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ING Groep’s BCG Matrix snapshot shows which banking services are driving growth and which are quietly bleeding margin—think digital payments as Stars, legacy branches as Cash Cows, and niche products that need a rethink. This preview teases the quadrant placements; the full report maps every product to its strategic role and quantifies market share and growth drivers. Buy the complete BCG Matrix for detailed, data-backed recommendations and ready-to-use Word and Excel files to act fast. Purchase now and skip the guesswork.
Stars
Digital retail platform (Benelux-led)
ING’s app-first retail engine leads Benelux markets, adding users rapidly and contributing to ING Group’s ~39 million customers reported in 2024; strong NPS and low-cost digital delivery drive market share as volumes expand. Heavy reinvestment in data, personalization and security sustains growth and efficiency. Hold share now: as the platform matures it will convert scale into substantial free cash flow.
Instant payments & daily banking
Instant payments & daily banking at ING is a Star: slick UX and high-frequency payments drive engagement and deposits, with ING reporting roughly 13 million active mobile users in 2024 and rising in-app transaction rates. Volumes expand as cash declines and global e-commerce tops an estimated $6.0 trillion in 2024, boosting instant-pay flows. Heavy tech spend is required but the product flywheel—speed, reliability, merchant integration—keeps customers locked in.
SME digital lending in core geographies
Fast credit decisions and simpler onboarding win share as SMEs digitize; SMEs make up 99.8% of EU firms and 66.6% of employment (Eurostat), signaling a large addressable market. Growth exists but risk models and APIs need constant tuning to manage credit volatility. Marketing and relationship coverage still matter for retention. Invest through the cycle to cement category leadership.
Wholesale transaction services
Wholesale transaction services scale cash management, trade and FX for blue-chip clients; cross-border reach and treasury tech form a durable moat, integration is capital- and time-intensive but creates high client stickiness, and continued platform depth expansion drives wallet share gains in 2024.
Green financing (sustainable loans & bonds)
Demand for green loans and bonds is surging as corporates decarbonize and the EU CSRD made sustainability reporting mandatory for large firms from 2024, boosting issuance; ING’s early credibility and top-10 global arranger standing (Dealogic 2023) secure marquee mandates.
Robust frameworks, reporting and external verification add material costs and require specialist teams, but staying ahead on evolving EU taxonomy and disclosure compounds into sustained leadership and fee pools.
- CSRD 2024: mandatory reporting for large EU firms
- ING: early market entrant, top-10 arranger (Dealogic 2023)
- High setup costs: frameworks, verification, reporting
- Taxonomy alignment drives repeat mandates and premium fees
App-first retail: 39m, 13m mobile — $6.0T e-commerce
ING Stars: app-first retail (39m customers 2024; 13m active mobile users) and instant payments scale quickly, driving deposits and engagement as global e-commerce hits ~$6.0T (2024). SME digital lending and wholesale transaction services expand wallet share but require heavy tech and credit tuning. Green finance leadership (top-10 arranger 2023) captures rising EU sustainability issuance post-CSRD 2024.
| Metric | 2024/2023 |
|---|---|
| Customers | 39m (2024) |
| Active mobile users | 13m (2024) |
| Global e-commerce | $6.0T (2024) |
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Cash Cows
Benelux retail deposits franchise
Benelux retail deposits franchise provides a large, stable, low-cost funding base—c. €300–350bn in retail deposits (≈40% of group deposits, 2024), underpinning ING Groep’s liquidity and NIM resilience.
Market growth is limited but relationships are entrenched, enabling cross-sell and fee income with modest promo spend and operating efficiencies.
Operates efficiently with low marketing intensity; management treats this cash cow as the primary margin engine to fund growth bets and investments elsewhere in the group.
Netherlands mortgage book
Netherlands mortgage book (~€220bn in 2024) sits in a mature market with strong underwriting and predictable cash flows, delivering steady net interest margins even as origination volumes oscillate. Pricing power remains intact while NPLs stay below 0.2%, reflecting tight risk controls and capital efficiency. Focus on optimizing retention and servicing rather than heavy acquisition spend to preserve cash cow returns.
