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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September 10th, 2008 at 6:16 AM
okay, that all sounds well and good. We need a ‘Bank’ service that makes things less complicated and easy to handle. But another reason I think the Orange Account campaign is successful is this: FUN!
ING is making banking FUN again! Let’s face it, doing banking chores is for many, the equivalent to going to see the Dentist. You KNOW you have to, but who enjoys the experience? ING Savings and Direct takes much of the drudgery out of the experience. They are the ‘Happy!’ Bank. They get you to the site easily, tells you right up front what you need to do, and does so in a non-condescending tone and manner. The Site is easy to read, navigate and everything is concluded with a feeling that you don’t have to go back over and over to see if you forgot to cross the T’s or dot the I’s.
Let’s face it. Banking is something that is only FUN when you are putting money in. Yes, ING currently does not have the highest rates on accounts. That may or may not change. But when I get to their website… I am in and out so fast… I don’t have time to think about the experience if I am paying Bills or transferring money to shore up all the bills that come due. ING Orange gives me that warm and fuzzy feeling that says to me, “Done… Dummy! Now go out and play!” And that… is why I stay with them.
Tom
October 5th, 2008 at 5:05 AM
america’s job bank…
I Googled for something completely different, but found your page…and have to say thanks. nice read….