ING Groep Business Model Canvas

Origination, underwriting, pricing and portfolio monitoring drive ING’s retail and corporate lending across a customer lending book of about €540 billion and roughly €1 trillion in total assets (end-2023). Data-driven credit and capital models—fed by digital telemetry—optimize risk-weighted assets and capital allocation. Active collections and restructuring preserve asset quality through cycles while continuous product tuning aligns pricing with rate and regulatory shifts.

Acquiring and retaining deposits provides ING with stable, low‑cost funding—over €600 billion in customer deposits reported in 2024—supporting lending and balance sheet resilience. Cash and liquidity services target consumers, SMEs and corporates through payments, treasury and working‑capital products. Active interest‑rate management optimises net interest margin while preserving customer value. Digital features (mobile/web) increase stickiness and cut servicing costs.

ING holds banking licenses across over 40 countries, enabling deposit-taking, lending and payments and supporting a global customer base; at year-end 2024 ING reported total assets of EUR 1,078 billion. Access to payments infrastructure such as TARGET2 and central bank facilities is essential for liquidity and settlement. Strong regulatory standing underpins customer trust, while EU passporting and local approvals shape ING’s geographic reach and service scope.

Modern cores, APIs and data lakes power ING’s scalability and real-time services, with McKinsey 2024 finding cloud-native cores can cut IT costs by up to 40% and speed time-to-market. Automation (RPA) reduces unit costs and manual errors—UiPath 2024 reports error drops up to 90% and processing-cost cuts of 30–60%. Advanced analytics drive pricing, risk and personalization, lifting revenue performance by ~10–20% per industry studies. Integration layers enable Open Banking partnerships and secure third-party connectivity at scale.

Simple, digital-first banking reduces friction and fees through intuitive mobile and web journeys, with instant onboarding and payments cutting account-opening times to under 5 minutes and pushing routine tasks to self-service to save customers time. Consistent multi-country UX supports travelers and expats across ING markets, and a 2024 focus on continuous delivery enabled faster feature releases and frequent app updates.

Priced-for-risk loans with transparent terms serve retail and business clients across ING’s network of about 38 million customers, leveraging roughly €1 trillion in assets to allocate capital efficiently. Relationship managers deliver sector insights to SMEs and corporates, backed by regional coverage in 40+ countries. Structured finance and trade solutions address complex cross-border needs while data-driven advice—using transaction analytics and credit scoring—improves borrower outcomes.

Digital self-service handles routine needs 24/7, with ING reporting over 70% of customer contacts via digital channels in 2024. In-app chatbots route complex queries to human agents for faster resolution. Comprehensive knowledge bases and real-time alerts drive proactive customer actions. Continuous feedback loops and NPS tracking feed product and UX improvements month-on-month.

SMEs and corporates receive RM-led service for complex requirements, supported by sector specialists who embed tailored insights and solutions; ING serves over 38 million customers globally. Regular strategy-and-finance reviews align credit and products with client plans, reflecting the EU reality that SMEs account for 99% of businesses and ~66% of employment. Co-creation initiatives deepen loyalty and expand share of wallet via customised propositions.

ING's mobile banking app is the primary channel for daily banking, alerts, and authentication, serving over 12 million active users in 2024 and handling the majority of retail logins and transactions.

It supports end-to-end onboarding, payments, and lending journeys, reducing branch dependence and accelerating time-to-approve for consumer loans.

Push notifications drive engagement and security, and continuous releases in 2024 rolled out real-time payments, biometric authentication, and in-app lending features without branch visits.

INGs web banking portal delivers comprehensive functionality for consumers and businesses, with larger-screen workflows for complex tasks and reporting, secure messaging and document exchange, and API-based third-party integration compliant with PSD2; ING reported about 59.8 million customers at year-end 2024, underlining digital channel scale.

Retail consumers include individuals seeking current accounts, savings, loans and investments, with ING reporting about 40.3 million active customers group-wide in 2024. Digital-native users prioritize convenience and low fees, reflected by ING’s ~82% digital channel usage in 2024. Security and transparency remain critical trust drivers. Segmentation by life stage enables tailored offers for students, families, homeowners and retirees.

SMEs require payments, lending and cash-management solutions tailored to tight margins and seasonality; across the EU SMEs account for roughly 99% of enterprises and provide about two-thirds of employment (Eurostat). Simple digital onboarding and API integrations cut administrative burden and speed cash flow. Sector-specific risk models and advisory improve credit accuracy and client outcomes. Growth finance products enable scaling and capex for expansion.

Core systems, cloud migration and cybersecurity are the largest drivers of ING Groep’s tech spend—ING invested about €1.8bn in technology in 2023, reflecting major platform renewal and defense costs. DevOps, CI/CD and tooling support rapid delivery and scalability across agile squads. Data and analytics investments underpin personalization and risk models, while vendor and license fees add steady fixed costs to the run rate.

Personnel and operations at ING carry major cost weight: salaries for relationship managers, engineers and risk/compliance teams drive a large share of staff expenses, supporting roughly 52,000 employees at ING (around 2024). Contact centers and back-office processing create recurring operational costs tied to transaction volumes and service levels. Continuous training and change-management programs fund digital transformation and regulatory readiness. Location strategy — onshore, nearshore and offshore hubs — is used to optimize cost-to-serve and productivity.

Net interest income, the largest revenue stream, is primarily driven by the spread between lending yields and deposit costs, generating EUR 11.2bn in 2024 (about 6% above 2023). Asset mix and the rate environment materially shape margins across mortgages, consumer and corporate portfolios. Active ALM and hedging reduce volatility and protect net interest margins. Volume growth in mortgages, consumer loans and SME lending further expands NII.

Account maintenance, card fees, interchange (capped at 0.2% for debit and 0.3% for credit in the EU) and merchant services provide ING with steady recurring income; merchant acquiring and terminal services lock in transaction volumes. Value-added services such as instant payments (TIPS settles in under 10 seconds) can be sold as premium features. Pricing is set to balance usage growth against churn risk, while bundled packages raise average revenue per customer.