Dutch Banking: ING’s Online-only Accounts Flourish in Germany
The Frankfurt-based branch of the bank ING (INGA.AS) of the Netherlands, has more than 8 million clients and also, ranks as the 3rd top retail bank in Germany. The Dutch bank has become very successful in Germany with its online-only accounts and zero fees.
Due to the vast improvements in technology, customers strive to do all their banking via digital apps on their mobile phones, by approving payments by their fingerprint, for example. And so, ING enables their customers to do so as they no longer handle paperwork or offices due to the online-only accounts.
ING's ING-DiBa gained 50,000+ new customers in the second quarter and is also a profitable subsidiary.
For example, their costs are 40 cents to each euro of revenue, which is considerably lower when compared to traditional German banks with costs at 70 cents and more to each euro. ING-DiBa’s revenue comes from collection of fees for wealth management and charging interest on products such as mortgages and car loans.
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