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Consumers flock to ING post-RC

— 1 minute read

ING in Australia has generated a profit of $401 million for the 2018 year, up 15 per cent from 2017, as the business saw its banking customer base grow by almost 57 per cent during the royal commission.

ING’s customers now total around 1.6 million, with around 400,000 joining in the past year.

The bank said 645,000 customers now call ING their main bank, up 57 per cent from the year before.

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Total operating income for the digital-only bank came to $981 million, up 14 per cent from the prior year while total operating expenses were $392 million, increasing by 12 per cent.

As for net cash flows, the bank saw an outflow of $225 million in investing activities.

ING had been ranked Australia’s most trusted bank towards the end of 2018, according to Roy Morgan’s Most Trusted Brands Index.

“We have more than doubled the number of customers who use ING as their main bank over the past three years,” Uday Sareen, CEO of ING Australia said.

“ING has performed strongly in what has been a difficult year for banking. Our continuing focus on customer advocacy is driving results.”

Over the past 18 months, ING also was quick to adopt Apple Pay, allowing consumers to make payments with a tap of their iPhones, a service still not available with National Australia Bank or Westpac.

The company also partnered with technology provider IFTTT in the past year to set up an automatic savings trigger feature for customers, along with the ability to use Siri to ask for account balances.

Mr Sareen commented: “We were Australia’s first real fintech and I would like to think that customers have benefited from our simple customer focused banking model.”

Total savings with ING grew by 9 per cent and lending increased by 11 per cent.

 

Consumers flock to ING post-RC
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Sarah Simpkins

Sarah Simpkins

Sarah Simpkins is a journalist at Momentum Media, reporting primarily on banking, financial services and wealth. 

Prior to joining the team in 2018, Sarah worked in trade media and produced stories for a current affairs program on community radio. 

Sarah has a dual bachelor's degree in science and journalism from the University of Queensland.

You can contact her on [email protected].

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