Successfully reported this slideshow.
We use your LinkedIn profile and activity data to personalize ads and to show you more relevant ads. You can change your ad preferences anytime.

Vipul Jain Delhi School of Management

14,875 views

Published on

ING Hunt for Lions

Published in: Business
  • Be the first to comment

Vipul Jain Delhi School of Management

  1. 1. BRANCH vs. DIGITAL BANKING HUNT FOR THE LIONS – THE ING WAY VIPUL JAIN DELHI SCHOOL OF MANAGEMENT, DTU FIRST YEAR, MBA
  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 www.ingvysya.com too & redirect users to bank website like www.ing.com 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

×