Europe's ING Direct Bucks U.S. Tradition

Engen, John
December 2005
Bank Technology News;Dec2005, Vol. 18 Issue 12, p36
Trade Publication
The article reports that the company ING Direct is one of the fastest-growing institutions in the U.S. It has a strategy that treats banking as a price sensitive commodity and customers of other banks as easy pickings. The company does not offer checking accounts or charge fees. It is one of the largest standalone Internet bank in the U.S. It has generated such numbers as niche player with a limited menu of savings, adjustable rate mortgage and home equity line products. Its success is having ripple effects in the industry. names as E*Trade Bank and NetBank, which employ more relationship-based strategies-are heartened by ING's results.


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