Ing Market Analysis

Only available on StudyMode
  • Download(s) : 68
  • Published : December 10, 2012
Open Document
Text Preview
Mission and Strategy
“ING’s mission is to set the standard in helping our customers manage their financial future. ING aims to deliver financial products and services in the way that our customers want them delivered: with exemplary service, convenience and at competitive prices.”

ING’s mission is abroad statement of their overall goals in order to help their customers achieve full banking satisfaction. ING offers two main products to their customers, Insurance and Banking. Among the two, ING has outlined a strategy in order to achieve their stated mission and further advance their brand globally. For their banking segment ING intends to stand firm in their local home markets and intends to be a leading commercial bank in Benelux, Belgium, Luxembourg, and Netherlands, as well as Central and Eastern Europe ING intends to expand their ING Direct model while making them more capable full service banking models. They believe this is an attractive market to consumers because of the simplicity of only online banking. ING says about their global market we “will build on its global presence and international network and capitalize on its leadership position in gathering savings, multi-channel distribution, simple propositions and marketing”. As for their insurance division ING plans on continue on giving their customers full satisfaction and optimal returns on their investments. They say they “will focus on its customers and distributors by providing exemplary products and service, as it restructures in preparation for a stand-alone future.”

Background
ING group was formed in 1991 by the merger of two different companies the first being the insurance company Nationale-Nederlanden and the banking company NMB Postbank Group. Their insurance company has more of a global presence outside of Netherlands, especially in the United States and Canada. After a larger amount of acquitions of various insurance and banking companies ING has established itself as a worldwide presence with customers in countries such as Eastern and Central Europe but even as far as Mexico, Korea, China, United States, Greece and India. With their ever growing business ING has established itself as a worldwide leader in both banking and insurance products such as life insurance and residential mortgage agreements. A special area where ING is different is through their direct model, or their online presence as opposed to physical stores. ING does have offices and areas in which they operate but these facilities are not open to the general public. All their transactions and banking services are done via the computer. This area is especially beneficial for people who want this service, but many people ING may be cutting a certain portion of the market away from the product. However, with the changing economic conditions more recently ING has been restructuring their business plan and actually selling more than they are buying. Since 2010, ING has only sold its divestures in companies because of the weak economy and lack of cash flow in their financial statements.

Overview
ING is an international financial institution that offers two essential products to their nearly 75 million customers. As previously stated these two products are banking and insurance services. The ING group operates in three specific regions, the Americas, Europe and the Asian Pacific. Their headquarters are in Amsterdam, Netherlands and was formed in 1991. The company offers their products to individuals, small business, large corporations, institutions as well as the government. Through their involvement with all these different customers it is necessary to offer the entire products essential to keep their customer base satisfied. ING offers three main services to their customers, life and general insurance, commercial and wholesale banking and asset management. The company has 15 different segments under which they operate. These 15 segments fall into two categories,...
tracking img