Conclusion

As we all know, ING is an online global financial service that provides insurance, banking, and asset management service in over 50 countries. We all know this because of two simple reasons. The first is because of their appealing interest rate. ING customers benefit from a very appealing interest rate. ING Direct pays 4.5% on a savings account while most banks can only offer an average of 0.46%. The account is easy to set up, manage and access with out a trip to the bank and minus all those bank sur-charges that eat away at everyone’s hard earned money. The second reason ING is well known is because of their ingenious marketing plan which is simply to increase brand awareness with no branches to reduce overhead. They offer an unbeatable rate to attract customers and attract new customers by advertising very aggressively and most importantly advertising this interest rate in a large easy to read approach. This simple strategy has driven ING’s rapid growth and allowed each ING operation to grow. They have then added other products and financial operations such as mortgages and investment funds to their company. ING has clearly picked the right business strategy and this internet based company will continue to grow as the World Wide Web reaches more countries and more people every day.

Technology

Database

Some files used in ING are customers files, concrete files, and employee files. As for a database ING data base stores critical information and it is only accessible online. The data base contains many files that ING can access acording to the structure of the information. Managers can get reports by using database management system tools. This tool helps you access the information within the database. OLAP is the manipulation of information to support decision making. OLAP is associated with a data warehouse. Creating a data warehouse with customer information. OLAP is used, datawarehouse is used, and a dataware house supports OLAP. A data warehouse is a collection of information gathered from many different operational databases used to create business intelligence that supports business analysis activities and decision making tasks. Datamarts are also used in order to keep an important portion of the data warehouse information. Data-mining tools are software tools used to query information in a data warehouse. Responsible is an intelligent agent that operates in a data warehouse discovering information. software- Salesforce.com

HARDWARE

Although ING does not provide the manufacturer of their hardware, the hardware categories used by ING are as follows: input (mouse and keyboard), output (printers and speakers), storage devices (databases with Terabits of storage), processing (CPU and RAM), telecommunication devices (cable modems), and connecting devices (cables).

RESPONSIBLE FOR HARDWARE/SOFTWARE

ING has one hundred internal IT staff including fifteen network managers, plus contracts with outsourced vendors including Atos Origin, Accenture, Getronics, and KPN. (computerweekly.com)

SYSTEM SOFTWARE

The system uses a Unix back-end to carry out backroom database and financial functions, along with a Windows front end that the system managers and users see when they visit the site.

ING Direct utilizes RSA Security's Adaptive Authentication technology to protect online banking customers from phishing and various other security breaches. Above is a view of the third, and final step, customers use to access their account while ensuring their identity. The RSA also analyzes each online transaction and assess the possible fraudulent risk utilizing numerous customer characteristics.

APPLICATION SOFTWARE

By implementing a service oriented architecture (SOA), they were able to introduce a modular applications platform that would make it possible to quickly add new interfaces and make rapid changes. This SOA approach allowed for faster production of web applications developed by internal and external programmers/developers.

According to http://www.thefreelibrary.com/, ING’s success has generated significant increases in Web traffic, and the need for a Content Management System (CMS). Given that Rhythmyx is also based on industry standards, it does not require ING DIRECT to modify or sacrifice any of its existing software. Rhythmyx, a percussion software, satisfied the major criteria ING DIRECT set for its content management solution:

*”Ease of Use for Line-of-Business Users - This was a central concern for ING DIRECT, which is implementing a new way of handling content. The company is replacing time-consuming manual processes with Rhythmyx, which takes developers out of the content production and approval loop, and enables line-of-business users to exercise control and ownership over content (within established corporate formats and guidelines), speeding content production and delivery.

*”Scalability and Availability - These were critical criteria, and Rhythmyx enables ING DIRECT to scale content delivery easily across multiple Web sites and multiple servers.

*”Fit Easily into Existing Standards-Based Architecture and Skill Set - This was a must-have capability for ING DIRECT, which did not want to compromise its successful standards-based environment with proprietary CMS limitations.“

Percussion Software is the first Enterprise Content Management (ECM) vendor to provide cost-effective, multi-channel delivery of easily reusable content, as stated on www.thefreelibrary.com. Its flagship product, Rhythmyx 5, provides the industry's only De-Coupled Delivery architecture for cost-effective scaling; the industry's first Intelligent Relationship capability for proactively managing content dependencies and connections; and Active Assembly, a unique graphical user interface for enabling business users to easily reuse content. Percussion's innovative approach shortens customers' time-to-value and makes delivery of multi-channel ECM a practical reality for the first time.”

Network Information

The ING DIRECT website requires one of the following Internet Browsers applications to operate correctly.
Microsoft Internet Explorer (PC only) version 5.5 or greater
Netscape Navigator version (PC only) 7 or greater
Mozilla Firefox (PC and Mac)
Safari (Mac only) version 1.3 or greater (http://ingdirect.com.au/faqs.htm)

The four principles of network security are confidentiality, authenticity, integrity, and availability. ING as a company has to follow their principles of security very strongly being an online company. Since ING is an online banking they have to take precaution of the Internet security as well. ING collects customer information necessary to consistently deliver responsive products and services. They also maintain safeguards to ensure information security However they also limit, and with whom, how they share customer information. ING will share customer information only for the following reasons: When customers have requested a life insurance product, the ING life insurance companies may use a common application to avoid multiple medical tests so this way the information you provide and authorize them to obtain may be used by one or all of these companies to determine and offer to the customers the product most appropriate for their needs.

www.computerweekly.com

www.thefreelibrary.com

http://ingdirect.com.au/faqs.htm

Business Strategy

ING is an international banking and insurance company which uses the "business to consumer" type of e-commerce. When they created their company and business strategy, they decided to run an experiment communicating with customers by phone, mail and the internet. ING Direct uses three out of the four generic business strategies. It is global, low cost, and differentiated. It is an online global financial service. It is low cost because it is only used online. ING does not have a physical bank, so they save money because no staff is needed and no rent needs to be paid. The reason is it differentiated is because there is no other online bank that is online only ING is mainly an Internet based company, they have created a high interest rate banking environment to attract a larger customer base.

