ING posts 3Q2020 net result of €788 million – result reflects significantly lower risk costs compared to 2Q2020. In an official statement, Steven van Rijswijk, the CEO of ING Group, talks about the results of digital-first offerings among customers and about the bank’s future plans in the wholesale banking area.
„Our easy, smart and personal digital-first offering keeps attracting customers, with a net increase of 213,000 primary customers over the quarter.
Our ambition to keep transforming into a leading data-driven digital bank remains firm. However, the challenging external environment requires that we remain flexible in ‘how’ and ‘where’ we deliver our Think Forward strategy. We are therefore refocusing our activities to ensure faster client delivery and a continuously improving end-to-end digital customer experience.
In Wholesale Banking, we will concentrate even more on core clients and simplify our geographical footprint, which will require fewer staff. This includes closing our offices in South America and some in Asia, while continuing to serve the international needs of clients from our regional hubs.
In further developing our digital universal bank we’ll focus our efforts on three things: the global use of ING’s technology foundation – which includes our shared data lakes, cloud and modular IT building blocks; the re-use where possible of already developed mobile app components; and the rollout of global digital product offerings in the areas of insurance, investments and consumer lending.
We’ve therefore decided to considerably reduce the scope of Maggie, a programme launched to provide a standardised customer experience and integrate the product offering in four of our European Challenger countries. The decision has been taken in light of the current economic headwinds and our learnings from the complexities and costs of cross-border system and product integration.
The change in Maggie’s scope has led to an impairment of €140 million, primarily related to capitalised software development costs. The refocusing of our wholesale and retail activities will result in a headcount reduction of approximately 1,000 FTEs by year-end 2021.„
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
