ING issued an update on its strategy, which focuses on the ongoing transformation of the large global financial institution. Between 2016 and 2021, the company intends to spend close to $900 million to enhance the customer experience, boost innovation, and become more efficient, all while reducing costs for years to come.
Much of ING’s plans focus on digital transformation, enabling customers to do more business via digital devices. Even though ING operates in numerous countries, it realizes that most of its customers are increasingly carrying out their banking activities on mobile devices.
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In order to meet customer expectations in an environment in which low interest rates and high regulatory operating costs continue to cut into profits, ING has put forth a strategy to streamline its operations, which includes working under one value proposition, one strategy, one set of systems, one culture, and one organization.
The consolidation and standardization of ING’s operations, along with more emphasis placed on digital channels and the deployment of technology that will enable the company to better understand its customers and create new offerings, will ultimately help increase revenue and drive down costs. According to ING, the “Accelerating Think Forward” program will generate over $1 billion in cost-savings by 2021.