Core corporate lending (established clients)
Seasoned corporate lending to established clients returns stable mid-single-digit yields, supported by an estimated corporate loan book around €200bn in 2024 and NPLs below 1%, delivering disciplined returns. Relationship depth offsets low growth while syndication and ancillary fees — roughly €0.8bn in 2024 — boost margins. Maintain strict risk discipline and mine cross-sell for fees and deposits.
Current accounts and basic fees
Current accounts and basic fees remain a Cash Cow for ING Groep: with a global retail base of about 38 million customers (2023), market share is high, churn is low and fee streams are stable despite muted growth as transactional usage is habitual.
Cost to serve has fallen materially through automation (estimated ~20% decline since 2019), enabling harvest efficiency; avoid feature bloat and prioritize margin protection.
- High share, low churn
- Stable fee revenue, muted growth
- Cost-to-serve down ~20%
Savings and term deposits in mature markets
Savings and term deposits in mature markets remain cash cows for ING: rate-sensitive but sticky balances deliver dependable funding while retail deposit growth slowed to low single digits in 2024 as competition stayed rational. With tech and ops already scaled, ING can focus on repricing and pass-through to sustain net interest margins amid ECB policy rates around 4.00% in mid-2024.
- sticky funding
- low single-digit deposit growth 2024
- ECB rate ~4.00% (mid-2024)
- scale in tech/ops
- repricing focus to sustain spreads
Benelux strength: €325bn deposits, 38m customers
Benelux retail deposits ~€325bn (≈40% group deposits, 2024) provide low‑cost funding and NIM resilience. Netherlands mortgages ~€220bn (2024) yield stable margins; NPLs <0.2%. Corporate lending ~€200bn (2024) returns mid‑single digits; NPLs <1%. 38m retail customers (2023) drive sticky fees; cost‑to‑serve down ~20% since 2019.
| Segment | 2024 size | NPL | Key |
|---|---|---|---|
| Retail deposits | €325bn | — | ≈40% deposits |
| Mortgages | €220bn | <0.2% | stable NIM |
| Corporate loans | €200bn | <1% | mid‑single digit yield |
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Dogs
Legacy branch real estate (non-core)
Footfall at ING legacy branches has collapsed—branch transactions are down over 70% versus 2015 while the Dutch network shrank roughly 30% to about 400 outlets by 2024, yet fixed branch costs persist. Turnaround investments rarely pay back as capital and staff attention are trapped in maintenance and compliance overheads. Exit, sublease, or consolidate faster to free €m of capital and cut ongoing losses.
Proprietary ATM footprint
Proprietary ATM footprint is a Dog: usage has fallen as digital payments dominate, with card and e-payments accounting for about 85% of Dutch POS transactions in 2024. Upkeep, security and compliance (AML/KYC) materially erode per-ATM margins, raising unit costs versus declining withdrawals. Little strategic differentiation remains; prioritize decommissioning or network sharing and reuse to cut costs and free capital.
Paper-heavy back-office workflows
Paper-heavy back-office workflows at ING are slow, error-prone and expensive, contributing to ING Groep’s 2024 cost/income pressure (cost/income ratio around 56% in 2024). Customer tolerance for delays is near zero, with digital-first expectations driving complaints and churn. Piecemeal fixes drag productivity and raise unit costs; industry studies show straight-through processing can cut processing costs materially. Sunset and replace with STP to align costs with digital peers.
Subscale product niches in non-core countries
Subscale product niches in non-core countries sit squarely in Dogs: low market share, fragmented operations and thin brand pull lead to local competitors out-executing on focus, tying up cash with no clear path to scale. ING serves ≈39 million customers (2024), yet these niches contribute under a single-digit percent of group revenue and erode ROE versus core markets, signaling divest or fold into regional hubs.
- Low share
- Fragmented ops
- Thin brand pull
- Local rivals out-execute
- Cash tied up, unclear scale
- Action: divest or fold into regional hubs
Legacy on-prem tooling without cloud path
Legacy on-prem tooling at ING shows high maintenance and scarce skills, causing low agility and rising security/resilience risks; Deloitte 2024 found 82% of banks cite legacy systems as a top modernization barrier, and delayed migration typically increases TCO by mid-double digits over five years.
