ING News
Luxembourg, 18/10/2019
ING has seen its digitization efforts awarded with the “Best initiative of the year in relationship management technology in Europe” by a jury of 10 market leaders. ING Luxembourg’s strong emphasis on innovation in banking made all the difference for the jury when comparing the initiatives presented by close to 50 private banks who participated in the PWM Wealth Tech Awards 2019.
In response to the needs of its private banking clientele, ING Luxembourg uses digitisation and technology for three distinct purposes:
1. To simplify and streamline processes
In collaboration with ING in the Netherlands, ING in Luxembourg is developing a new high tech KYC digital service that includes processes and tooling around client due diligence, screening and workflow management. This includes the fulfilment of the client maintenance life cycle within one digital platform. All required screening components (namescreening, pre-transaction screening, adverse media screening) will be incorporated into the client due diligence process. Once a customer is on-boarded, ongoing screening and monitoring of transactions can then be activated.
2. To deliver a differentiating customer experience
Private banking clients have privileged access to My ING Private Banking mobile application and almost 2/3 of clients use it on a regular basis. At ING, we are immersed in digital culture! Moreover, ING has developed push notifications on mobile phones, tablets and email, which help clients manage their accounts easily and efficiently. The bank also uses social media on a regular basis to keep clients and followers updated.
3.To anticipate customer needs
ING continuously invests in tooling in order to send personalised digital communications to its clients.
The PWM’s Wealth Tech Awards ceremony took place on June 27th at the new Financial Times headquarters at the heart of the City of London.
ING is proud to be amongst the winners of this prestigious award and aims to continue being on the forefront of improving client experiences through technology!
The goal of PWM’s Wealth Tech Awards is to highlight the prominent role of technology in private banking. They gather qualitative and quantitative information from private banking groups to then give a set of awards for excellence in the use of technology and digital communication. Institutions are asked to show key achievements, changes or improvement in relation to how technology is transforming their business models and contributing to drive growth, support advisers, enhance brand and improve client experience.
Operating in the Grand Duchy of Luxembourg since 1960, ING is a universal and accessible bank with well-developed and user-friendly digital channels, appreciated by our retail, private and wholesale banking customer base, as well as a more personal contact through our network of branches. With over 100,000 customers, ING is one of Luxembourg’s top 5 banks and one of the country’s top 10 brands (source: 2018 KPMG Luxembourg Customer Experience Excellence Report).
Our aim is to empower people to stay a step ahead in life and in business. We believe the role of a financial institution is to support and promote economic, social and environmental progress at the same time as it generates healthy returns for shareholders.
Always at the cutting edge as regards digitisation, we were the first high-street bank to launch an online account in Luxembourg. With over 800 employees in the Grand Duchy (700 of whom are at our head office: ING Lux House) and thanks to the combination of our local presence and the strength of a robust multinational like ING, we offer our personal and business customers a wide range of solutions through the channel of their choice.
We actively contribute to the growth of the local economy, as demonstrated by the significant rise (+16%) in lending volumes during 2017. Our mortgage portfolio continued growing in 2017 (+15%), breaking the EUR 2 billion barrier for the first time. On both sides of our balance sheet, we posted double-digit growth (+18%) in 2017, reaching EUR 18.5 billion.
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