Corporate banking goes digital

The future of banking is digital. More and more consumers are doing their banking online and on-the-go. Why should it be any different for corporate customers?

Internationally active companies move huge sums of money across borders each day. Suppliers and employees have to be paid, international trade financed, foreign currency risks managed, and working capital closely monitored. A CFO who is on a business trip and wants to know the consolidated cash position of his company can’t wait until he’s back in the office next week. He needs the information now.

ING is making that possible. In May, ING introduced an easy-to-use digital banking platform for its corporate clients called InsideBusiness. It provides 24/7 access to a growing range of corporate banking services and can be used from any device. InsideBusiness is part of ING’s strategy to create a differentiating customer experience by increasing the pace of innovation to serve changing customer needs. ING wants to be clear and easy and available anywhere and anytime for its customers.

 

Customer experience
To understand why InsideBusiness so radically improves the customer experience, one must know how technology has evolved at banks over time. Corporate clients have traditionally used multiple channels to do their banking — face-to-face contact with their relationship manager, call centers, different online applications, different websites and paper.

At ING this was no different.  A corporate client might do foreign exchange transactions on one platform, manage trade finance on another application and open an account by phone. Sometimes, a corporate client even used different IT systems and passwords for the same product, but offered in another country. Yet corporate clients want the same user experience, regardless of where they do business with ING. InsideBusiness solves this. It will bring together all channels, products and services on one platform with a single sign-on, empowering clients to conduct many transactions themselves and get critical information that affects their companies’ financial position in real time and in customised reports.

InsideBusiness has been launched with a limited set of features. Selected clients will be able to track and trace bulk payment orders or modify the order; get a report showing the cash balances of all the bank accounts of the different subsidiaries in their company; see a complete overview of all the bilateral loans they have with ING; exchange foreign currencies at live market rates; and get mark-to-market reports on their financial markets transactions.

 

More features and functionalities will gradually be added. Eventually, ING’s corporate clients will be able to view and manage all the products and services they have with ING Wholesale Banking.