- Retire
- Migrate
- Outsource
- Short-term: patch; Medium-term: cloud migration roadmap
Exit ~400 branches; transactions -70%; cut ATMs; cloud IT
ING Dogs: legacy branches (~400 outlets in 2024) and branch transactions down >70% since 2015 drain fixed costs; proprietary ATMs face steep usage decline as card/e-payments ≈85% of POS (2024); non-core country units yield single-digit % revenue and low ROE; legacy on-prem IT raises TCO and security risks (cost/income ~56% in 2024). Prioritize exit, consolidation, decommission, cloud migration.
| Asset | 2024 metric | Action |
|---|---|---|
| Branches | ≈400; transactions -70% vs 2015 | Consolidate/exit |
| ATMs | Usage steep decline; card/e-pay 85% | Decommission/share |
| Non-core units | <1 % group revenue | Divest/fold |
| Legacy IT | Cost/income ~56% | Cloud migration |
Question Marks
Embedded finance & BaaS partnerships
Embedded finance and BaaS partnerships sit in Question Marks for ING: merchant and platform integrations are accelerating (industry revenue pool often cited at about 7 trillion USD by 2030), yet ING’s share remains early. Unit economics will depend on scale and tight risk controls. Could unlock low-CAC distribution; invest selectively with clear partner scorecards—or walk.
Digital wealth for mass affluent
Question Marks: Digital wealth for mass affluent — customers increasingly demand simple, goal-based investing inside the banking app; global digital-advice AUM exceeded 1.5 trillion USD in 2024, underscoring scale potential. The competitive field is crowded and fee pressure is real, driven by ETF adoption and low-cost challengers. If advice and UX click at ING, the service can scale rapidly; test, learn, and push where engagement sticks.
BNPL and installment solutions
BNPL and installment solutions sit as Question Marks: strong consumer demand and rising adoption in 2024 coexist with intensified regulation after UK and EU moves to tighten consumer-credit rules, turning affordability checks into standard practice. Credit risk and merchant economics are the swing factors determining scalability; average BNPL loss rates vary but can materially hit P&L. ING’s transaction and deposit data could give an underwriting edge—either build a prudent, regulated offering or avoid the trap.
Data-driven SME platforms (invoicing, cashflow)
Data-driven SME platforms are question marks for ING: value-add invoicing and cashflow tools deepen relationships and reduce churn, yet monetization paths remain fuzzy; bundled offers can lift lending and payments share, so double down if attach rates rise and sunset if adoption stalls; SMEs account for ~99% of EU firms and ~66% of employment (Eurostat).
- Attach-rate focus
- Monetization testing
- Bundle to cross-sell
- Sunset if stalled
Digital asset custody and tokenized deposits
Institutional interest in digital asset custody and tokenized deposits is cautious but rising; in 2024, the launch of US spot bitcoin ETFs helped drive roughly $50B of inflows that renewed institutional engagement with custody solutions. Compliance and operational risk remain high, with AML/KYC and custody insurance gaps cited by major custodians. If regulation settles, first movers can win trust; keep pilots small and be ready to scale when rules are clear.
- Institutional interest: renewed in 2024 after ~50B USD spot ETF inflows
- Risks: high compliance and operational exposure, insurance gaps
- Strategy: small pilots, scalable architecture
- Opportunity: first movers gain trust when regulation stabilizes
Test small, scale winners—advice AUM 1.5T USD, ETFs 50B USD
Question Marks: embedded finance, digital wealth, BNPL and SME platforms show high upside but unclear unit economics; digital-advice AUM ~1.5T USD (2024) and spot-ETF inflows ~50B USD (2024) signal demand. Invest small, test KPIs (attach, CAC, loss rates), scale winners and sunset laggards.
| Metric | 2024 |
|---|---|
| Digital-advice AUM | 1.5T USD |
| Spot ETF inflows | 50B USD |