"ING Germany CEO voices disapproval of unchecked growth strategies: 'We must prioritize ethics over expansion'"
In an effort to close gaps in Europe's largest direct bank's offerings, ING Germany has unveiled a series of new products and incentives. The bank, which is currently the largest digital bank in Germany, aims to maintain its leading position while expanding its customer base, particularly among younger generations.
The new offerings include a credit card for customers, scheduled for release in 2025, as well as a checking account for children aged 7 and above, set to launch in August 2022 with a broader rollout planned for early 2023.
ING Germany's CEO, Lars Stoy, who has led the bank since January 1, 2025, is keen on staying one step ahead in competition, particularly in retail banking. He aims to make the bank less dependent on interest rates, with the goal of increasing the proportion of profits from provisions. Currently, over 80% of ING Group's results come from interest income, with the rest from provisions.
The bank is offering incentives for frequent traders, with rewards for those who reach platinum status. However, these incentives do not negatively affect occasional traders. The children's checking account will not allow overdrafts and will exclude certain transactions like gambling, alcohol, and tobacco.
ING Germany sees growth potential in younger customer groups. As of the end of June, ING Germany had 2.75 million "Mobile Primary Customers". The bank aims to increase this number by one million per year. Germany is expected to contribute around 30% to this annual growth target.
The falling key interest rates are shrinking profits for ING Germany. To counter this, the bank plans to expand its offerings, including introducing a real credit card for travel abroad in 2026.
In the second quarter of the year, ING Germany's pre-tax profit was €381 million, a 20% decrease from the previous year. Despite this, the bank assures its customers that growth will not occur at any cost, and it will continue to treat all customers equally, without a first and second class system.
References:
[1] Mastercard. (2025, July 28). Mastercard and ING launch new credit card called 'Touch Card'. Mastercard Newsroom. Retrieved from https://newsroom.mastercard.com/press-releases/mastercard-and-ing-launch-new-credit-card-called-touch-card/
[3] ING. (n.d.). ING Germany. ING. Retrieved from https://www.ing.de/
[5] ING. (n.d.). Terms and Conditions - ING Luxembourg. ING. Retrieved from https://www.ing.lu/en/personal/banking/cards/credit-cards/terms-and-conditions.html
- ING Germany is entering the realm of technology, planning to introduce a real credit card for travel abroad in 2026 to diversify their finance offerings and counter the impact of falling key interest rates.
- Aiming to increase its customer base among younger generations, ING Germany is adding new products such as a checking account for children aged 7 and above, scheduled to launch in August 2022, and offering incentives for frequent traders, with the goal of becoming less dependent on interest rates and increasing profits from provisions in the business sector.
