It was the market that ING never cracked – but it may be about to have another shot. Douglas Blakey writes

ING has taken the wraps of Yolt: a Personal Financial Management app that aggregates account data from different financial institutions.

Yolt will reportedly be available to only 2,500 customers for beta-testing ahead of a full launch in 2017.

But already The Financial Times, among others, is speculating that the app may preface an ING return to offering retail banking services in the UK.

That would be a surprise.

That project was tried once before and was a dismal failure, compared to ING’s efforts in other international markets such as Canada, the US and Germany.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

As I noted in RBI at the time, ING Direct posted an accumulated profit before tax in Canada of €603m in the period from 2005 to the end of 2011.

In the UK, by contrast, business success eluded ING Direct.

The UK unit of ING Direct accumulated losses of €321m between setting up shop in 2003 and 2012.

In that period, it only posted a profit (and a modest one at that) in two years (2006 and 2009).

In 2013, ING bailed out of the UK, selling the UK unit to Barclays.

As part of the transaction, announced in October 2012, ING transferred £11.6bn of ING Direct UK's savings and deposits and £5.5bn of mortgages to Barclays.