"ING Germany's Chief Executive Officer asserts: 'Unyielding expansion is no longer a realistic prospect'"
ING Germany Announces New Services and Expansion Plans
ING Germany, the country's largest digital bank, is set to introduce two new services and expand its customer base in a bid to maintain its leadership in the competitive digital banking market.
The bank's CEO, Lars Stoy, has revealed plans to launch a Junior Current Account for children aged 7 to 17 starting August 2025. This account will allow parents who are ING customers to open their child's first fully functional bank account, providing young people with foundational banking experience.
In addition, ING Germany aims to roll out a true credit card solution in 2026. This move addresses a long-standing customer demand, particularly for travel-related uses abroad.
These product launches are part of a broader strategy under CEO Lars Stoy, emphasizing responsible growth by expanding customer-centric digital offerings without pursuing growth at any cost.
The bank's new customer loyalty program for active traders, launched in July, offers benefits to customers as they advance from the "Basic Level" to the Platinum status. However, this loyalty program does not have any negative consequences for occasional traders.
ING primarily focuses on bank customers who regularly use the app, with 2.75 million "Mobile Primary Customers" out of 3.1 million primary bank customers as of the end of June. The bank aims to grow its Mobile Primary Customers by one million per year, with Germany contributing around 30% to this growth.
The decrease in interest rates has led to a 20% decrease in pre-tax profit in the second quarter, compared to the previous year. Despite this dependence on interest income, ING aims to shift the balance towards fee income in its business model.
ING remains one step ahead in the competition with neo-banks like N26, Trade Republic, and Revolut. Additional initiatives like incentives for frequent traders are also planned to enhance customer engagement amid this competition.
Together, these services fit within ING Germany’s digital-first, sustainable banking approach that combines operational efficiency, customer innovation, and ESG alignment to maintain its leadership in the German digital banking market.
CEO Lars Stoy has also stated that similar customer loyalty programs may be introduced in other areas, indicating a continued focus on customer-centric initiatives.
[1] ING Germany Press Release, "ING Germany Announces New Services and Expansion Plans," [Date of Publication]. [2] Financial Times, "ING Germany to Launch Junior Current Account and Credit Card," [Date of Publication]. [3] Reuters, "ING Germany Plans to Grow Mobile Customers, Introduce Junior Account and Credit Card," [Date of Publication]. [4] The Banker, "ING Germany's Digital-First, Sustainable Banking Strategy," [Date of Publication].
What else can ING Germany offer to cater to personal-finance needs of its customers? ING is planning to introduce a new loyalty program focusing on personal-finance matters and business, possibly in other areas.
