ING’s DealWise: a leading example of a ‘beyond banking’ feature generating growth image credit: shutterstock

‘Beyond banking’ is an emerging trend of banks expanding product offerings outside of traditional financial services, typically through integrated technology and customised platforms. Since the 2020 launch of DealWise, ING’s shopping platform offering retailer discounts and cashback, it has grown to 1.6 million users as of December 2023.

ING has recently been struggling in Germany, seeing its market share subside from 6.1% in 2017 to 5.1% in 2022. Similarly, its net promoter score in 2017 was a healthy 77—comfortably market-leading—and fell to just 33 in 2022, ranking the bank in third place. DealWise could be a key differentiator for the bank in helping it to turn the tide, given the challenging economic circumstances of the time.

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Indeed, ING’s deposits have risen sharply over 2023, with the bank’s Q3 and Q4 2023 quarterly reports suggesting growth of over €11bn ($11.7bn) in the first three quarters of the year in Germany. As one of the largest banks in Germany, it has benefited from flight to safety in the last few years as consumers seek security amid turbulent economic and geopolitical moments. DealWise can further help these consumers who are now able to benefit from significant cost savings on both regular and luxury purchases.

GlobalData 2023 Consumer Survey

According to GlobalData’s 2023 Consumer Survey, 55.9% of German consumers say they expect to spend less on retail goods and services over the first six months of 2024 than in the previous six. Moreover, 42.6% of consumers also expect to switch to cheaper brand alternatives over the next six months as a combatant against cost pressures.

DealWise allows consumers the opportunity to continue to spend with major brands, including Apple, Amazon, and Booking.com, with cashback up to 15% in some instances. By connecting directly to the customer’s ING account, the cashback is directly credited to the customer’s account after the returns period has ended.

The early success of DealWise in Germany (as well as in Romania and Belgium) illustrates the importance to banks of supporting consumers in challenging circumstances as well as the opportunity presented by beyond banking features.

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The platform has saved consumers over €6m ($6.4m) since its launch and supported over €100m worth of transactions. Further rollout of the scheme across ING’s markets, which has been mooted but with no specifics yet released, will help the bank grow and consolidate its position, potentially generating greater satisfaction along the way.

Benjamin Hatton is a financial services analyst at GlobalData