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Project Management
11
ING bank
Facing Digital Disruption
Presentation
‘do your thing’
ING Identity Card !
ING ID CARD
Industry : Financial services
Headquarters : Amsterdam, Netherlands
Founded in : 1991 through merger
Presence : 40 countries
Key Asset : Customer experience
Current CEO : Ralph Hamers
The ING Case Study !
The Case Study
Q1
The fundamental advantage big tech companies have is the intimacy with the things people really care about
Why ?
The Amazons, the Facebooks, the Googles of this world – knowing what people are looking for – are involved much earlier in this decision process
What a digital disruption is ?
Q2
Digital disruption is the change that occurs when new digital technologies and business models affect the value proposition of existing goods and services.
Generally, digital disruption happens after a digital innovation, such as big data, machine learning (ML), internet of things (IoT) or the bring your own device (BYOD) movement.
Examples
Blockchain Technology
The innovation that supports current cryptographic forms of money, for example, bitcoin.
More examples ...
Topic
The rise of electronic reading has DISRUPPTED the print and publication industry.
On-demand services, like Uber, have DISRUPTED more traditional services like taxis.
The online communications (Skype, WhatsApp, Facebook Messenger, Viber) DISRUPTED the more traditional Phone calling .
Do you think that the digital disruption has revolutionized the banking sector ?
Banking Sector
Digital disruption had been occurring at every single level in the banking revolutionizing their traditional business model by:
Mobile Payments
Personalized Digital Experience and Personalized Offers
Mobile Cash Flow Manager
Robo-Advice
Personalized Budget Tracking services
Examples
Topic
Advantages of new digital technologies for banks and for bank customers :
Q3
24/7 account and service access
Speed and efficiency
Online bill payment
Low overhead can mean low fees
Low overhead can mean high interest rates on deposit accounts
Disadvantages of new digital technologies for banks and for bank customers :
Technology issues
Security issues
Inefficient at complex transactions
No relationship with personal banker
Inconvenient to make deposits
How will the digital disruption affect ING’s further internationalization?
Q4
Different country settings
Difficult to respond to current trends
Digitalization leads to less need for HR resources
What do People want?
- Financial services at lower costs
- Digitally friendly way
Decreasing consumer loyalty
How should ING act to overcome the digital disruptions that affect banks?
Q5
Customer- centric model
Update their technological platforms (Flexible clouds)
Friendly consumer interface
Higher standard of service
Replacement of obsolete technology
Role of the CEO in taking advantage of the digital changes that are disrupting firms
Q6
Remaining one step ahead of the customer:
Anticipate the needs of their customers by adopting AI
Pursue partnerships and aquasitions to increase capabilities and scale (fintechs)
Retain the talent they need to compete in a digital age
Legal :
Be aware of the shifting regulation
Ensure cybersecurity resilience