ING has a thing for data analytics
It’s very early days as its ambitions and goals offer no real specifics
ING Wholesale Banking has set out its plans to increase investments in data analytics and put more resources into Asia and the Americas.
It’s very early days as its ambitions and goals offer no real specifics. Stats and timelines are like good service in shops in the UK – i.e. almost nowhere to be seen. Think of the following as a vague shape of things to come.
ING says its network, currently spanning more than 40 countries will be “strengthened”, as it puts more resources into Asia and the Americas. It is also investing in advisory functions including core banking services such as the debt capital markets and corporate finance franchises.
Isabel Fernandez, head of ING Wholesale Banking, paints a positive picture throughout – such as its wholesale lending assets have grown by more than 30% over the past five years and pre-tax results have grown by more than 70%.
She says ING will further integrate its daily banking service offering, which includes payments and cash management, working capital solutions, trade finance, overdrafts and FX transactions. The plan is to move to open banking platforms.
Again, there are no details, but it will increase investments in data analytics capabilities and enhanced data management.
Fernandez does cite some recent examples of its innovations. These include a blockchain-fuelled online marketplace for the syndicated loan market; and the launch of its €300 million fintech fund, ING Ventures.
One aim is to “include the use of blockchain technology to disrupt areas like trade and commodity finance”. (As reported in February, ING and Société Générale did use blockchain to carry out a live oil trade between parties with Mercuria, the global commodity trading group.)
In terms of structure, she says ING will be “putting more emphasis on the regions” – and these organisational changes are expected to come into force in January 2018, which will lead to hires in selected areas.
The particulars were thin on the ground – but it’ll be interesting to see what juicy information comes our way next year.
