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Vipul Jain Delhi School of Management


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ING Hunt for Lions

Published in: Business
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Vipul Jain Delhi School of Management

  2. 2. Executive Summary • Users have gone digital, and so does everyone who wants to grow, needs to. • A survey of 3000 people confirms this trend and highlights the importance of internet & mobile banking. • ING has a great deal of products to offer, but little online presence. • SWOT Analysis of Branch & Digital Banking focus that even though digital is the trend to follow, branch banking cannot be ignored. • ING needs tie-ups with payment gateways to show ING among the popular banks on top. • A budget needs to be allotted for advertisement, which is next to none right now. (TV, Radio, Facebook promoted Ads, Metro banners) • Creative schemes to lure customers (‘really’ personalized cards, integrated shopping portal) • Focus on the really innovative & beneficial features being offered (Bill notifications, FD+, Interest Rates)
  3. 3. SWOT Analysis – Branch Banking
  4. 4. SWOT Analysis – Branch Banking S Human Factor – Not everyone is tech savvy, a human face is always required to handle such customers. S Humans don’t run on Wi-Fi signals. W A busy day does see some disgruntled customers W Buildings, AC’s, PC’s, other equipment, salaries – everything costs! O You show people your establishments to impress them, or maybe even people accompanying them. O A constant reminder every few kilometers about the ING Vyasya Bank T If people know there isn’t proper space to park their vehicles at the bank, they avoid visiting. I do. T Rude customers test the staffs’ patience & someone’s outburst might hurt the image of the bank T Well, guards & cameras are there for a reason, a very negligible threat but very important.
  5. 5. SWOT Analysis – Digital Banking
  6. 6. SWOT Analysis – Digital Banking S Everything at your fingertips S I pay my electricity bill in 40 seconds, at max, by using net banking. W No internet, no access W Need secure payment gateways and servers good enough to handle a large number of customers at once O Like the current deals on ING – “Get a free movie voucher on payment of bills” or “ING e-deals” O Example - SBI Marketplace T People fall for “You have won $1 million, please send your account details!” T Quite often, user’s internet goes down during a transaction.
  7. 7. Survey Findings • This survey has been done by PwC (Pricewaterhouse Coopers), world’s 2nd largest professional services network, as measured by 2013 revenues. Survey Source: Digital Banking Survey • Digital facilities are a top priority for new customers, specially Generation Y • Not only Net Banking but Mobile Banking is equally important, a fact that many financial institutions ignore
  8. 8. • Provision to create FD’s, transfer funds and even download Loan forms should be made available on the mobile platform. • The ING mobile app - With a good presence, 4.1 rating & constant replies to issues, it looks like this area is covered.
  9. 9. • Clearly customers are willing to pay for better services, surprisingly, in a cost-conscious nation like India too. This supports new steps that can be taken by ING (personalized cards, marketplace), would be welcomed. • Example: I had a SanDisk 16GB 3.0 pen drive that wasn’t working up to it’s mark. I sent one email proving my claims and they promptly offered me a replacement. And instead of a 16GB model they offered me the 32GB, free of cost, just for the trouble. Since then, even though there are many cheaper alternatives to it, I always go for & recommend SanDisk. In fact SanDisk is the first name that pops in my head when I hear ‘Service’.
  10. 10. Roadmap Towards Digital Banking • Try to purchase too & redirect users to bank website like does • Allow personalized Credit/Debit cards. Example – ICICI Expressions • Keep up the promotional offers where using ING Cards/Net Banking avails the user a discount or cashback • Needs more visibility on Payment gateways. Examples -
  11. 11. • Creative initiatives to increase the ING brand presence, like ICICI is doing with its Unifare Credit Card (Metro Smart Card + Credit Card) • Convenient/Easier, yet secure payment. ICICI has a password grid for secure payments, but it remembers regularly visited websites and skips this authorization on such websites giving a personal touch to the customer’s shopping experience.
  12. 12. Existing ING Products • ING Mobile App • Well made Eye-catching design. Low size so that low end devices can install too. • Constant updates unlike primitive app design like ICICI • Unique features like Bill Payment Reminder, Cheque Tracker • A link to the mobile app should be on the Homepage • ING Fixed Deposits • High interest rates compared to other banks. • Example: The attractive 61+ days period • ING Saving Banks Accounts • All types of accounts available • The Zing savings though has a minimum balance of Rs.2500, while public banks like SBI, Corporation offer Savings A/C at Rs.1000.
  13. 13. Conclusion • ING has a lot to offer (in terms of digital & physical banking) • But due to lack of advertising, these features go unnoticed to the masses • Visibility is key! • The trend is shifting towards Digital Banking, so more focus and resources should be put into that area • Some unexplored options can be tested in focus groups like a marketplace, personalized & multi-purpose cards, feedback form in ING Mobile app for additional features users would like to add • A link to the mobile App on the ING Homepage
  14. 14. THANK YOU