Trust is at the heart of our relationship with customers. Over the past 20 years, our strategy of simplicity and customer focus has served ING Bank very well at a time when things became increasingly complicated in financial services. – Uday Sareen, Head of Wholesale Banking Europe, Middle East & Africa, ING Bank
About Bank
| Chief Executive Officer | Melanie Evans |
| Year of launch | 1999 |
| Country of operation | Australia |
| Customer reach | 2 million |
Product stack analysis:
Table 1: Unique value propositions offered by ING Bank Australia
| Payments | – Recurring payments – Scheduled payments – Wearable banking |
| Rewards and offers | – Customer acquisition – Rewards on spending: E-commerce and entertainment – Other rewards: Get rebates or discounts for saving a specified amount in a type of account |
Insurance:
ING Bank Australia offers its customers a variety of insurance options. Customers can pay their insurance premium using their mobile application and even set a recurring payment. ING Bank offers the following types of insurances with a variety of offers and rebates on first year’s premium:
- a. Car Insurance
- b. Home and Contents Insurance
- c. Pet Insurance
- d. Travel Insurance
- e. Motorcycle Insurance
How can you match up with ING Bank Australia:
- Provide a varied mix of products and services in your company that are suited for different target segments.
- Offer discounts, cashback, and customer acquisition rewards to increase customer reach and sales.
Top priorities for ING Bank Australia:
As leaders of ING Bank, there are two areas you should focus on to digitally enhance your product stack:
- ING Bank faces severe customer backlash due to bad customer service and customer care executives with limited knowledge.
- For example, using conversational AIs could reduce the burden of handling trivial queries and complaints, giving the team more time to tend to more serious complaints. Moreover, you should also conduct regular training sessions to keep the customer care executives up-to-date with the changes in the Bank. This will increase the should focus on increasing the First Contact Resolution (FCR) rate and decrease the average First Response Time (FRT) to improve customer experience.
- While customers have a suite of products and services to choose from, you could capitalise on the potential of data visualisation and AI to enhance these services. It would help if you create visually appealing, data-driven, gamified, and real-time insights. You can compete with the top and growing neobanks in Australia by following these customer-centric approaches and gain a larger market share.
Endnotes:
ING – Personal and Business Banking. Australia
ING named Australia’s most trusted bank (Australian Banking Innovation Awards) | ING WB