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!