The Dutch multinational bank constantly improves it’s offering by updating technology and meeting customers needs thoughtfully.
For example, ING recently turned all physical cash desks into self-service units. This allows for 24 hour banking at the customer’s discretion. According to ING reports, between September 2017 and September of 2018 when a program for personal instant loans was launched, 80 percent of 5,000 online loans were accessed and approved via mobile.
ING uses AI to assist humans in faster bond trading. With Dutch cooperative PGGM, who manages $224bn in pension assets, their product Katana Lens, is at the cutting edge of innovation. Fixed income trading was once a prime driver of brokerages revenues, but recently love volume, low rates and volatility makes profits more and more difficult to achieve. In this downtrend market, Katana Lens helps with optimal decision making and getting more from smaller trades.
“When we realised the impact Katana could have, we decided to also help our clients in investment management make better decisions,”
–Androniki Menelaou, Data Science lead at the Wholesale Banking Advanced Analytics team
Most importantly, they were one of the first mainstream banks to recognize a change in attitude towards bitcoin in early 2017. See article from the BitcoinNews’ Harold Vandelay from June, 2017.
In addition to just reporting the facts and not displaying hostility towards cryptocurrencies, ING also embraces the underline technology of the blockchain. From 2017, ING led the industry by introducing zero-knowledge proofs to adjusting to zero-knowlege range proofs as a regulatory compromise. All the while never giving up on the promise of blockchain technology to improve fintech processes and protection of clients.
Thus, the awareness, reporting, and action-taking efforts by ING towards blockchain technology always impressed me.
Even now, at the annual conference and exhibition, Sibos, a global financial services networking event sponsored by SWIFT, blockchain is openly discussed and debated.
In addition to the great presence of Ripple (XRP), ING made another announcement that advances the blockchain conversation.