The digital-only retail banking platform of ING has announced the expansion of its product offering in 2020.
ING’s new services will reportedly include new payments and lending options, and various other products that could further increase its client base. Following its launch in November 2018, ING’s digital-only banking network has primarily focused on deposit-generation. The branch initially provided a 2.5% interest rate per annum and it further raised it to 4% for new and existing clients until 31 January 2020. The bank claims these rates are better than the ones that have been offered so far in the market.
The bank is also providing a rebate of P100 for every electronic bank transfer made to ING, for two transactions per month. ING’s payments and lending mechanisms are scheduled to launch in 2020 and will also be accessible via the ING app.
After the launch of the new payment platform, ING officials noted that the ING digital-only platform could potentially attract more clients, who may be able to conveniently transfer money for their bill payments. The ING app has been downloaded more than one million times.
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