Leveraging EU law to better serve customers.
ING Group is a Dutch multinational banking and financial services corporation headquartered in Amsterdam. Its primary businesses are retail banking, direct banking, commercial banking, investment banking, asset management, and insurance services. In 2018, it served 38.4 million customers in over 40 countries.
Two years ago, ING reached out to Board of Innovation to help it look for opportunities under the European Commission’s banking legislation PSD2 (Revised Payment Service Directive), a law that opens up the financial services market to 3rd party providers.
This move has the potential to radically change the banking landscape. As banks no longer have a monopoly on their customers’ bank account information and transaction data under the new regulation, ING’s goal was to build new ventures to create safe technology that would make their customers’ lives easier. In short, how to serve customers while protecting customer data.