve set up tables equipped with computers connected to the Internet to give these clients the chance to do their banking online with the aid of a member of staff. We also offer short courses lasting an hour and a half to teach them how they can do their banking on their mobile, tablet or computer. Despite having access to Internet Banking, some of our clients still arrange most of their bank transfers by hand, so we’re contacting them, too, to let them know about our courses.”

Training

ABN AMRO isn’t just focusing on its own clients, though. In fact, the bank is teaming up with senior citizens’ associations to develop training courses in online payments and security. Sometimes ABN AMRO gives the courses itself, but the bank is also training volunteers at seniors’ organisations to do so themselves. Training is often overseen by retired ABN AMRO employees. Gudy is quick to point out that the Financial Care Coaches do more than just show people the ropes. She says, “They often support the elderly and their children when it comes to things like direct debit mandates and online banking. They also help older people having lost a partner who always looked after the couple’s finances. Our Financial Care Coaches are well trained to pick up on signals of abuse or financial neglect – as a result of dementia, for example. We work closely with a foundation called Samen Dementievriendelijk (Together Dementia-Friendly), an initiative of Alzheimer Nederland and the Dutch Ministry of Health, Welfare and Sport. “Because of the coronavirus crisis, we felt it was important to take early steps to protect this potentially vulnerable group, which is why we recently opened the ABN AMRO Senior Line ahead of schedule. The elderly can phone the line for personal assistance in doing their day-to-day banking or in the event of suspected fraud.”

A warm welcome

The Financial Care Coaches focus mainly on people with reduced mobility. One tool at their disposal is Beeldbankieren, a service that lets clients book a personal video banking appointment with an adviser. Some 2,000 Beeldbankieren sessions are now held every week. Frans says, “We’re putting quite a lot of effort into Beeldbankieren in order to maintain contact with these vulnerable groups. For obvious reasons, the coronavirus crisis has made this new medium enormously popular, but it’s also incentivised us to boost quality. Customer satisfaction is clearly on the rise in this area. We’re really stepping up our game.” Another group the bank can help through Beeldbankieren consists of people with a disability who may find it difficult to get to a branch. “But even clients with a hearing impairment make regular use of this tool,” Gudy says, “since the bank can now consult in sign language. We also employ special Warm Welcome staff at many of our branches. These employees have a disability themselves and can help clients who are experiencing difficulties with online banking, like the elderly or those with disabilities, and answer any questions they may have. It’s all about meeting one and the same goal – ensuring that each individual can fully participate in society.”