Fintech: Friend or Foe? #Money2020Europe
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Transcript of Fintech: Friend or Foe? #Money2020Europe
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Fintech: Friend or Foe?
Ralph Hamers, CEO ING Group
ING’s approach to fintech and innovation
Copenhagen • 06 April 2016
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Are banks an endangered species?
35-40%
Revenue at riskfrom
fintech
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Regulation
Banks: heavy-touch Fintechs: light-touch(for the moment!)
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Existential choice: Tracks or Train?
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vs
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Think Forward: creating a differentiating customer experience
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AUS AUT BEL FRA DEU ITA LUX NED POL ROM ESP TUR0
102030405060708090
100
Mobile Web Assisted (Phone + Branch)
Digitalisation has greatly increased customer contacts
Average # of contacts per active customer (annual)
Belgium
> 90 digital
contacts per
customer
Poland
> 80 digital
contacts per
customer
# of contacts
Source: ING internal data, as at end-2015
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FlexibilityAgilityInnovation
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ING Direct: ring-fenced from the rest of the bank
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ING Group international headquarters, Amsterdam (former) ING Direct headoffice, Hoofddorp (near Schiphol airport)
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ING Direct: culture is crucial
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“treats me
fairly”
“delivers on
promises”
“is easy to deal with”
We are challengers
Be proactive, take initiativeShow drive & passionThink out of the box
Be an optimist
We are the good guys
Be honestAct with dignity
Be fair
We are accessible
Active, open communicationsCare for people
Don’t be driven by hierarchy
Share info & knowledge
We are passionate executors
Results-driven & focusedFocused on time
managmentCustomer-focused
Dedicated & go the extra mile
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ING approach to fintech:Partnership & Collaboration
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More than 40 fintech partnerships
For small businesses we’ve partnered with Kabbage• Uncommitted lines of credit with personalised,
risk-based pricing based on behavioural information
• 100% online credit assessment• Approval and cash within 10 minutes• Pilot launched in Spain (Dec ‘15) to existing small
business clients
For consumers we’ve invested in WeLab• In January 2016 we made an investment in
WeLab• WeLab provides consumer loans in China & Hong
Kong in a fully-automated process that only takes minutes from application to approval
We’re also looking for the right opportunities & partners in:Money Management | Aggregation | Payment services |
Customer onboarding
Instant Lending examples
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Empowering people to stay a stepahead in life and in business
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Thank you
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Follow us to stay a step ahead
ING.com
YouTube.com/ING
SlideShare.net/ING@ING_News LinkedIn.com/company/ING
Flickr.com/INGGroupFacebook.com/ING