The Genius of ING Direct: Simplicity
July 2, 2008 at 3:42 pm by Ehab BandarIf you want to understand the genius of ING Direct, forget the typical formula that defines a bank and focus instead on what makes main street so popular to most Americans. That in a nutshell is the message Arkadi Kuhlman, the Chairman of ING Direct, dispenses with in this terrific podcast (his speech starts at around minute 10).
Here are some other highlights on the secret of their success since their founding 7 years ago:
- All employees, even the chairman, sits in the call center
- Do not hire bankers, product managers, consultants, or advisers
- Do hire florists, retail employees and jazz musicians
- Easier to sell a product with one rate
- Don’t confuse or mislead customers with introductory offers and fine print
- Do not outsource IT or marketing
- Work hard at building the brand
- Be relentless with cost cutting
- Do good
- Be authentic and real with your customers
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