Marketing Mixes

ING takes advantage of several effective marketing mixes. The company does not have traditional branches as with other banking institutions, with no branch or agent network to sell its products, ING Direct is largely reliant on advertising to win customers. As a result, the bank is a huge advertiser throughout the world; its web site and related advertising are represented by a memorable image: a round orange ball. In addition to a strong array of print, billboard, and television advertising, ING DIRECT positions itself prominently in various community-specific events. Throughout 2006, the ING DIRECT Hot Air Balloon participated in many family festivals and balloon events in various places across the country. Recent community events have included sponsorship in the New York City Marathon, November 6, 2005. The substantial advertising budget has paid off with high brand awareness. According to INGs’ figures, more than 90 percent of adults in Italy and Spain are aware of ING Direct, as are 85 percent of Australians and three quarters of Germans, Canadians and Americans—up from nearly zero awareness in most countries before ING Direct launched. ING has become the most successful direct bank in the world, with 17million customers in nine countries. Study by Forrester Research (cues.org/forrester/)http://cues.org/forrester/ reveals that a simple strategy has driven ING's rapid growth.

The bank creates a differentiated proposition and attracts a lot of attention by offering a combination of: A few simple savings products. ING Direct has entered each market with a basic no-frills savings account, with no fees, minimum balance requirements or withdrawal penalties. As each operation has grown, the bank has gradually introduced other products like mortgages and investment funds, but it deliberately maintains a small product range. In each country, the bank launched with a highly competitive and typically market-leading savings rate—in some cases, double or more that was currently being offered by traditional branch banks. These rates are easy to market and catch the attention of consumers and the media. Other successful marketing strategies adopted by ING include online ads, e-mailing lists, and viral marketing. The bank relies almost entirely on the post, telephone and Internet to sell its products and serve customers. Outside Germany, where the bank is known as ING DiBa, ING Direct doesn't have any ATMs. Nor does it have a branch network to serve its customers. It does have a few cafes in major cities like Madrid, New York, Paris and Sydney that serve coffee and offer complimentary Internet access. But the sole purpose of the cafes is marketing. The cafes give the bank a high-profile physical presence and a venue for customer seminars—but customers can't perform financial transactions there.

Porter's 5 Forces

Buyer power seems to be the dominant force for ING. Customers have many choices because there are many banking institutions. However ING creates a competitive advantage by making their services more attractive for customers for example their high interest rates. They pay a 4.5% interest rate on savings accounts, while other banks pay a considerably lower percentage. ING Direct is continuing to grow and succeed.

Business Initiatives

The business initiatives that ING uses are strongly their business principles. Their business principles affect customer relationship management. ING as a company has very high principles that they abide by. In order to keep ING strong and running they have to keep their shareholders, customers, and stakeholders satisfied. To keep them satisfied they have strong beliefs such as integrity. Integrity plays a major role because it respects the rule of law and fairness. They use
this information to keep them in head of their competitors. The process is Business Intelligence. There are other principles such as aiming for above, being open and clear, respect for human rights, and respect for one another. ING relies heavily on the internet because it is their traditional way of keeping in contact with their customers. The internet is a top-line initiative because it is they way ING has developed.

Introduction

"SETTING THE STANDARD IN HELPING OUR CUSTOMERS MANAGE THEIR FINANCIAL FUTURE".

With this strong mission statement ING.com is an online global financial service that provides insurance, banking, and assets management service in over 50 countries. ING is one of the 20th largest financial institutions worldwide and ranked in the top 10 in Europe. However, ING is also a top five provider in the United States of retirement services and life insurance. ING was started 1990 when the legal restrictions on mergers between insurers and banks in the Netherlands. This positioned insurance company Nationale-Nederlanden and banking company NMB Post bank Group to enter into negotiations. The merger into Internationale Nederland Group took place in 1991. These actions gave the market the abbreviated name ING. With ING taking place, ING Direct is a leading direct bank with over 15 million customers in nine large countries such as Asia, Central Europe and South America. Making them a large asset manager, with assets under management around 500 billion.
ING's CEO showed the world how to do online banking. That CEO was Arkadi Kuhlmann. Prior to CEO for ING Kuhlmann was vice president of Royal Bank of Canada where he picked up many skills. However what inspired Kuhlmann the most to succeed was his frustration with banks. Many banks hit customers with many fee's, and the hassle to keep your private information from being sold to other companies. However Kuhlman was able to change things. Even though ING has no branches, no ATMs and no checkbooks it still survived. With the high expenses to buy branches around the world the company decided to experiment. They decided to run an experiment communicating with customers by phone, mail and internet. With the money put forth into this company ING could offer a significantly higher interest rate on savings accounts, a way to win customers over; creating a competitive advantage.
Customers benefit from ING by its appealing interest rates. ING Direct pays 4.5% on a savings account while the average gives 0.46%(Bankrate.com). They also offer one type of savings account and one type of checking account. With this offer it gave customers the advantage of no fees and no minimum balances. Since ING focuses on what customers want, it has more than 5 million account holders and has up to 100,000 signing up each month. With their short existence ING has become an international company that is continuing to grow, and seeking to maximize their ability to succeed by offering the best pensions, emergencies markets, and direct banking.