ING Group SWOT and PESTLE Analysis

Strength

1. Consistent delivery of a differentiated customer experience through innovation and digital transformation: Over the years, ING has been working on innovating and transforming its digital platform to maintain consistency in quality of service and also to stay ahead of its competitors. Banks have moved from brick and mortar offices onto digital platforms to provide quick, efficient and user-friendly services. ING has strived to contain speed, security and scale among its digital platforms but it has also been cost efficient. Introducing digital platforms to its 38.8 million consumers, ING has definitely undergone a digital transformation. ING Private Cloud (IPC) is a digital platform where ING stores and process data. It has reduced infrastructure time to deliver, simplified and streamlined processes. In 2019, ING has doubled the adoption of IPC globally from 7% to 15%. With digitization of its process, ING is also transforming its cybersecurity team amidst growing threats of cloning, hacking and other cybercrimes. Cyberattacks are becoming more frequent as the consumers are moving towards digital banking. ING is investing huge to safeguard assets, communications and transactions using artificial intelligence, behavioral analysis and machine learning. ING is also partnering with fintech companies to support security innovation on its system through building framework.

2. Market leader in asset management segment: Asset management is the process of investment and managing these investments on behalf of customers or clients. ING is leading the asset management market by making well timed decisions of investments for customers or clients helping them to grow their finance portfolio. ING serves this service to companies and institutions with assets more than 500,000 EUR. ING has deployed asset managers who know risk factors and opportunities to monitor investment of the client and market. This makes sure that clients have optimal returns. Clients can even count ING to take over their portfolio management for everyday decisions. ING also offers attractive packages on investments based on whether it’s a short term, medium term and long term or whether the client is investing in bonds, equities or different currency. ING thus makes a difference through long history of asset management experience.

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Weakness

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Opportunity

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Threats

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Political

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Economic

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Social

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Technological

1. In-house innovations are making consumer’s day to day transactions easier: With increasing organizational agility, employee improvised technology platforms are its success stories. ING consumer base is happy and are using these innovations in their day to day transactions. ING’s transition to digital has happened due to disruptive innovation it does to make products which are user friendly and streamlines the business process. These innovations are helping to create one user experience for all its 38.8 million consumers. ING has come up with some platforms called DealWise, CoorpID, InvisibleTickets, etc. DealWise is a platform where clients can find the best deal as per their need, CoorpID behaves as a centralized vault and provides digital platform to users to store and share KYC documents and InvisibleTickets behave as a seamless ticket for public transport using sensors in mobile phones.

2. Using robot-controlled chat box for customer support: Chat bots are being used online platforms with the advent of artificial intelligence. Service companies now instead of outsourcing huge customer service to other third parties have started using chat bots. These bots try and resolve customer issue but in case they don’t find an answer, humans are always there to help. This helps save a lot of operational cost. Chat bot was first introduced in ING in 2016 and still it is in improvement phase where value creation and scaling will take place. The benefit with robotic chat box is that it is available 24*7 and there is no scope of human error. Chat box in Germany was named as pING, where it got connected to 10 million users and answered 80% of their queries. Similarly, in Turkey, chat box was introduced with the name of INGo. INGo had technology and scale to answer almost everything from loans to credit cards to account opening and everything under the sun. INGo was also calibrated with Facebook Messenger. In 2019, it got connected to 4.5 million customers and sold loans worth 89 million Lira (Turkish Currency) and this was all done through a chat box. In the same year ING added 100 more robots to its strength of 1200 robots out of which one third of them are put to work in KYC processes.

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Legal

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Environmental

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