BEIRAT – Newly Created Advisory Board is the Mouthpiece for Members and Customers at Banque Raiffeisen Luxembourg
An article from Banque Raiffeisen Luxembourg
The Beirat was created in June 2019 to strengthen the proximity to the customer. This advisory board of the Banque Raiffeisen Luxembourg is composed of about twenty committed and dynamic members, of different ages and professional backgrounds, reflecting a wide range of activities (cf. section The members of the Beirat). The main mission of the Beirat is to represent the Bank’s clients and members in order to give them a significant voice and thus put into practice the principles and values of the cooperative.
Raiffeisen, cooperative bank initially composed of a central entity and 13 regional branches, undertook a merger to become one and only entity. The objectives of the merger were to simplify the bank’s structure, streamline administrative processes between the branches and the central entity and optimize response times to customers and members. It is also in this context of merger that the Beirat was created in order to also give a voice to the members of the former absorbed branches. These members have a wealth of expertise and experience, and thanks to the Beirat, they will continue to share their know-how with Banque Raiffeisen.
Putting people at the center of attention is the motto of Banque Raiffeisen. It is thanks to this approach that the Bank has seen the rapid growth of its community, which today counts nearly 40,000 members. With the creation of the Beirat, a forum was created that allows members and customers to express themselves but above all to express their expectations.
The members of the Beirat regularly exchange views on various topics in the financial sector and contribute their expertise in order to improve the service that Banque Raiffeisen offers to its customers and members. The advisory board acts as a link between the Bank and its members and clients, providing decisive impulses and feedback for the Bank’s development.
The members of the Beirat met for the first time on November 8, 2019. Since then, exchange meetings are organized 2 to 3 times a year. At the first meeting in November 2019, the members of the Executive Board first gave them a general presentation of Banque Raiffeisen in order to provide them with all the necessary information.
On January 8, 2020, a second session of the Beirat was organized. During this meeting, the Beirat was asked to give its perception of Banque Raiffeisen as it stands today as well as its opinion on the positioning that the Bank should aim for in the future. Following this workshop, the Beirat exchanged views on various questions and themes such as:
- What does the future hold for Banque Raiffeisen as the banking sector evolves?
- How can Raiffeisen secure its future?
- How can Raiffeisen reduce its costs? In 2019, the banking sector spent ½ billion € on compliance costs. It should be remembered that the continuous growth in compliance costs will force banks to move closer together or to pool certain developments wherever possible.
- Is closer collaboration with other cooperative banks conceivable?
Following the health crisis, the third session of the Beirat, which was scheduled for March 31, 2020, has been cancelled and replaced by a videoconference session on April 16, 2020. This session aimed at taking stock of the pandemic, sharing key figures concerning the evolution of the activities and the financial situation as of December 31, 2019, but also to explain to the members of the Beirat how to apply for election to the Board of Directors.
The last session was held on June 30, 2020. On this occasion, the Executive Board briefed the Beirat on the situation of the Bank as at June 30, 2020 and presented the Raiffeisen ESG approach. Raiffeisen offers its clients solutions that are part of an ESG (Environment & Social & Governance) approach to give them the opportunity to invest in sustainable products and services that support the achievement of the UN’s sustainable development goals. Sustainable investments are aimed at people who want to build wealth while contributing actively to building a more responsible and sustainable future.
Thanks to exchanges with Beirat members, Banque Raiffeisen gains know-how and strengthens its role as a major and responsible player in the Luxembourg financial sector while meeting the expectations of its clients and members.