At the 34th annual RBI Global Awards the accolade of Best Global Retail Bank 2019 goes to ING.

The judges note ING’s success in growing primary relationships.

Specifically, ING is growing primary customers at the rate of one million per year.

Back in 2014, ING had 8.4 million primary customers.

This is defined as active payment customers with recurring income and at least one extra active product category.

That number grew to 10.4 million in 2016.

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Today it is 12.5 million and RBI’s Best Global Retail Bank 2019 targets 16.5 million by 2022.

On current form it is unwise to bet against ING hitting its target.

Increasing primary customer numbers accelerates long-term value creation in its retail banking franchise.

Growth in customers and digital traffic translates into sales, higher revenues and strong financial results.

ING’s digital innovation is reflected in a successful digital model as it engages with customers in a mobile-first world.

Best Global Retail Bank 2019: digital sales soar at ING

By the end of 2018, 26% and rising of ING customers are interacting with the bank solely by mobile.

And some 90% of all ING customers engage with the bank via one of its digital channels.

At the same time, this is translating into digital sales most impressively.

Annual non-deposit sales per 1,000 active customers have risen six-fold by the mobile channel between 2016 and 2018.

In the same period, annual non-deposit sales per 1,000 active customers have doubled.

The average number of interactions per ING customer per year has soared to 198.

RBI’s judges also note ING’s cross-sell ratio rise. To illustrate, the average number of products per primary customer is now almost three, double the rate for non-primary customers.

Success also translates into improved net promoter scores. In seven of the 13 retail markets ING operates in it ranks first by NPS.

ING’s digital sales are also charging ahead outside its domestic market in the Netherlands.

For example, mobile channel sales at ING Spain in 2018 are 34%, up from 20% in 2016.

Specifically, in consumer lending, 88% of loans are sold via digital channels in Spain. And in investment products, the corresponding figure is an impressive 67%.

In Poland, assisted channel sales are being driven down, from a high 82% in 2016 to only 28% in 2018.

Mobile sales in Poland are now 17% from near zero only two years ago.

Notably, ING’s app is now in the top 10 app by penetration among mobile users in The Netherlands. ING m-banking customers in Holland hit 4.3 million in 2018 up by a quarter from 3.4 million the previous year.

Best Global Retail Bank 2019: successful cost control

Excluding regulatory costs, ING’s cost-income ratio is already below 50% (49.5%).

The underlying cost-income ratio is down from 58.7% in 2014 to 54.8% in fiscal 2018.

ING’s financials show retail underlying profit before tax growing at a CAGR of 7% between 2014 and 2018 to €3.5bn.

Moreover, ING’s retail banking return on equity is up from 19% in 2014 to 23% in 2018.

Best Global Retail Bank 2019
ING collects the RBI award for Best Global Retail Bank 2019