Qorus Banking Innovation Awards 2017

ING Personal Loan Dream Process

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13/09/2017 Banking Innovation

About

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

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