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ING Group SWOT & PESTLE Analysis

ID : 52706453| Sep 2020| 14 pages

COMPANY PROFILE -ING Group

Business Sector :Banking and Financial Service

Operating Geography :Netherlands, Europe, global

About ING Group :

ING is a Dutch international financial institution that offers innumerable banking products and services to varied enterprises. Their products include investments, savings, payments, mortgages, loans in retail markets with a strong European base. The company employs approximately 53,000 employees catering to 38.4 million customers in over 40 countries. ING is headquartered in Amsterdam and operates through Retail Netherlands, Retail Belgium, Retail Germany, Retail Other, and Wholesale Banking Segments. ING- the Internationale Nederlanden Groep was established in 1991 after the subsequent merger between Dutch insurer Nationale-Nederlanden and national postal NMB Postbank. ING started trading on the New York Stock Exchange in 1997. It currently has Labs in four cities across the world where they collaborate with others to bring innovative ideas to the market by integrating their diverse knowledge and network with the knowledge and skills of others. The company is taking constant strides with regards to sustainability by shifting to a low carbon future and developing innovative outlets of finance for a better world. They have even been rated ‘A’ in MSCI’s ratings universe and have even been ranked as a leader in the banks industry group by Sustainalytics. ING has been awarded four times for Innovators 2020 Awards (Global Finance).

ING’s unique selling proposition or USP lies in being one of the biggest banks in the world and one of the top ten amongst the largest European companies by revenue. ING’s mission statement reads, “To be the preferred bank of our customers through operational excellence and international service quality; and of our employees with the highest level of ethical and moral values.”

ING Group Revenue :


US $35,254 million– for the year 2019 (decline 7.03%)
US $37,923 million– for the year 2018

Competitive Analysis of ING Group

SWOT
PESTLE
The SWOT analysis for ING Group is presented below in a table followed by the detailed analysis report.
StrengthsWeaknesses
1. Consistent delivery of a differentiated customer experience through innovation and digital transformation
2. Market leader in asset management segment
3. Strong brand name in global markets
4. Diversified lending portfolio across industries and geographies
5. Resiliency through focus on primary customers and income diversification
6. Robust capital position with a strong funding structure
7. Industry leader in blockchain space
1. Technology glitches may impact customer confidence
OpportunitiesThreats
1. Digital marketing and using big data analytics open channels to new customer base
2. Transforming into a dynamic digital financial services player
3. Digital bancassurance market represents a large untapped opportunity
4. Extending financial and e-commerce services platform with third party offerings
1. Economic slowdown due to Pandemic in 2020
2. Interest rate volatility to impact profit share
3. Competition from Big Tech digital leaders and challenger banks
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Detailed SWOT Analysis of ING Group

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.

The remaining section of “Strength” is available only in the 'Complete Report' on purchase.

Weakness

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Opportunity

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Threats

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Major Competitors :

  • J.P. Morgan & Chase
  • Wells Fargo
  • HSBC
  • BNP Paribas
  • Barclays

Major Brands :

  • ING BANK
  • ING VYSYA BANK
  • ING WHOLESALE BANKING
  • ING RETAIL BANKING
  • ING FINANCIAL HOLDINGS CORPORATION
  • ING REAL ESTATE B.V
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Check Out Analysis of Other Relevant Companies

TABLE OF CONTENTS
DELIVERY AND FORMAT
WHY CHOOSE US?
References used in ING Group Analysis Report

1. ING Group Annual Report 2019 - http://www.annualreports.com/HostedData/AnnualReports/PDF/NYSE_IDG_2019.pdf
2. UPDATE – ING Bank clients found their transactions doubled due to an operational error; Bank says issue has been resolved - https://business-review.eu/money/problems-at-ing-bank-clients-found-their-transactions-doubled-due-to-an-operational-error-187000
3. ING splits operations; contacts suppliers over Coronavirus contingency measures - https://www.finextra.com/pressarticle/81860/ing-splits-operations-contacts-suppliers-over-coronavirus-contingency-measures
4. Canada: The USMCA – Impact On The Financial Services Sector - https://www.mondaq.com/canada/financial-services/747290/the-usmca-impact-on-the-financial-services-sector
The detailed complete set of references are available on request in the 'Complete report' on purchase.

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ING Group SWOT & PESTLE Analysis - SWOT & PESTLE.COM

SWOT & PESTLE.com (2020). ING Group SWOT & PESTLE Analysis - SWOT & PESTLE.com. [online] Available at: https://www.swotandpestle.com/ing-group/ [Accessed 26 Nov, 2020].

In-text: (SWOT & PESTLE.com, 2020)

Copyrights and Disclaimer

ING Group SWOT and PESTLE analysis has been conducted by Akshay Mohan and reviewed by senior analysts from Barakaat Consulting.

Copyright of ING Group SWOT and PESTLE Analysis is the property of Barakaat Consulting. Please refer to the Terms and Conditions and Disclaimer for usage guidelines.

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