Banking is changing fast in this digital-driven world. So, ING digital transformation has a lot of lessons companies can learn from.
Digital transformation is affecting all kinds of sectors. And the finance sector is not exempt.
Retail banks are now called dinosaurs as technology is rising. Before, customers were the ones revolving around the bank and its services.
Today, it’s the other way around. It is now the banks that need to revolve around customers. As banking is rising to become more and more customer-centric.
So, traditional banks need to innovate fast to keep up with the trend. Like the rise of financial technologies and digital banks like ING.
So, let us see how ING is succeeding in its digital transformation efforts.
ING Digital Transformation
Start Listening
ING is a digital bank with 40 million customers and 54,000 employees. So, what ING did was to start listening.
To who? They listened to their employees and customers alike. And ideas came from them and not only from their 200 innovators.
Thus, they focus on the needs of their customer and made solutions that can aid them.
For example, they made it possible for small business customers to make a loan in under 10 minutes. This is very convenient as normal loan processes take up to 6 to 10 months of wait.
So, ING made this possible by gathering data from all bank accounts in real-time. Then, after applying online for 10mins, they can now get a loan of up to €100,000.
Get Outside Your Comfort Zone
ING made a culture of test-and-learn in their digital transformation. And this is vital as banking is now becoming something that needs to step in its outer walls to succeed.
Then, their main goal is to empower customers to lead their financial future. So, to aid in this journey, they made projects outside their walls. Like in real estate and transportation.
One example is them partnering up with BMW. The partnership aims to ease up payments at gas stations.
Move Fast, But Be Patient
In 5 to 10 years, the banking scene will be very different from now. But ING knows it is vital to act and take steps now to stay relevant until then.
Also, innovation and change take time and must not be rushed. So, they took advantage of technologies rising over time.
Like operating via mail, phone, and online. Then, they became one of the Netherland’s largest financial service providers.
After, they made this into a stepping stone of becoming a worldwide bank.
Focus and Reach the Target
ING made a hybrid approach to get things done. So, they borrowed the best areas of agile, lean start-up, and design-thinking.
Then, their focus was unshakable in making sure they catch up to the second wave. But to make sure they reach their target, they made sure to make changes in the whole organization.
After, they trained thousands of workers to aid in their digital transformation efforts.
So, what is most vital is they made a clear target and did not lose focus. Then, ING did not stop until they reached their target.
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