ING Direct 2011 Annual Report Download - page 21

1 Who we are 2 Report of the Executive Board 3 Corporate governance 4 Consolidated annual accounts 5 Parent company annual accounts 6 Other information 7 Additional information
decision-making is always based on financial as well as non-
financial performance objectives.
The customer is at the centre of all our activities. We strive to meet
our customers’ expectations by providing the right products and
services to the right customers, for the right reasons, the right price
and in the right way. ING also consistently monitors market and
regulatory developments, engages with customer representative
groups, and tests its products to ensure their suitability for
customer needs.
With a clearer focus on customer needs as the anchor of our
business operations, ING is not only building businesses that are
financially sound and viable, but ones that have the potential to
become the supplier of choice for our customers. To monitor
progress on customer loyalty we introduced the NPS methodology
in 2009 and fully implemented it throughout ING in 2011. It is
based on surveys sent to customers, and gauges their feedback.
NPS goes beyond being a measurement tool and is also used as
ameans of driving growth and changing local business culture.
Customer feedback is used to improve ways of doing business.
ING believes that customers, employees, shareholders and the
restof society no longer live in separate worlds that meet
intermittently, but have become more integrated. This mutual
interdependence ofbusiness and society means that organisations
must follow theprinciple of shared value – the actions they take
must benefit everyone.
The financial crisis of 2008/2009 and its impact on ING made it
necessary for us to intensify the dialogue with and rebuild trust
among all our stakeholders and society as a whole. Although this
need is recognised internationally, it was, and in fact still is, especially
urgent in ING’s Dutch home market. Deepening relationships with
all stakeholders continued to be a key priority in 2011.
ING is convinced that the changes set in motion will make it a
stronger company and partner for stakeholders, one that is better
able to anticipate and address emerging issues. To underline the
increasing importance of ethical, environmental and social
considerations in our business strategy, the Sustainability
department began to report directly to ING Group’s chief executive
officer from 1 July 2011.
For more details on the non-financial achievements of ING Group,
please see the ‘Sustainability’ chapter in this Annual Report.
CONCLUSIONS AND AMBITIONS
In a challenging environment ING’s earnings remained resilient in
2011, and our strong funding position enabled us to continue to
increase lending to support our customers in these uncertain times.
We were also able to make good progress on our strategic priorities,
which are strengthening the financial position, restructuring,
streamlining the portfolio, repayment of state aid and building
stronger banking and insurance/investment management businesses.
We continued to build our banking and our insurance businesses
based on sound business ethics and good corporate citizenship.
As maintaining income levels comes under more pressure we must
renew efforts to reduce expenses across the Group to adapt to the
leaner financial environment and maintain our competitive position.
Despite volatile markets we continue to work towards the
separation of our insurance/investment management companies
sowe will be ready to move ahead with the IPO(s) or other options
when markets are favourable. We maintain an open mind on how
the future of the insurance/investment management businesses will
be shaped. The fact that market values for activities to be divested
are very low, requires that we review all options available to us.
ING will make further efforts to divest businesses to meet the
restructuring demands imposed by the European Commission,
tosimplify the company, to focus on core activities, to further
improve our risk profile and to bolster the capital base. It is one
ofING’s priorities to repay the remaining EUR 3 billion of capital
support to the Dutch State as soon as possible, but as discussed
above, ING recognises the need to proceed in a prudent manner
inlight of the current challenging and changing financial and
regulatory environment.
19ING Group Annual Report 2011
Strategy continued