Banking giant ING charges forward with digitization

ING
Banking giant ING is continuing its charge forward with digitization.

As bank chief pushes digital program in the latest results statement, ING German arm begins offering a completely digitized account opening process.

Banking giant ING is continuing its charge forward with digitization. The bank’s German arm has digitized its current account opening process, enabling new customers to avoid paper and signatures in exchange for video-chat authentication.

The digitization of the new account opening process is part of a much larger program, called Welcome, at digital-only bank ING-DiBa. The bank has also made efforts to make the loan application process easier and faster and introduced automation in back-end systems which have reduced processing times for loans by 75 percent.

Dutch-based ING, which offers retail and wholesale banking services to customers in over 40 markets is planning to bring its German innovations to other countries.

While announcing the company’s first-quarter results for 2017, ING CEO, Ralph Hamers, commented on the bank’s digital approach and leadership in the industry.

“I am proud that all of the innovations highlighted above were developed by ING and then adopted by other banks. This underscores our record as a digital banking leader and shows that we’re able to provide an experience for customers that makes us stand out from our competitors. This approach is just one of the reasons why our Net Promoter Score has improved to number one in eight countries, up from seven countries last quarter. ING had 36.1 million customers as at 31 March 2017, including 9.85 million primary bank customers, which is an increase of 8.4% year-on-year.”

As the bank maintains its focus on innovation and sustainability, it continues to record commercial growth. Highlights from the Q1 results statement include –

  • Q1, 2017 underlying pre-tax result of EUR 1,652 million, up 39.3% year-on-year
  • Primary customer numbers up – EUR 5.7 billion net core lending growth and EUR 6.7 billion net customer deposit inflow
  • ING Group fully-loaded common equity Tier 1 (CET1) ratio of 14.5%, up from 14.2% at year-end 2016

More here [Newsroom] [finxtra]

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