Subscribe via RSS Feed Connect on Google Plus Connect on Flickr

Fast forward thinking at ING

Tuesday, 4 October, 2016

Revolutions are turbulent, gory affairs. “The time to buy is when there’s blood in the streets,” said Baron Rothschild, who made a fortune in the panic that followed the Battle of Waterloo. This time around, it’s the financiers that are filling the streets, driven out by the algorithms in the battle to capture the smartphone customer.

ING Last week, Germany’s second-biggest lender, Commerzbank, said it was planning to cut 9,600 jobs over the next four years and end dividend payments for the first time. Yesterday, Dutch bank ING says it intends to cut up to 7,000 jobs in Belgium and the Netherlands over the next five years as part of a plan to save €900 million a year, speed up the adoption of new technology and “continue to lead in digital banking”.

“Customers are increasingly digital and bank with us more and more through mobile devices,” said ING chief executive Ralph Hamers in a statement. “Their needs and expectations are the same, all over the world, and they expect us to adopt new technology as fast as companies in other sectors.” Quote:

“In order to continue to lead in digital banking, we need to offer a better customer experience, that’s instant, personal, frictionless and relevant. From 2016 to 2021, we intend to invest €800 million in our digital transformation, building a scalable platform to cater for continued commercial growth, an improved customer experience and a quicker delivery of new products.”

Heralding the revolution at ING, Ralph Hamers titled his strategy “Accelerating Think Forward.” It’s kind of instant, but it’s certainly not frictionless for those giving way to the new technologies.


Comments are closed.