IMD-3-1845 © 2007
Ryans, Adrian; Deutscher, Terry; Sequeira, Stephanie Maria
Arkadi Kuhlmann released ING DIRECT USA in 2000. The direct bank was extremely effective and by 2006 it had actually grown to be the biggest electronic banking company and the 3rd biggest savings-and-loan organization in the United States. Confronted with strong and growing competitors from both other direct banks and the electronic banking operations of such significant conventional banks as Citibank and HSBC was confronted with some hard choices about ways to progress.
Surrounded by the choices under active factor to regard was the launch of a high interest paying checking or payments account. This was an item that ING DIRECT USA had actually constantly prevented in the past due to its intricacy and high assistance expenses. Knowing goal: The difficulties dealing with an effective low expense rival as it reacts to an altering market environment and enhancing competitive pressure from developed banks.
Subjects: Direct banking; On-line banking; Low cost competition; Competition; Simplicity; Innovation; Entrepreneur; Marketing strategy; Financial services; New products; Product strategy
Settings: USA; Retail banking; $47 billion in deposits; 4.6 million customers; October 2006
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