Key Things To Know About This Digital-Only Bank ING

Recently when most of the major players of Australia’s Financial industry were facing headwinds due to scrutinization by banking royal commission, there was one bank which managed to win the trust of customers – ING Bank. The bank witnessed significant growth in its new customers, and it was able to deliver strong financial results in FY 2018. As per recent market news, it’s been speculated that the competitive interest rates of the bank is the major reason behind the increased customers.

Besides offering payments, investments and lending services, ING Bank offers retail and wholesale banking services to its customer.  In retail markets, the bank offers a full range of banking products and services, covering payments, savings, investments and secured and unsecured lending.

Wholesale Banking is an important and integral contributor to ING’s commercial performance. With a local presence in more than 40 countries, the bank provides corporate clients and financial institutions with advisory value propositions such as specialized lending, tailored corporate finance and debt and equity market solutions. ING also serve their daily banking needs with payments and cash management, trade and treasury services.

In 2018, the bank’s net core lending grew by €36.6 billion, or 6.4 percent, and net customer deposits rose by €19.3 billion in 2018. Further, the bank’s global retail customer base increased by around 1 Mn customers to reach 38.4 Mn in 2018 as compared to 2017. At the same time, the bank’s number of primary customers increased by around 1.1 million to 12.5 Mn.

The capital position of the bank remained strong in 2018, resulting from profitable and growing operations, complemented by increased optimization of the capital structure. As per the bank’s annual report, ING is having sufficient buffers to withstand certain adverse scenarios without breaching applicable requirements, at both the consolidated and subsidiary level.

The banks’ total underlying income increased 2.0 percent to €18,102 million and its net interest income rose 1.2 percent to €13,949 million in FY18 as compared to FY17. The Banks’s strong and consistent profitability is primarily driven by the steady increase in its lending business at resilient margins and by the growth of fee income.

To stand out in the digitally advanced market, where fintechs are gaining ground among tech-savvy consumers, the bank has extended its mobile payments to platforms such as Google Pay and Visa HCE. The bank also introduced an ING-specific keyboard for its Moje app to simplify mobile commerce and peer-to-peer transactions.

The popularity of the no-fee Orange Everyday transaction account among consumers in Australia led to record numbers of new account openings. In August, the bank extended this to teens with the launch of Orange Everyday Youth. And with the New Payments Platform (NPP), ING in Australia helped introduce instant payments to the market, in collaboration with NPP Australia and 12 other financial institutions. NPP is an innovative payments infrastructure that contributes to an easy, instant and seamless experience for our customers by providing real-time clearing and settlement, removing the usual two- to three-day wait for transfers to go through.

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