ING Direct
ING Direct launched its services in the Australian market in August 1999, as a streamlined, product-specific offering. The ING Direct model consists of attractive savings offerings, aimed at a customer-base content to monitor accounts via either Internet or phone banking.
"We don't have any other branches or any other means of contacting the bank," explains Craig Kennedy. "Rather than trying to provide a myriad of different products in a range of categories, we are focussing our energies on one product which aims to be the best of breed."
Armed with research regarding consumer banking practices, ING Direct settled on an aggressively targeted savings account, rather than a range of services, enabling it to clearly differentiate its services.
"Changing banks is difficult when customers need to change where their salary is being banked, as well as the direct withdrawals and so fourth," Kennedy says. "We are not offering to replace all of that, we are simply offering an attractive savings plan."
While the Australian model was first trialed in Canada in 1997, Kennedy points out that the technology behind the system had to be created specifically for the Australian market.
"We learn from our experience in different countries, but each product is built and supported locally," Kennedy says. "We are very narrow in terms of our offerings, but that narrow environment lets us control our cost environment, our key advantage is that we don't have to maintain branches."
Technology:
Browser based, 128-Byte encryption with digital certificates issued by verisign.
Compatibility:
Web site is both Mac and PC compatible.
Consumer Services:
- make withdrawals
- make deposits and investments
- automate your savings or investment plan
- review your transaction history
- check your balance.
Web site:
Why didn't you include Adelaide Bank (http://www.adelaidebank.com.au)? It provides a good range of services with the exception of not being able to credit someone else's account quickly.