The term 'ING Group' is included in the Banking edition of the Financial Dictionary. Get your copy on Amazon in Kindle, Paperback or Audio edition. Choose your edition here...
The ING Group is the largest Dutch and Benelux based bank in the world. The acronym ING translates into International Netherlands Group in English. This global bank and financial institution draws on its important European base to provide services on a global scale. Their customers include governments, institutions, major corporations, smaller businesses, families, and individuals. ING is famous for its world class service and well known brand that put their customers at the center of all their endeavors.
Over 52,000 staff work for the ING Group to deliver wholesale and retail banking and financial services and products to their customers located in more than 40 countries. The group calls its advantages the important financial positions it enjoys, its international network, and its all channel distribution strategy. They claim their greatest asset is their brand that is both well recognized and well liked by customers in a number of different countries. They are honored as one of the leading institutions found in the Banks industry sector of the Dow Jones Sustainability Index.
The ING Group acts as a European network bank that extends its range around the globe for its many customers. They boast a range of global franchises as well. ING concentrates on growing into the main bank for new customers. This strategy is to increase the number of customers with recurring income payment accounts that have another product minimally included. ING starts customers with retail banking and offers other anchor products such as lending, wholesale banking transactions, and investments.
The bank’s business transformation program is working to help the bank grow into an optimal operating model of Wholesale Banking. To do this, they are increasing their customer base in industry transaction and lending financial services. To better focus on this goal, they divide their principal and target markets into market leaders, challengers, and growth markets.
The market leaders group are those countries of Benelux – the Netherlands, Belgium, and Luxembourg. These are the nations where the ING Group is market leading in wholesale banking and retail banking services. The strategy here is to expand in certain segments and to continue developing into their direct first bank model. They are investing in digital capabilities and providing excellence in their operational programs to this effect.
Challenger markets are those where they are working consistently to increase their current market share. These markets include the important countries of Germany, France, Italy, Spain, Austria, and Australia. The businesses in these nations provide wholesale and retail banking. The focus with retail here is to offer online direct banking services. This gives them a price advantage versus other traditional banks.
In the challenger markets, ING is working to use their already recognized savings vehicles to grow into payment accounts and to create primary banking relationships. They are striving to launch from their expertise in direct banking to build up the consumer lending and small to medium sized business lending. They are also working on diligently increasing their corporate customer base in these countries through new abilities in industry lending and transaction services here.
ING Group’s growth markets include their businesses in Turkey, Poland, Romania, and Asia. Here they provide a comprehensive line of wholesale and retail banking. These rapidly expanding economies provide them with solid opportunities for growth. This is why they are investing heavily to build a sustainable market share here. To do this, they are concentrating their efforts on digital technology leadership and also are pushing their direct first bank model.