ING Direct 2007 Annual Report Download - page 27

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New records, new products
Mortgage production reached a record
high and mortgages are now fi rmly
embedded as our second core product.
As the largest retail mortgage provider in
Germany in terms of new business and
one of the largest in the US, we are now
reaching signifi cant volumes in terms of
new production, and across the business
are constantly focused on simplifying
procedures to improve service (see
business case).
In Spain and the US, we accelerated
growth in payment accounts, which we
reintroduced to Germany, while extending
our retail investment product range with
the introduction of guaranteed investment
products in France and the UK.
Developments in the UK
ING Direct UK’s results were affected by a
sizeable outfl ow of rate-sensitive customers
ING Direct continued to invest strongly in building the business
and expanding its product offering, despite a challenging year
when the interest rate environment, strong competition and the
required repositioning of ING Direct UK all impacted on profi t.
With the introduction of its online
mortgage application tracker in July 2007,
ING Direct Canada has made the process
of applying for its unique ‘Unmortgage’
even easier.
‘Unmortgage’ is a term coined by ING
Direct and refers to a mortgage that’s been
specially designed to be paid off at the pace
the customer can afford.
Customers can track the exact status of
their application online with just a click
of their mouse, offering people speed,
convenience, accessibility and ease-of-use
from the outset.
The Unmortgage
Application Tracker
when Bank of England rate increases were
not fully translated into client rates. We took
steps to reverse this trend.
Making banking simple
ING Direct repeatedly does well in customer
satisfaction surveys. Alongside competitive
rates, people value our simplicity and
straightforwardness. To ensure the customer
viewpoint remains central, we use ‘customer
advocates’ to hear the customer’s voice
and see how we can best meet their needs.
Looking forward
ING Direct will maintain its growth strategy
in a challenging environment, through
strong customer acquisition and growth
within our four product categories. We
expect growth to continue in the mortgage
business and will roll-out payment accounts
in three new countries during 2008,
alongside continued growth in Germany,
Spain and the US.
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