Qorus Banking Innovation Awards 2017

ING Personal Loan Dream Process

Submitted by
13/09/2017 Banking Innovation


5 minutes to realize your dreams

Innovation presentation

As part of its commitment to shape the best customer-centric service, ING Italy launched his impactful example of Digital Lending “Personal Loans Dream Process”.

Thanks to this initiative, ING now allows its customers to ask for a personal loan and to have the money in their current account in less than 5 minutes by digital channels (web responsive site), branches and call center.

Clients with current account by omni channel full digital process can easily apply with:

• Digital signature to sign via OTP SMS

• instant credit assessment

• responsive design to adapt to any screen size and orientation

• save & resume and auto-filling functionalities.

Previous personal lending process was very slow and our clients had the disbursement on current account on average in 10 days; due to the slowness, our renounce rate was very high.

Italian competition landscape is characterized by traditional competitors with direct selling by bank branches or dedicated office with almost full paper process but with a very fast E2E process.

Therefore we find our inspiration from the market needs because our analysis shows that rapidity in loan disbursement represents a very strong value proposition.

So our objective was twice, the first one was to reduce both time to yes (response time) and time to cash (disbursement time) and the second one was to strongly reduce the renounce rate.

Actually our clients with salary on ING current account can apply for a 5 minutes loan without documents directly from the sofa of their home.

Uniqueness of the project

To be a great player in consumer loan market we like to be a game changer so we think a fast process to grant a unique customer experience to our clients. In Italian market, where timeframe for providing a loan is around 3 working days, ING came with a loan from 3.000 to 30.000 € in less then 5 minutes.

This is only our first step in the future of this market because our roadmap will cover also prospects by all banking channel

Want to keep reading?

Become a Qorus member to get access to all our innovations

Interested in learning more? Speak to Boris, Qorus's Content Lead

Qorus has a library of almost 8,000 innovation case studies across critical areas like customer experience, sustainability, marketing & distribution and more that can be used to inform your decision-making.
Contact us

Related innovations

12/02/2024 Insurance Innovation

Inclined Line of Credit - iLOC

Owners of permanent life insurance invest in their policies to provide for loved ones after they’re gone, but also to...

23/01/2024 Insurance Innovation

Sherpa.ai Federated Learning Platform

Sherpa.ai is the first Federated Learning platform that allows companies to gather the full potential of the Artificial Intelligence by...

05/10/2023 Banking Innovation

Collaborative Embedded Banking and Finance

Amar Bank is offering collaborative embedded banking and financing. We will provide plug-and-play embedded banking to non-banking players, which enable...

02/10/2023 Banking Innovation

Kredit Multiguna Usaha (KMU)

Kredit Multiguna Usaha (KMU) is one if our productive loan program that focus on the development of SME (Small Medium...

Related news & insights

19/02/2024 News

MicroBank's social impact financing soars in 2023

MicroBank, the social banking arm of CaixaBank, experienced a significant surge in its social impact financing in 2023, with a...

05/02/2024 News

Arval and BYD forge European partnership for electric vehicles

This Memorandum of Understanding (MoU) signifies Arval's commitment to transitioning its clients to electric fleets, with BYD vehicles now part...

SME Banking
03/02/2024 News

MUFG Bank's AI-driven transformation of small business loans in Japan

Targeting businesses with sub-3 billion yen ($20.8 million) annual sales, the bank aims to use AI for rapid analysis, providing...

Digital Reinvention
02/02/2024 Interview

NewTech Friday: Orya Technologies – Empowering employee financial wellness

Oumar Diallo, CEO of the Senegal-based fintech, tells us more about their pioneering solution for salary advance management and plans...